If you've owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you've also likely discovered that property management requires a large commitment of time, money and effort.
While it may make sense to take the do-it-yourself approach if you're a handy person, live close to your property, and don't mind devoting several hours per month to the task, in many cases this just isn't practical---especially if you hope to expand your business. With this in mind, here are some critical tasks property manager and former Santa Monica Rent Control Commissioner 2008-2012 team will do for you.
1. Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, at Kronovet Realty company we conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve a balance between maximizing monthly income and maintaining a low vacancy rate.
2. Collecting and depositing monthly rent payments on time: If you've ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Kronovet Realty company have has, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
3. Marketing and advertising your property: Through long experience, we know where to market your property and how to craft compelling advertising materials---including a video tour, quality photos, properly written ads and open houses.
4. Finding the right tenants: We are experts at finding good tenants, and will take care of all the details, including the securing security checks, running credit reports, verifying employment, checking on previous evictions and collecting previous landlord references.
5. Managing tenants: In addition to finding good tenants, we will manage all aspects of the tenant-landlord relationship. Kronovet Realty will handle both routine and emergency maintenance, take care of routine LAHD inspections, and manage any situations where conflict resolution is required.
6. Managing vendor relationships: We have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it's almost impossible for an independent landlord to duplicate. As a owner you expect quick response to tenant issues at a fair cost, our staff oversees any necessary maintenance projects and upgrades.
7. Ensuring that you're in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA).
8. Maximizing the profitability of your time: By hiring Kronovet Realty Company to take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career. We use the CAR property management form with is the standard and trusted contact, in a nut shell either party can cancel the agreement with a 30 day notice
Here are some examples of quality properties like yours that we proudly have sold and manage. We have purchased for investors and have managed over 100 million dollars of property. It is our stated goal to sell, buy or manage your properties with a friendly attitude, professional standards and a client to vendor attitude when it comes to seller, buyer, escrow, title, loan officers or tenant relations.
At Kronovet Realty we make every effort to solve little problems before the become large and much more expensive issues to handle.
Our basic property management package includes the following:
Detailed monthly financial reports including: check register & income and expense reports
Year end financial reports
Ongoing preventative maintenance
License, experienced vendors
Broker supervised weekly property inspections
Current CAR forms for all leases, apartment inspections and rent adjustments
Broker access to CAR legal hotline
Office and Apartment remodeling services
Open book policy for owner reviews
Rent control compliance and tenant rent increases
For Condos monthly statements to each owner. copies and updates of the CCR, copies of
monthly meeting, current accounting statments, 5 year budget projections
The following additional services:
Tenant interviewing, apartment prep, Web, newspaper and signage advertising used during vacant apartment marketing and perparing new leases: Broker fees range from half month to a full months rent per rented unit.
Freelance per hour real estate services: rate is $100 per hour.
Kronovet Realty Co. can provide property management for escrow services such as:
Supervision for: property inspections, termite inspections and repairs, estoppel certificates, 24 hour notice to enter, document preparation, tenant notification and various other on site services
Personal Professional Property Management. This is how Kronovet Realty Co. does business.
11 Unit property in Westwood CA
4 Units in Santa Monica
25 unit property in Santa Monica CA
Beautiful single family home in Brentwood CA.
Classic single family home in Brentwood Hills CA
10 Unit in Santa Monica
4 Unit in Santa Monica
4 Unit - Santa Monica, CA
14 Units - Pacific Palisades CA
8,000 SF Downtown Los Angeles office building
3 Units - Santa Monica CA
6 Unit condo property in Santa Monica CA
6 Units - Santa Monica, CA
7 units - Venice Beach, CA
Single Family House - Santa Monica
4 Units in Mar Vista
3 unit in prime Venice 1 block from the Beach
Multi family properties in Oklahoma City, OK
Examples of Remodeled apartment kitchens, these special services improve your property value and increase your cash flow, and reduce repairs.
Friends rest easy, you've Kronovet Realty Companies on the your side!