PROPERTY ADMINISTRATION / TENANT RELATIONS
Maintaining an up to date filing system, conducting annual reviews, and utilizing “diplomatic” enforcement of the provisions of each lease agreement are necessary for the operation of any rental income property. Aside from the diligent pursuit of the financial obligations of a lease, the successful landlord/tenant relationship relies heavily on a clear understanding of all the terms and conditions contained in the lease. Examples of the processes necessary for the efficient administration of lease files are as follows:
Lease review, abstracting, and auditing
CAM estimating and reconciliation
Rent Escalation recording, Option monitoring
--- EXPLORE THE DUTIES OF A PROPERTY MANAGER ---
Inspecting Rental Units
Beginning each property management process with an inspection, we thoroughly examine each commercial property and its units. Based on our quarter-century of commercial property management experience, we have a keen understanding of the most common issues to the complicated. However, in order to mitigate any future complications, we conduct periodic inspections, as it makes it easier to identify minor problems before they turn into major hassles.
Conducting routine and regular inspections allow us, property managers, to establish a deeper relationship with our tenants. Being a friendly face around the complex, we're sensitive to the fact that we are not only safeguarding the owner's investment but also our tenants' homes.
Always knowing the condition of the property is an important aspect of property management giving property owner's true peace of mind. Routinely inspecting the inside and outside of your property, we provide you with photos and brief review, keeping you updated on the condition of the commercial property/unit.
Property management is much more than bookkeeping and maintenance. Today it requires the ability to plan and implement effective tenant retention strategies. A focused effort to be responsive and fair is essential. We serve the client and the tenant by maintaining positive relationships through frequent correspondence and timely inspections of the property. Becoming a familiar face is imperative to our success and that of our clients.
Placing the right tenant is the single most important step in rental management. Our applicant screening process includes income assessment, review of rental history and employment background, identity verification, prior landlord references, and eviction search to evaluate for potential delinquency issues.
Our thorough screening process for potential tenants has consistently kept our eviction rate at less than one percent. We screen the applicants, including but not limited to, a credit report, residency verification, and employment verification. They need to look good on paper and more.
In screening prospective applicants, we perform a credit check to determine the tenant's ability to pay the amount of rent you are asking, as well as conducting a background check to ensure we do not rent to people with a history of committing violent crimes or other felonies.
We not only look for a tenant who can afford the rent and who demonstrates a responsible payment history, but also a tenant who appreciates the property and appears to be someone who treat it with care and respect. When we have an applicant who fits our rigorous criteria we will contact the owner for counsel before moving forward.
Rent Collection and Adjustment
Prompt and reliable rent payment is the forefront of any rental property owner's worries. While our thorough screening process for potential tenants mitigates late payments, when payments don't occur on time, a property owner must have a reliable mechanism in place for assessing late penalties and collecting the resulting fees. At The Renken Company, we handle all aspects of rent and fee collection for each tenant under our purview. Our full-service approach to commercial property management includes monthly billing, scheduled rent collection, and the issuing of all past-due notifications and fees, as well as late fee collection.
Prepared to support you in all scenarios, our property management team is well-versed in all things commercial real estate, which importantly, includes state and county laws concerning renters' and land-owners' rights. In addition, we maintain close working relationships with attorneys, mediators, CPAs, lenders, and insurance specialists in an effort to provide our clients with the most comprehensive real estate solutions.
You must be prepared to make rent adjustments based on market conditions. If you do not have enough knowledge about the rental market in your area, you may miss out on the opportunity to generate additional revenues. Ensuring property owners manage their real estate investments more wisely, our +75 years of combined commercial real estate experience and rigorous market analysis helps us make data-informed decisions about the rental property, including rate estimates and other information, so we can further improve upon the value of the investment.
