Property Managers are a liaison between a property or homeowner, and the tenant. Many times, the property owner or investors aren’t experts in tenant law, taxes, landlord responsibilities, and the like. Sometimes the owners live out of the state or even out of the country. That’s where expert property managers come in. They will advertise for and vet tenants, coordinate repairs, and finesse any delinquent rent or eviction issues.
There are different types of property managers in the Anaheim area, suited to meet the needs of three main categories of investors:
The homeowner turned Investor might have lived in the property and now is going to vacate. In that instance, the homeowner becomes an investor, because someone else is paying to live there.
First-time Investor may not have invested in rental properties the past. If you’re a first-time investor, you may live in a different city or a different state.
Professional Investor or investment groups are the most experienced and business-savvy. They know what works, and may have a variety of different types of property in their portfolio.
All investors need the basics: a good tenant, utilities, bills, and taxes paid, rent collected, maintenance orders reviewed and completed, and 24-hour emergency service. Many smaller investment groups, first-time investors, and homeowner-turned-investors benefit from having local, Anaheim-based property management companies. Each housing market is different, and people in the area tend to be more “in the know” when it comes to pricing, vendors and repairmen, and being nearby in case of issues.
Different types of property managers:
Certified Property Manager: a real estate professional designation awarded by the Institute of Real Estate Management (IREM) and recognized by the National Association of Realtors (NAR).To achieve the CPM designation, a candidate must pass about 10 required courses given by IREM, including marketing, human resources, asset management and ethics and complete a management plan on a subject building. Most courses can be taken in a classroom setting, on-line or via home study. IREM also examines the candidate’s experience and asks for 3 professional references.
Property Management Company: An experienced property management company has seen thousands of applications and knows how to quickly dig for the real facts about candidates and analyze that information for warning signs.A good property management company will have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where a good property management company will shine.
Landlord Manager: the property owner also manages the property, collects rent and late fees, screens tenants, handles repairs, and is on-call. However, doing all your own management work can be very time-consuming. Some people have the time and resources to do the accounting and the repairs that are necessary over the term of the lease. But a lot of people don’t.
Treat finding a property manager like hiring a candidate for a job: Interview the owner or point person. Check references, get to know their reputation. The company you choose should also have solid accounting practices. You should receive periodic, detailed statements of the amount collected, tax payments, and expenses for maintenance or repairs. A Certified Property Manager has the education and experience to professionally and responsibly manage your investments.