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Property Management 101

The Advantages of Hiring a Property Manager

Landlords ? Tired of midnight phone calls? Or let me guess, the recurring statement from your tenant that, ?The check is in the mail??? Not sure what your legal obligations are regarding repair requests or what services you should be including?

Tenants ? Are you frustrated with multiple maintenance requests being ignored? Unannounced visits from your landlord?? Wish you could pay your rent 24 hours a day, 7 days a week?

The answer to all of the questions above is simple. A property manager is a convenient point of contact for owners and tenants alike to alleviate these common headaches and act as a catalyst to achieve win-win solutions.

Calling All LANDLORDS

Wish you had more time to focus on your life and less on your rental property?? You would be amazed at the benefits you could reap by going through a professional property management company. Do you know the most common and significant mistake that self- managing landlords make is rushing to fill a vacancy with the first interested applicant? A professional property management company will provide the initial tenant screening which helps to lower tenant turnover and improve tenant quality. Krystle Property Management has and uses the tools to conduct comprehensive background checks as a part of the tenant screening process. Our application fee is charged to prospective tenants and includes credit, eviction and criminal background checks along with thorough rental and job references. First month?s rent and security deposit are due upon lease sign up which must be paid in guaranteed funds ? NO EXCEPTIONS!

Another advantage of hiring a professional management company is the advertising and branding that a management company provides. Krystle Property Management?s extensive advertising campaign reaches out to thousands of potential renters in order to help keep vacancy rates at a minimum. Maintaining positive realtor and tenant relationships helps to generate referrals, creating an extensive network of qualified renters.? Advertising through means of traditional print advertising as well as keeping up with the trends of communication for the Y-generation, by means of internet advertising and social media, help to connect with the greater public.

Property management companies should be knowledgeable on current market rents and whether the rental market is stagnant or fluctuating. Did you know that as of July 1, 2011, all single-family residences had to be fitted with carbon monoxide detectors whether tenant or owner occupied?? Owners of multi-family leased rental dwellings, such as apartment buildings, have until January 1, 2013, to comply with the carbon monoxide law. Due to ever-changing laws (like these), as well as the increase of tenant-landlord lawsuits, not hiring a property manager could result in a devastating lawsuit. Consequently, it is of utmost importance to hire a property manager who stays current with applicable municipal, state, county and Federal Fair Housing laws and practices pertaining to real estate.

Good property managers provide tenants with a 24-hour emergency maintenance phone number. They also have a pool of vendors to choose from that also are on call 24/7. If self managing, it could be headache to receive a late night emergency phone call such as a break-in or fire.? Would you know who to call or have the desire to drive to your rental property at 2 a.m. on a Sunday morning? Emergencies happen at all hours of the day. If you had a property manager, maintenance repairs often come at a reduced rate and the property managers would facilitate all maintenance and turn keys from beginning to end.? Periodic inspections of your rental investment are done to ensure tenants are adhering to their lease agreement. During the inspections, Krystle Property Management personnel also check for any necessary repairs which protect your precious investment.

Is your tenant delinquent in rent and you?re not quite sure what to do? A good property manager has a routine protocol when dealing with delinquent tenants. They should include service of legal notices and arrange for evictions if necessary. Property managers represent you in most legal tenant-landlord conflicts, including court appearances, and facilitate you in avoiding legal encounters.

Say Goodbye to End of Year Tax Blues

How would you like your year-end statements conveniently packaged in one envelope, mailed to you, ready to hand over to your tax preparer? No need to search for receipts from January of last year. All debits and credits are accounted for on one convenient report along with a 1099-MISC and any other pertinent tax forms.

Accounting, bill pay, and rent collection are some daily tasks that should also be included in your management agreement. There is no longer a need for you to remember if you paid the sanitation bill or monthly HOA payment for your rental property; a property manager can do that for you! Krystle Property Management can also make your mortgage payment once the monthly rental income is received from the tenant.

Do you live out of state? At Krystle Property Management, all owners have the option to receive owner disbursements via direct deposit at no additional cost. Direct deposit offers many advantages including zero chance of the check getting lost in transit, receiving funds faster directly into your specified bank account, and one less trip to your bank for deposit! So save your gas, time and anticipation. Did you know that if you are not a resident of California with a leased rental property you must adhere to the California Franchise Tax Board non-resident withholding tax law?

What to Expect

There are many things to look for when choosing your Property Manager and it is important to thoroughly interview your prospective property management company. Do not be afraid to ask for references.? You should look for clear communication, excellent people skills, an orientation toward customer service, clerical and managerial abilities, involvement in the community and flexibility.? But remember, while you are interviewing them, they are also interviewing you!

Before deciding on which company to engage, it is important to understand what services are required since not all property managers provide the same level of support. Make sure there are no hidden costs and that your management fee is inclusive of all services.? You should be prepared to give up some control, as good property managers need authority to act on your behalf on certain instances.

RENTERS: Check This Out

Have you ever had a maintenance issue with no response from your landlord? Busted pipe at 2 a.m.? Had a plumbing backup or a kitchen fire?? Fully functioning property management companies have staff on call 24/7 to address maintenance emergencies. With most companies, maintenance requests can be emailed, faxed, phoned in, or done face to face during normal business hours. But keep in mind there is a difference between emergency maintenance that must be handled urgently versus cosmetic maintenance. Your property manager has the authority to ensure your home is habitable and free from safety hazards at all times. Professional management also has the experience and knowledge necessary to successfully handle noise, conflict and safety issues in order to enforce the right to quiet enjoyment.

Property managers can be much easier to get a hold of than renting from a private party that has other jobs and responsibilities to take care of. Especially, when working a fully departmentalized corporation such as Krystle Property Management. Prompt communication plus the ability to walk into an office to receive personal customer service are features of a professional management company.

Another benefit of working with a property manager is the variety of properties available.? Many property management companies offer websites that include video streaming and detailed photos of the available properties. These features can save you time, gas and frustration should the property not meet your demands.

Often times, going through the rental process can be confusing or overwhelming, especially for first time renters. A property management company can guide you through the rental process from start to finish, leaving you more time to enjoy your new accommodations. There is no additional fee to renters for going through a property manager, their fee is already accounted for in the listed rent you see.

First Time Renter or Relocating? Don?t Fret!

Leasing agents have a wide range of knowledge on the local area and housing options available. Krystle Property Management has four full-time, licensed real estate agents and brokers who are accessible by phone and e-mail for your convenience.

Many renters relocate for school or work and are unable to visit the property or city they?re moving to. The online tools available allow renters to view virtual tours, apply securely online, pay their application fee, rent and security deposit as well as sign their lease without even having to leave their house! Private landlords aren?t capable of being able to meet these needs as well as professional management company can.

So whether you are a new landlord, an experienced investor or venturing into the rental market to find that perfect place to call home, just remember ? Property Management doesn?t cost?it pays!

This article was written with the help of Elisa Brosius, Kathy Gillin, Julie Jackson and Renee McCrary

Krystle Property Management is a second generation, family ran and owned business with over 150 years of experience. They service Vallejo, Benicia & American Canyon.