Governing the landlord-tenant relationship, an owner must abide by municipal laws, codes, and policies or risk litigation and fines. if you aren't aware of the laws in your area, you are vulnerable to legal action. At The Renken Company, we maintain close work relationships with attorneys, mediators, CPAs, lenders, and insurance specialists in an effort to provide our clients with the most updated property management service and most comprehensive real estate solutions.
Prepared to support you in every scenario, our property management team is well-versed in all things commercial real estate. Furthermore, our expert team is bolstered by the support of close working relationships with attorneys, mediators, and insurance specialists. While seldom necessary, we have years of experience with the eviction process as a result, work hard to make the process as efficient and expeditious as possible.
No matter how well you screen prospective tenants, a situation may arise in which you will have to evict a tenant for failing to abide by terms of the lease agreement. However, in partnering with our professional property management team, we can ensure the situation is given appropriate consideration incorporating the expertise of various real estate professionals.
Financial Management & Reporting
Our bookkeepers manage all income and expenses attributable to your property with the use of Yardi Systems. Furthermore, we offer a tenant payment portal, which allows us to accept payments online with ZEGO power by PayLease. All expenses and receipts are tracked online and available to you at any time.
A monthly statement includes all financial activity and copies of the bills we have paid on your behalf, with your December statement having all your annual figures for tax purposes. All investment properties receive a clear and concise monthly statement detailing income received and expenses paid. If you choose to be paid by check, your check is included with your statement. If you want copies of receipts for services and repairs at your property they are always available. Direct deposits are also available in lieu of a check. But, if you ever have a question regarding your statement, you can contact your property manager or one of our bookkeepers for more information or clarification.
Aiming to give landlords and tenants true convenience, our services include but are not limited to:
Tenant Payment Portal
Monthly Ownership Reports
Online Rent and Fee Collection
E-Bills and E-Statement available any time
Besides the monthly property report, twice a year we will present you with a property performance statement. This easy-to-read summary importantly includes key financial metrics making your tax preparation easier as well as being useful when considering selling, exchanging, taxes, or general financial planning.
However, collecting rent is not the only financial responsibility of a property manager. You must also set a budget for each rental property and do your best to limit expenses and carry out CAPEX projects in a planned, strategized manner.
Finding excellent tenants starts with making sure your commercial property is visible and attractive. We install professional signage, create a quality listing with a thorough description of your property, and take photographs that showcase your property's highlights. We then list your rental property on all of the highly trafficked rental websites including LoopNet, CoStar, Zillow, Trulia, Hotpads, and our very own website.
Resulting from more than two decades of managing commercial investment properties, our lasting presence in the rental marketplace has allowed us to develop a sizeable network of commercial real estate professionals. Our esteemed reputation for being fair and responsive means many renters check with us first to find their rental properties.
Renting/Leasing hundreds of commercial properties throughout Southern California, our experts have experience working in both thriving and more importantly, recessionary markets and as a result, can better determine the appropriate rental value of your commercial property. With our ear to the ground, we constantly monitor the trends and movement of the local real estate markets in order to provide a comprehensive review for the owner/landlord to determine the best rate. While it's possible to advertise a vacancy for free, free sites don't always yield the best tenants.
We advertise the property on:
Our Website - where we average hundreds of unique visitors per day
On multiple 3rd party websites such as: LoopNet, CoStar, Zillow Rental Network, Trulia, and Hotpads
A professionally-branded, highly-visible "For Rent" sign located on the property
On Google Adwords (if necessary, but additional cost)
No one does a better job of exposing the property to the market!
Oftentimes, in the "For Sale" market, most buyers and sellers use the internet to research the charateristics of the neighborhoods and perform a data-driven price analysis before contacting a Broker.
For most in the "For Rent" market, the internet is the first step and the resources usually fall into one of the following categories:
Pre-paid Rental Listing Agencies
Free to Search/Charge to Advertise - Rental Listing Agencies
Free to Search/Free to Advertise - Rental Listing Sites
Traditional Real Estate Offices
Free Internet Classified
Property Management Website
For Rent Signs