Two areas which separate average property management companies from better ones are maintenance and accounting.
Accurate record keeping is not only important to the success of legal actions brought before courts but also in maintaining compliance with the many Health and Safety regulations, Habitability codes, and California State statutes regarding the return of tenant security deposits, 3-Day Notices, 30-Day Notices, 60-Day Notices, tenant’s rights regarding walk-throughs, and 24-Hour Notices to Enter.
One of the most important advantages of retaining an experienced professional property management company is to be associated with a firm that stays abreast of all the latest changes in Tenant-Landlord law. Maximizing profit and cash flow is always important; but minimizing exposure to risk is equally important as well. The laws of California tend to favor tenant rights over landlord rights, and a good property management company will do it utmost to advise its clients on how to avoid the snares and traps which are poised to spring closed on non-compliance accounting and maintenance procedures.
Because Safe Harbor has professionally trained accountants on its staff, we are able to deliver monthly and year-end financial reporting to our clients that far exceeds what other management companies provide. Not only are you kept up-to-date on a monthly basis, but the chore of providing your financial records to your tax preparer at year-end up becomes a pleasure. In addition, we do all your 1099-Misc reporting to Federal taxing authorities and withholding compliance to California taxing authorities.
In addition, Safe Harbor maintains its own Worker Compensation policies which cover any resident managers or casual workers on your property so that you are always in compliance with California Worker Compensation laws.
Equally important to accounting is how a management company views maintenance. A building that looks good is more desirable to a tenant than a building that is poorly maintained; and a property in good condition will command more rents than one with obvious maintenance issues. Tenants are no different than Owners: everyone wants to live in a place that is clean and well-maintained.
Our job at Safe Harbor is to balance available resources against what will be the most cost-effective and most long-lasting maintenance repairs for the property, so that we maximize income potential for our client’s properties.