PROPERTY MANAGEMENT is a specialty in which real estate brokers manage homes and duplexes as well as large projects such as office complexes, apartment buildings and condominiums. Thorough knowledge of agency, contracts, fair housing, rentals and leases is a requirement of property management. Additional knowledge is required in business administration, marketing, purchasing, extensions of credit, accounting, advertising, insurance, repairs and maintenance, taxation and public relations. NAA, the National Apartment Association, is a professional organization dedicated to the improvement of the operational and ethical standards of its members. SPECTRUM Realty is a proud participant in this organization. In addition, SPECTRUM Realty is a member of the Santa Barbara Rental Property Association. FUNCTIONS OF A PROPERTY MANAGER The many and varied duties of a property manager require the skills of a business executive, decorator, salesperson, parking lot attendant, gardener, housekeeper, information center, accountant, banker, doctor, lawyer, social director, psychologist, marriage counselor, baby sitter, bookkeeper, rent collector, maintenance expert, security officer, keeper of the keys, telephone operator, messenger service, and complaint department. The manager must be soft spoken, fast-moving, poised, quick-thinking, non-tiring, ever-available, mechanical minded, all-knowing and never-ailing. This “expert” knows how to visit without visiting, see without judging, hear without repeating- and all without having time for an uninterrupted meal. The property manager has a dual responsibility: to the owner or client who is interested in the highest return from the property; and to the tenants, who are interested in the best value for their money, including reasonable safety measures and compliance with fair housing laws. The property manager must promptly rent the property/units at the highest market rent possible, keep operational and other costs within budget, and preserve and enhance the physical value and prestige of the property.
Here are some of the specific duties we perform:
- Establish the rental schedule that will bring the highest yield consistent with good economics.
- Merchandise the property/unit and collect the rent.
- Supervise maintenance and repairs.
- If applicable, insure independent contractor status
- Setup payroll system for all employees.
- Develop a tenants/resident relationship policy.
- Maintain proper records and make regular reports to the owner.
- Qualify and investigate a prospective tenant’s credit.
- Prepare and execute rental contracts.
- Obtain decorating specifications and secure estimates.
- Audit and pay bills.
- Advertise and publicize vacancies through selected media.
- Recommend alterations and modernization as the market dictates.
- Inspect vacant units frequently.
- Keep abreast of the times and competitive market conditions.
- Be knowledgeable about and comply with applicable Federal, State and local laws.
How are fees structured for professional property management?
Fees are based on a percentage of the rents collected. However, sometimes a flat rate is charged A good management firm will 'pay for itself' with an effective operating plan and increased revenues. Each property and situation is different and we would be happy to give you an estimate.
Are there any tax benefits to having a management firm?
Yes. First of all the management fee is fully tax deductible. We also provide monthly and annual operating statements that keep accurate records of tax deductible items for your accountant. Tax preparation for your property is simpler and should cost less.
What happens if there is an emergency at my property?
As a management firm, we are available 24 hours a day, all tenants have an emergency number to reach us at anytime.
How will this help my property become more valuable?
Increased income from accurate rent surveys, knowing the in's and out's of rent collection, accurate bookkeeping and record keeping, and performing scheduled maintenance all make a property more desirable, marketable and valuable.
In this section
Contact UsSPECTRUM Realty
5290 Overpass Road #232
Santa Barbara, CA 93111
Ph: (805) 681-6268
DRE License # 01382575