08 Dec Interviewing Property Management Companies

Interviewing Property Management Companies

Interviewing Property Management Companies can be a time consuming process. During the process of interviewing property management companies in the San Diego area, you will find the services can vary greatly from one company to another. Property management more often than not involves the managing of property owned by another party or entity. A property manager acts on behalf of the rental property owner to preserve the value of the property while also generating income. The responsibilities of a property manager include, budgeting expenses, securing renters, collecting rent, complying with laws and regulations, and maintaining the property.

As a rental property owner your main objective should be turning your properties into lucrative investments. With this in mind, a great property management company can be your greatest asset in obtaining and maintaining this objective. Keep in mind that no property management company is alike and there is a difference between good property management companies and great property management companies.

A great property management company will be your greatest asset in that their ability to maximize your rental property potential will be far greater than just a good property management company. As a rental property owner, it is important that you have the ability to identify the differences between a good property management company and a great property management company. A great property management company will maximize the potential of your rental property.

Don’t settle for a good property management company, look into hiring a great property management company because the difference between choosing the right property management company can end up being the difference between being profitable or not! With this in mind, we offer you some insight.

How to Choose a Property Management Company

Great property management companies will be ahead of the curve, offer a higher level of service, and will be proactive in their approach. Choosing the right property management company encompasses many things. Knowing the types of property management services available today is a good place to start. Here is a list of the property management services a professional property management company will offer:

• Evaluating the Property & Determining an Accurate Rental Rate:
  • Gather data on rental rates in and around the area and work with rental property owner(s) to determine the optimal rate
    • Note: this will vary from one company to the next but at the very least should include recently rented comparable according to size and type
  • Perform detailed documentation of rental property both interior and exterior including photos
  • Recommended repairs and cosmetic improvements used to maximize monthly rental while also providing a good R.O.I.
  • Discuss pros and cons of different policies i.e. allowing pets and so on
  • Install a lock box
• Market the Property for Rent:
  • Preparing the Home for Rent:
    • Clean home and optimize interior appeal
    • Manicure landscape to increase curb appeal
  • Advertising (Ads tailored to the Rental Property and Communication Tool/Advertising Medium):
    • Paid and free rental listing websites (should also be listed on the company website) not all have this option
    • Print Ads (publications)
    • Signs
    • MLS
    • Flyers
  • Provide a 24-hour communication tool for prospective tenants to review or listen to detailed information about the rental property.
  • Work with REALTORS as well as leasing agents to find the right tenant.
  • Field all calls from prospective tenants for questions and viewings.
  • Meet all prospective tenants for showings during the week and on weekends (as in when it is needed not when it is good for the property managers schedule).
  • Provide all prospective tenants with a rental application that are legally compliant with fair housing laws.
  • Collect all applications and application fees.
• Tenant Screening and Selection:
  • Perform background check, income, credit history, rental history and so on.
  • Grade each prospective tenant according to pre-defined tenant criteria.
  • Inform prospective tenants when they are turned down.
• Tenant Move-In:
  • Draw up the leasing agreement.
  • Confirm move-in date.
  • Review all lease guidelines i.e. rental payment terms and so on.
  • Ensure all agreements are understood and properly executed.
  • Perform a detailed move-in inspection with the tenant(s) and have the tenant(s) sign a report that verifies the condition of the rental property prior to move-in.
  • Collect first month’s rent and security deposit.
• Rent Collection:
  • Receives rent.
  • Collects late payments (when necessary).
  • Sends out pay or quit notices (when necessary).
  • Enforces late fees.
• Evictions:
  • Fills out relevant paperwork to initiate and complete unlawful detainer action.
  • Represents rental property owner in court (when necessary).
  • Coordinates with law enforcement to remove tenants and tenants possessions from unit (when necessary).
• Legal:
  • Advise rental property owner in the event of a legal dispute or litigation.
  • Refer rental property owner to a qualified attorney (when necessary).
  • Understand and abide by latest local, state and federal legislation that apply to renting and maintaining rental properties.
• Inspections:
  • Perform periodic interior and exterior inspections via a predefined schedule to look for any needed repairs, safety hazards, code violations, lease violations and so on.
  • Send rental property owner a report on the condition of their property or properties.
• Financial:
  • Provides accounting property management services.
  • Makes payments on behalf of the owner (i.e. mortgage, insurance, HOA dues and so on).
  • Details and documents all expenses (via invoices and receipts).
  • Maintains an account of historical records (leases, paid invoices, inspection reports, warranties, etc.).
  • Advises owner on relevant tax deductions related to their rental property or properties.
  • Provides annual reporting, which is structured for tax purposes as well as required tax documents including a 1099 form.
  • Provides an easy to read monthly cash-flow statement that offers a detailed breakdown of income and itemized expenses.
• Maintenance, Repairs, and Remodeling:
  • Provides and oversees an in-house maintenance team.
  • Establishes a preventative maintenance policy to identify and deal with needed repairs.
  • Provides a network of licensed, bonded and fully insured contractors fully vetted, has the best pricing, and all work is up to code.
  • Delegates jobs and prioritizes tasks and items to be completed using (in-house team and professional contractors) which is based on who is best suited to complete the job while considering the expense to the rental property owner (as in best possible price).
  • Maintain Outdoor Areas:
    • Leaf and debris removal
    • Landscaping
    • Removing of trash
  • Maintains and monitors a 24-hour emergency repair communication tool.
  • Larger Renovation or Rehabbing Projects:
    • Provides recommendations on how the project can increase and thus maximize rental income.
    • Prepares preliminary cost estimates.
    • Acquires multiple independent bids for work to be completed.
    • Acts as the GC (General Contractor) overseeing all work.
  • Tenant Move-Out:
    • Inspects property and fills out a report on the condition when tenant moves out.
    • Provides tenant with a copy as well as an estimate for any damages.
    • Returns the remaining balance of the security deposit to the tenant.
    • Forwards a portion of rental property owner portion of tenant deposit to the property owner or holds it in a reserve for repairs.
    • Thoroughly cleans the property and performs any needed repairs or upgrades.
    • Re-keys the doors (changes the locks) to the property.
    • Places the rental property back on the market for rent.

