Blog Post

What is Entailed in Property Management?

Dustin Edwards • December 9, 2022

What Should You Expect From Property Management

Whether you’re an experienced investor or only recently began expanding your real estate portfolio, you’ve no doubt heard about property management companies. 


What does a property management company do for you, though?


A
full-service property management company should be seen as an asset and not an expense. Ideally, a property management company will allow you to pursue other ventures and ultimately increase your bottom line.


How is this done?


Join me as we explore what a property management company provides.


Collect Rent

Collecting rent is arguably the most commonly used service among all property management companies. To begin collecting rent, a property management company will also develop lease agreements which should always include the most recent laws and regulations. It can be a headache dealing with California’s housing laws, and a property management company can help avoid any unwanted legal issues. Most property management companies are often better prepared to deal with local laws than landlords.   


Communication with Tenants

Communicating well with tenants is one of the best ways to keep them happy. A happy tenant is more likely to live in your Long Beach rental property for long periods. Communicating with tenants about upcoming maintenance, rent adjustments, or other events helps the relationship between tenants and landlords be more positive. This, in turn, will give your tenants the confidence to bring up any issues they may see in the property.


Property management companies should be seen as more than just “rent collectors.” Granted, collecting rent is an important responsibility, but a property management company should also be able to handle maintenance requests, tenant complaints, late payments, evictions, security deposit dispositions, and more.


Maintenance

Property managers should be able to handle general maintenance and repair requests from tenants. When there is a slow response to requests, many tenants will feel undesirable, which can lead them to move out. Maintenance requests can range from fixing appliances, repairing the core systems of the house, or eliminating pests.


The property management company must keep your rental property looking fantastic year-round. This includes cleaning, gardening, and painting if it's required. With excellent curb appeal, your rental property will be more desirable to potential tenants. This way, you can minimize the time your units are vacant.


Dealing with Vacancies

A vacant rental is the least desired outcome of an investment property. Property management companies should quickly inspect the newly vacant unit. Repair any damage caused by the previous tenant. Once the unit is prepared, they should begin property viewings and advertising. Ideally, they should be able to screen applicants, and if the rental allows pets, the pets should also be vetted. Once a new tenant is found, a new lease agreement should be prepared, and the tenant should be informed of any rules you have for your rental property. 


Monthly Statements 

As a landlord, you need to be informed of what goes on in your rental property. Weekly or monthly statements should be forwarded to all owners involved. These statements should outline management fees, maintenance repairs, and tenant prospecting.

Additionally, they should include any need or complaint your tenant had during the month.


It's often for new landlords to attempt to manage their properties, and often they do successfully. However, property management companies are meant to help you earn more. If you have more questions about what entails in property management or would like more details about our services, consider calling us at (562) 888-0247, or feel free to fill out our
free rental analysis to see what your rental could yield today.


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Having clear communication with your tenant is essential for maintaining a healthy landlord-tenant relationship. By being transparent in all relevant interactions, landlords can prevent misunderstandings while resolving repairs and disputes efficiently while improving tenant satisfaction. Having good communication with your tenant is beneficial for landlords too. Effective communication also protects your investment property. Remember that while your tenant is living in the property, landlords need to take care of the repairs. Below are the three best things to do during tenant communications. Prompt Responses Addressing tenant concerns quickly is essential for building trust and maintaining a positive relationship. Tenants feel valued when landlords respond quickly, knowing that their needs are being prioritized. Building this trust not only enhances your tenant’s satisfaction it lowers the possibility of conflicts or misunderstandings to arise. This ultimately creates a healthy and successful rental experience for you and your tenant. Some of the most common inquiries will oftentimes include repair requests, among others. As an example; if your tenant reports a leak under their faucet and the repair is delayed, this can be damaging to your landlord-tenant relationship, as well as your property. If left ignored, that leak can result in hundreds of dollars in water damage and a vacancy . Which can further affect our bottom line negatively. For landlords with multiple properties, this can become difficult to keep track of. A property manager can help with scheduling repairs and communicating with your tenant on your behalf. Document Everything Keeping a detailed record of all interactions with your tenant is an important element when managing a property. There are many choices for documentation including email, text, or written notices. Although many property management companies and landlords have opted to use apps or dedicated tenant portals to log communications. A great example, for instance, a tenant may claim they’d reported a repair issue that was never addressed, if everything is to be documented, both you and the tenant would have a copy of the request. Maintaining transparency with tenants. Having thorough documentation ensures agreements and requests between all parties are clearly tracked. Documenting communications with your tenant provides landlords with a foundation for addressing misunderstandings, or disputes if and when they arise. Provide Regular Updates Regular updates show tenants that their landlord is organized and has an attentive approach to managing their property. Giving tenants ample time for maintenance, inspections or policy changes is a simple way to build trust with your tenants while showing your professionalism. Giving tenants advanced notices reassures them that you’re aware of how changes can affect them and you understand that time might be needed in order to adjust. Surprises are best kept for birthday parties. Proactively notifying tenants of changes helps clear the communication channels and minimizes disruptions which helps tenants feel valued and satisfied. These small yet consistent efforts can contribute to a positive tenant stay, which can encourage lease renewals and long-term tenancy. Additionally, having a good relationship with your tenants can give you a great reputation which can provide you with leads when looking to fill a vacancy . It cannot be understated the importance of communication for a healthy landlord-tenant relationship. Even if your tenant may not agree with some of the decisions a landlord needs to make, by giving your tenants ample time to process the change tenants generally are more accepting of said change. If you’re having trouble communicating with your tenants or if you need help managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
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