Property Management Functions Essay

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Quick Notes on Property Management Functions: 24-Hour On-Call Maintenance Rent Collections Prepare Notices (Rent increases, Notice to Enter) Market Vacant Units Pay Mortgages, HOA Fees, Landscaping, Invoices Process Tenant Application Prepare Leases and Contracts Property Inspections Manage on-site Property Managers Prepare Security Deposits Pay Property Taxes Yearly Budgets Quick Notes: Above are some of the functions of a Property Manager. Of course there are daily challenges but, there is never a dull moment and there is always a solution. The key is to have good vendors (plumbers, flooring companies, cleaners etc). This will be your sub-contracting support staff. Rent Payments: Rents are collected between the 1-5th of each month. This will be the busiest time since the tenants will find this time to place either a complaint or a place maintenance request. There are some tenants that need more attention than others and you will figure who those will be. Late fee’s usually $50, NSF $25 Notices: It is very important to give the tenants proper notice to enter if you need access to any of the units. A tenant has more rights than a Landlord. The tenant is in full possession of the home when they are paying rent. Proper procedures per California state laws must always be followed with a 24 hour notice to enter. Rent increases require a 30 day notice if the increase is under 10% other wise a 60-day notice is required. A 60-day notice to vacate is also required if the tenant has been living at the property for over one year. 30 Day Notices: Once a 30-day notice is received please mail out a acknowledgement of 30-day notice along with the request of initial inspection forms. Tenant has the option of having an initial inspection at least two weeks prior to moving out. Security Deposits: Security Deposits must be refunded to the tenant no later than

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