While you may only need a few of the above property management services it is good to know when interviewing property management companies if they are a full-service property management company. Their services should be comprehensive in that they not only offer all listed property management services mentioned above they will also have intangible offerings that you will innately understand during your interview.

Selecting a Great Property Management Company

Selecting a great property management company for your rental properties is the most important task you will undertake. In the interview you can see how they communicate and get a better understanding of their customer service philosophy. Their philosophy should be about you and how they can and will do anything and everything to maximize the potential of your rental income. Interviewing multiple property management companies before making your selection will help you decide if they are worth working with and also give you a clear picture of how much they care.

If you need help selecting a great property management company you may want to consider asking the following questions at each of your interviews:

1. Cost: what % will they charge for managing and maintaining your property.
2. Communication: are they responsive email, phone if so how responsive.
3. Termination of your Agreement: in the event things do not turn out and you want to sever the relationship, you should know up front what it will take.
4. Repairs and Maintenance: does the property management company have their own maintenance team? How much do they bill out? What types of repairs can the team handle? What the plan is if they cannot handle the repair in-house. What other contractors do they work with?
5. Monthly Statements: does the property management company send out statements? If so, are they monthly or quarterly statements?
6. Evictions: how does the property management company deal with evictions? What is their eviction charge?
7. Landscaping: yard work how much is it billed at? Do they do landscaping? Does the company mow lawns? How much does each service cost?
8. Reserves: what kind of reserve does the property management company require? What are they used for?
9. Accounting: when will they mail your check, at the beginning of the month? Tenant deposits, how are they handled, comingled or put together with all other income?
10. Vacancies: is there a charge to fill vacancies? If so stop the interview here! They are not a good company!
11. Advertising: where, how and how effective are they?
12. Section 8: does the property management company have experience dealing with section 8 properties and do they know what is entailed with this type of property?

Looking to lease, manage and maintain your rental property? Want to reduce costs and maximize your rental revenue? Our comprehensive property management service ensures excellence in every little detail. Whether you own one property or a portfolio of many rental properties, Rancho Mesa Properties has the expertise, technology and experienced team to help you maximize your rental investments.

Rancho Mesa Properties is a full-service San Diego property management company that specializes in the management, marketing, and leasing of rental properties. Our innovative technology and experienced team enables our rental management and leasing services to be more affordable and economically advantageous for all San Diego rental property owners and investors. Call us TODAY!

San Diego Property Management Company

Welcome to Rancho Mesa Properties, your resource for the best property management services in San Diego… Whether you own one rental property or several selecting the right property management company is IMPORTANT! At Rancho Mesa Properties, we build one-to-one relationships with every client.

Our teams of property managers are trained to use their knowledge and experience to guide every client through the process of managing their rental properties so they feel at ease. Our intent is to help each of our clients make the right choices when it comes to their rental properties.

We want each of you to remember, your property manager works for you… not the other way around! We strive to make each and every person we come in contact with feel like THE most important client we have… because the truth is, YOU ARE.

Contact our San Diego Property Management office today and let us help you fulfill your property management needs by exceeding your expectations. All we need is one chance to show you why making the switch to Rancho Mesa Properties makes sense.

We look forward to serving YOU!

About Rancho Mesa Properties

Rancho Mesa Properties specializes in San Diego Property Management including homes, condos, apartment buildings and more…

Unlike most companies, we are interested in our clients’ needs and specific long-term goals. Our professional relationships are built on a long-term basis. Numerous clients have been with us for many years. Our objective is to accomplish your goals and become a trusted member of your financial team.

Rancho Mesa Properties, providing useful property management information so that you can make educated decisions for the growth of your investments. Discover what it is like to have a team dedicated to YOU!

Are you looking for a San Diego Property Management Company to help you rent and managed your rental properties? Contact us today to see how Rancho Mesa Properties can help.

At Rancho Mesa Properties, our philosophy is to make every client feel like they are the most important client we have!

Our team listens carefully to each client ensuring they feel listened to and heard. Our Mission will always be to grow one-to-one relationships with everyone we meet.

WE always take the time our clients deserve to provide them with the right property management solutions. We realize that each client is unique and strive to serve them in a way that helps to fulfill each and every need they have…

We are real people who do business with both our minds and our hearts.

Our promise to you, to provide you with property management solutions that fit your unique needs and deliver a level of service that makes you feel important because the truth is… you are!

We welcome you to…

Discover, what it is like to have a team of property managers that focuses solely on YOU. Let Rancho Mesa Properties be the solution you look to for all of your property management needs.

Rancho Mesa Properties, we make Property Management easy… Call our San Diego Property Management office TODAY!

Expand your Rental Property investment expectations TODAY! Call Rancho Mesa Properties, your source for great San Diego Property Management service.