Property management companies provide services for all types of properties, including apartments, homes, offices and commercial buildings. However, the type of service depends on the management company and property.
The one thing property owners should never assume about property managers or property management firms in San Francisco is that they are all the same. Although property management companies provide similar services, don’t presume yours will too. The best thing an owner can do is to discuss with the property manager, up front, the details of the services they will be requiring. During this time the property manager will be able to tell you what they can include in their management fee and what will be charged as a separate fee.
Here is what a property manager in San Francisco can offer you:
Accounting – Any financial transaction that is related to your property will be taken care of by the property management company. This includes your monthly rent collection, payment of property taxes, insurance, debt service, all reoccurring bills, monthly operating statements, owner distributions and annual rental increase notices within the San Francisco rent control laws. If you require a backup of the bills you’ll want to ask the property manager if they provide them with the operating statements.
Maintenance – Property management companies facilitate all the maintenance a property requires by locating and sending out trusted vendors to complete the necessary work. It is the property manager’s responsibility to ensure the work was done in a proper manner, so as to not be an issue in the future. However, if you as the owner has a vendor you prefer to work with, it’s always good to ask the property manager first if they will work with your vendor.
Leasing Services – This includes everything from the moment the unit is ready to go on the market through moving your new tenant in with every step in between covered. Not only does a property manager find you qualified occupants, but they take care of the processing and lease signing as well.
Service of Notices – Anytime a notice is required the property manager will prepare and serve them on behalf of the client. Notices include; Three-Day Notice to Pay or Quit, Three-Day Notice to Perform Covenants or Quit, Subtenancy Notices, etc.
However, here is what a property manager in San Francisco can’t offer you:
Selling Your Property – Anything that is related to the purchase of the property is not conducted by the property management company, unless your property management company also facilitates the sales process. Any required documentation gathering needed to facilitate the transaction would be an additional fee to prepare charged by the property management company.
Hearings – Anytime there is a hearing for a governmental agency, whether it is the San Francisco Residential Rent Stabilization and Arbitration Board, Department of Building Inspection, Department of Public Health or small claims court, all time needed to prepare and appear will be charged a separate fee.
Evictions – Although the property manager will help in preparing and serving eviction notices, if they are required to be at the court house for any of the negotiations during the settlement conference then the property owner will be charged a separate fee.
Deciding to use a property management company will take away any future stresses a property owner will encounter. There are more services provided, than not, making it extremely valuable to hire a property management company or property manager for any rental unit.
Just remember to always ask questions, list what you will require and do your homework when deciding which manager or company is best to work with.