Blog Post

Two Key Tasks that a Property Management Company Handles for You

Dustin Edwards • May 14, 2021

Processing Payments and Preparing a Property for Rent

Property Management Tasks
Whether you are considering managing your property yourself or you are embarking on the journey of interviewing local property management companies for your Long Beach or Lakewood rental there are many items to consider. While many property owners ask about the property management fee (and they certainly should) we feel it is helpful to understand details about the common tenant calls and tasks that we handle to see if you truly want to handle it on your own or if you want to outsource to a property management company. Find out more about two key tasks that we handle regularly for our clients.

Processing Payments
In the era where transferring money between parties is easier and easier, this is one item that many people feel they can tackle on their own. Popular services such as Cozy.co and Zibo.co market the fact that collecting rent is easy (which it can be), but consider asking yourself the following:
  • Are you notifying the tenant properly when they are late on their rent payment?
  • How would you process a late fee?
  • If a tenant pays for an item of repair and asks for reimbursement, how are you handling that item?
  • Are you keeping their security deposit in a separate account?
You might be thinking on the “separate account” aspect that it isn’t required in California. And while a separate account for security deposits isn’t required by law, without a separate account you could end up co-mingling funds which can make it challenging to claim any of the deposit at a later date. While processing payments has become simplified over the years the tracking and accountability of receiving funds remains one where one must be prepared for solid documentation.

Preparing a Property for Renting
One of the largest tasks that property management companies handle on a regular basis is that of preparing a property for renting. While it might look like 30 minutes of magic on HGTV to make a property look stunning we all know that it takes more time to get a home in Long Beach to be rental ready.  

When we prepare a property for rent, we focus on two major categories:

  • Maintenance Items - These are wear and tear items such as new carpet, painting, fixing/replacing electrical sockets, etc. Each property can have items of different levels of need and our focus is to keep the property properly maintained to help each tenant stay as long as they would like.
  • Upgrade Items - When a tenant leaves it is an opportunity to look for ways to upgrade that can help the rentability of the property. This might mean adding new appliances, putting in a new countertop, or even re-doing an entire bathroom. For upgrade items we provide our owners with options to help them understand what could be best for the property and the rental market.
When considering tackling property management on your own, consider these two categories and overlay the aspect of “time”. Each day your property isn’t rented is a lost income opportunity which is one of the reasons we have a team of maintenance professionals as well as a curated list of subcontractors to help us in every aspect of maintaining a property.

While these are only a few key tasks we handle for our property owners, the key is to ensure you find a property management company that you feel comfortable with in managing your asset. When you would like to find out about more of the tasks we handle for our owners we invite you to call us today at (562) 888-0247. When you want a quick check to see how much your property could fetch in rent we invite you to fill out our Free Rental Analysis where we perform a comprehensive comparison to share your rental stacks up to the competition.

Share this post

By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
By Dustin Edwards 19 Apr, 2024
Communication is key to maintaining good relationships with clients. However, there are several ways to communicate, so we intend to give you the best methods we've explored.
By Dustin Edwards 10 Apr, 2024
If you're thinking about how much different managing condos are from single-family homes, look at these top 5 reasons.
Show More
Share by: