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What Do Great Property Management Companies Do?

We often say that fifty percent of effective property management is grounded in skill and seasoning; the other half is the desire to work harder and smarter than anyone else.

Belwood Properties has been successfully managing residential properties, commercial properties, and HOA Associations in Los Angeles for over 20 years. It’s difficult to last that long unless core values are in place, and trusted partnerships and smart management methodologies are established.

The best-case scenario is for the property management company to form a real, true and trusted partnership with LA property owners. Property owners, or landlords, must know that their interests as well as tenant interests are prioritized and that tasks are competently executed.

Basically, a property management company is hired by residential or commercial property owners to manage part or all of the tasks needed to operate their properties. Some property management companies handle the tasks internally while others may solely contract with vendors. Some will do both: manage some tasks internally while also contracting with vendors.

 

The Top 3 Reasons to Hire a Property Management Company

  1. If you own multiple residential rental or commercial office units, especially if the units are a distance from one another
  2. If you live far enough away from the residential or commercial property where daily and emergency maintenance and handling tenant requests are inconvenient or impossible to tend to
  3. Do what you’re good at; let others do what they’re good at. In other words, you manage your investment and let a property management company handle employee hiring, compensation, tax filing, tenant screening, property maintenance, rent collection, advertising, and more

 

So, What Exactly Does a Property Management Company Do?

Property management companies perform these tasks on behalf of residential and commercial property owners (partial list):

  • Screen tenants and perform necessary background checks
  • Clean and prepare units or offices when tenants leave
  • Prepare lease documents
  • Collect rent
  • Manage banking and bookkeeping duties
  • Respond to maintenance and repair requests for both residential and commercial landlords
  • Maintain property grounds and common areas
  • Advertise and show units and offices to prospective residential or commercial tenants
  • Handle late payments, tenant disputes, and evictions

 
If a property management company provides HOA Association Management services, the following tasks are typically performed:

  • Facilitate and collect all dues for the HOA association as well as facilitate the distribution of any extraordinary cost the association shares
  • Prepare monthly financial statements
  • Facilitates the distribution of extraordinary expense to each community members statement, if necessary
  • Manage all HOA maintenance tasks through licensed and insured vendors (which limits liability for the HOA community
  • Provide proactive preventive maintenance
  • Attendance and in-depth note taking at board meetings for proper record-keeping
  • Provide extensive monthly management and status reports to all board members
  • Answer all HOA Association member questions in a timely manner, if not immediately
  • Financial management services including accounts payable, budget, bank reconciliation, monthly billing, accounts receivable, financial statements, and operating costs.
  • Enforce CC&R’s and uphold the integrity of the community

 

How to Find a Great Property Management Company

We feel that a successful property management company goes beyond the services that are expected to be provided. Equally important is the commitment to a partnership with frequent 2-way communication and level-setting of expectations as well as a commitment to not just maintaining properties or HOA’s but improving their valuations.

Belwood Properties is one of the most trusted names in residential, commercial, and HOA management in Los Angeles. Our commitment to integrity, tenant services, and our unmatched ability to work with property owners has set us apart.

 

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