Apartment Property Management in Southern California
Apartment complexes are a popular housing choice in communities throughout America. And perhaps more than the owners of any other type of rental property, the owners of these complexes face a number of serious obstacles when trying to combine fiscal responsibility with tenant satisfaction. Some of these obstacles are common throughout the industry. However, certain owners also face specific issues unique to their situation.
With the need to balance a potentially overwhelming range of factors, apartment complex owners commonly turn to professional managers for both their day-to-day and offsite operations. In Southern California, the professionals of choice are the experts at MGR Property Management. Our full-spectrum services are suitable for any complex with five or more units, and you can customize every detail to meet your particular ownership requirements. Whatever the scope of your needs, you can rely on our time-tested focus on affordable excellence.
Marketing, Advertising and Tenant Acquisition
With vacancies occurring throughout the year, most apartment complex owners have a constant need for marketing and advertising capable of attracting the attention of potential tenants. They also have an ongoing need for an efficient method of processing applications, running background checks and arranging lease signings for qualifying candidates. MGR Property Management’s comprehensive services for apartment owners begin with a complete program for marketing, advertising and tenant acquisition. Once up and running, this program will greatly simplify these crucial ownership tasks.
Rental Unit Preparation and Inspection
Apartment complex owners also have a predictable need to make provisions for tenant move-ins and move-outs, and prepare vacant units for their future occupants. In addition, to ensure livable conditions, they must regularly assess the physical condition of their occupied and vacant units. The professionals at MGR can handle all phases of move-ins and move-outs, including floor-to-ceiling preparation of vacant units. We also perform weekly inspections that keep you constantly up-to-date on the condition of your property.
Rent and Fee Collection
Prompt rent collection can be a challenge even in relatively small apartment complexes. In larger complexes, this challenge can escalate sharply, and virtually all owners must deal with late rent notifications and collection of any associated fines or fees. No matter the number of units on your property, we’ll take all the steps required to streamline the tenant billing process, issue appropriate notifications for late payments and collect all related fees/fines. When required, we’ll also handle all the details of the tenant eviction process.
During lease signing, all apartment occupants agree to abide by certain legally binding rules and conditions. Unfortunately, not every tenant will honor their agreements, and rule enforcement plays a vital role in your ability to maintain adequate living conditions and the value of your property. MGR Property Management is committed to spearheading your efforts in this area by conducting regular checks for possible lease violations. And when violations are noted, we’ll follow up with low-key enforcement techniques that produce results while avoiding any conflict escalation. We’ll also help you enforce any site-specific norms you establish for individual properties.
Tenant Service Requests
In an apartment complex of any size, tenant requests for maintenance services are quite common. While most of these requests involve routine issues of concern, they may also occur in response to emergency situations. The ability to respond quickly to both routine problems and emergencies is often key to keeping your income-generating units occupied long-term. In recognition of this fact, MGR offers a 24/7, telephone- and voice mail-based communications system for all properties under our supervision. With this system operating around the clock, you’ll never have to worry about promptly receiving and registering your tenants’ service requests.
Vendor and Contractor Oversight
There is another crucial factor in your ability to provide your tenants with all required services: the quality of the vendors and contractors you hire to perform onsite work. As part of our ongoing services, we’ll provide regular reviews of these third-party providers. This review process allows us to gauge the skill and efficiency of each vendor and contractor. It also allows us to identify ways you can increase the quality of the services you receive without significantly increasing your overall costs. In addition, we can supply you with a list of pre-approved providers with proven track records for ability and budget friendliness.
No business can stay solvent for long without accurate, reliable bookkeeping procedures in place. If anything, this is especially true for apartment complex owners, who frequently must reconcile income and expenses from a wide range of sources. MGR’s comprehensive services make it easy to manage the books of even the largest multi-building complex. We take care of every detail, from basic monthly account reconciliation to regular expense reports and yearly income statements.
First, we maintain an accounts payable system that requires official approval and posting of all outstanding debts before payment is issued. In addition, we provide you with detailed monthly reports (generated by the advanced YARDI software system) that clearly outline the category-by-category expenses associated with eachof your properties. At the end of each year, you will also receivea year-end income statement.
Income and Expense Verification
In addition to basic bookkeeping, a critical part of the financial side of successful apartment complex ownership is the verification of all income and expenses. This process allows you to monitor your cash flow and expenditures, and identify specific problems that could lead to an avoidable decline in profitability. MGR Property Management’s verification process covers all areas of concern, and gives you the ability to do such things as:
- Keep your current rental rates in line with market expectations
- Identify lease discrepancies that could lead to a loss of income, and
- Ensure that adequate insurance provisions are in place to protect your property
We can adapt our verification procedures to dovetail with the requirements of any accounting software.
Compensation for Our Services
While apartment complex owners naturally want access to services that support their onsite and behind-the-scenes success, they must balance the benefits they receive against the cost. At MGR, we understand this simple fact, and aim to keep your costs as low as possible. On any given property we oversee, the majority of what you pay for our services comes from a limited, predetermined portion of your gross monthly income. In some cases, you may also pay an additional fee for services rendered at a specific complex.
Southern California’s Trusted Property Management Resource
Since the early 1980s, MGR Property Management has served as Southern California’s first choice for exceptional management services. With four area locations and a dedicated staff numbering in the hundreds, we have the experience and personnel required to effectively oversee apartment complexes of all sizes. Whether you need minor assistance with certain tasks or a complete suite of services, you’ll find us ready to aid you at every turn. Call today for more information on the many ways we can actively support the success of your business.