There is much more to managing rental property than most owners realize. Rental property management is one of the most regulated and legislated industries in California. Your agent must be licensed and have the specialized knowledge with the ever-changing regulations & laws in effect. In 2020: the Covid-19 pandemic, eviction moratorium, rent caps, just cause, vouchers, reduced deposits for military, and exemptions specific to California has now dramatically changed the industry. Having an experienced agent with a local presence in the community is essential.
In this day & age, having an office location where calls are answered, rents collected, applications submitted, contracts being signed and the "back office" support systems in place ADDS value and credibility to the rental property management relationship. Using an online portal gives tenants the ability to pay rent online, review documents & submit work orders. An Owner Portal contains your financial reports & documents and is accessible anytime you have an internet connection. Interior inspections should be done on a periodic basis. If necessary, a management company will start eviction proceedings & coordinate the entire process. Established relationships with contractors will help speed up the turnaround time in between vacancies. Marketing & showing your property and evaluating prospective applicants is one of the most time-consuming aspects of rental property management. If you are knowledgeable in all aspects of management and you need just having tenants placed, most companies provide that service as well.
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