Rental Management Services

South Bay San Diego Rental Property Management

Rental Management Services

Rental Management Services

Rental management services can vary greatly from one company to another. However, it is important to note that all property management companies should have one sole purpose that drives everything they do, to preserve the value of the rental properties they manage, and generate income while doing so. Services can include, budgeting expenses, securing renters, collecting rent, complying with laws and regulations, and maintaining the property.

The main objective of a property manager should be turning your properties into a source of income that generates profit thus making your rental properties, lucrative investments. A property management company can be your greatest asset in obtaining and maintaining this objective. For any rental property owner looking to maximize their rental property potential, choosing the right company is of the utmost importance!

Choosing a Company that is a fit for YOU

Choosing the right property management company begins with knowing what should be offered. While you may not need every one of the rental management services listed below, it is good to know what a comprehensive list of rental management service offerings entails. Any property management company that says they offer a comprehensive list of services will offer the following:

  • Accurate Rental Rate (Evaluation):
    • 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 comparables 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.
  • Preparation & Marketing:
    • 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.
      • Fliers.
    • 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.
  • 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.
  • 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, & 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.
      • Trash removal.
    • 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.
    • 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.

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.