Property Management from AllView Real Estate

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Where We Offer Property Management Services

Offering Quality Property Management Services In Southern California

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What Is Property Management?

Property management is the day-to-day management of commercial, industrial, and residential real estate often performed by a third-party property management company on behalf of a real estate owner. Property managers can also be employees working directly for apartment complexes, commercial office buildings, or retail space. Property managers, whether they are direct employees or third-party contractors, are responsible for the maintenance, leasing, and marketing of a real estate asset. In many cases, real estate asset owners hire property management companies so that they do not have to manage the daily operations of their real estate investments. Property management fees are calculated in most real estate financial models and accounted for when evaluating a potential real estate acquisition.

Some property management companies also offer real estate investment advisory services as well as real estate brokerage services. Depending on the company and the qualifications of its personnel, a property manager can be a great value to a real estate investor and owner. AllView Real Estate is a full-service property management organization offering property management, investment consulting, and real estate acquisition and brokerage services to our commercial, industrial, and residential clientele.

What Do Property Managers Do?

Property managers perform an array of services for their commercial and residential real estate clients. While all property management companies are different, most offer leasing services, tenant management services, maintenance services, and marketing/advertising services. After a real estate developer or investor acquires or develops a new project, they typically hire a property manager to perform the following services based on the property type:

• Tenant selection and screening
• Leasing management (signing and renewing leases)
• Collecting monthly rent and applying late fees
• Paying service vendors, taxes, and utility bills
• Managing regular property maintenance (grass cutting, window washing)
• Overseeing property repairs and other maintenance
• Complying with local, state, and federal real estate laws and zoning
• Marketing or advertising a property to new tenants

Because property management companies are involved in all aspects of real estate, from leasing to maintenance, their staff must be versatile in their skills and experience. Management companies hire employees with a wide variety of skills, from finance and accounting to maintenance and marketing. If you are thinking about a career in the real estate management industry, then your options are vast.

The Different Types Of Property Managers

There are many different types of real estate management services offered to different sectors in the real estate industry. Because the management of a residential apartment complex is so different from an industrial facility, many property managers specialize in certain types of management services. AllView Real Estate is a full-service property manager offering services for residential, commercial, multi-family, and industrial properties. Let’s explore the various types of property managers below:

Residential Property Management

Residential property management companies specialize in managing and maintaining residential properties. These assets can span the gamut from single units to multi-family property management. Residential property management companies are hired for their expertise in dealing with residential tenants and properties. Here are some of the property types managed by residential PMs:

• Single houses
• Apartment complexes
• Multi-family units
• Vacation rentals
• Trailer park communities
• Townhouses
• Condominiums

Commercial Property Management

Commercial property management is a completely different model when compared to residential management. Since commercial leases, tenants, and maintenance are very different from their residential counterparties, a commercial property manager must be skilled and experienced. Here are the types of commercial properties managed by commercial PMs:

• Office buildings
• Malls and other retail shopping centers
• Gas stations
• Restaurants
• Hotels
• Senior living facilities

Industrial Property Management

Industrial management and real estate is a highly-specialized sector of the real estate management market. Industrial property managers specialize in overseeing these types of properties:

• Manufacturing plants
• Warehouses and distribution facilities
• Cold storage facilities
• Food processing plants
• Light manufacturing facilities

Why Hire A Property Manager

There are many benefits to hiring a property manager for your real estate project or income-producing asset. As most real estate investors and developers are spending their time finding new projects to acquire or build, the maintenance of the property is not where their time is best spent. As evidenced by the chart below, the property management industry has seen substantial growth over the last decade due to the value added to real estate owners, investors, and developers.

Size of the PM (property mgmt) market in the United States from 2009 to 2022 (source: statista.com)

The significant growth of the real estate management space can be attributed to the value realized by real estate professionals when hiring a management company. Whether you are a commercial real estate developer, residential real estate investor, or existing real estate asset owner, there are many benefits to consider when contemplating hiring a property management company. Let’s look at each benefit in more detail below.

Opportunity Cost

First, many real estate professionals can get a better return on their time invested by researching new properties to acquire, finding land to develop, or refinancing existing portfolios. Simply put, the time spent dealing with tenants, leasing units, and managing maintenance requests does not prove to be financially beneficial. Opportunity cost is defined as the potential profit not earned from a missed opportunity. Many real estate investors will find a better return by outsourcing the management of their properties to a third-party rather than doing it themselves or hiring employees.

Scalability 

Finding the right real estate projects and investments is hard enough. Having to then manage your properties, deal with tenant requests, and oversee maintenance contractors does not allow you to scale your real estate holdings. By hiring a property management company, you can focus on acquiring new assets and growing your portfolio while you allow the property manager to handle the day-to-day operations of your real estate holdings.

Expertise

Running the daily maintenance and management of a property is difficult. When a pipe bursts or an HVAC unit is not working properly, knowing the best contractors that can repair your building for the best price is a skill set within itself. Property management companies handle requests like these every day and they are experts at property maintenance. This alone can be the single greatest benefit of hiring a property manager for your real estate property.

Who Benefits From Hiring A Property Manager?

If you are involved in the real estate sector from owning a single property to multi-site development, you can benefit from hiring a property manager to oversee the daily operations of your property. Some of the types of real estate professionals who benefit most from property management services include: 

• Commercial and residential real estate developers
• Multi-family real estate investors
• Commercial businesses with multiple locations (restaurants, hotels, etc.)
• Vacation rental property investors
• Industrial real estate asset owners

How Do Property Managers Make Money?

Property managers charge their commercial and residential real estate clients a monthly property management fee for their services. Often this fee is billed as a percentage of the total rents collected at each property managed by the property management company. When billed as a percentage of the rent, fees can span between 5% to 15% depending on the size of the property.

Other property management fee agreements can be for a pre-negotiated flat monthly fee that is agreed upon by the client and the property manager. In special scenarios, property managers will work out hourly management fees for one-off projects and special property types, such as assisted living facilities.

FAQ

Frequently Asked Questions About Property Management Services

Is A Property Manager Worth It?

The answer depends on your level of involvement in the real estate industry. If you are first starting out and your funds are limited, it might make more economical sense to manage the properties you own by yourself, especially if you only have one or two. As you begin to grow your real estate portfolio, hiring a property manager starts to make more sense. Property managers are worth it for large real estate owners and developers as they bring a good return on investment and allow the stream line of property operations.

Are Property Managers Regulated?

Yes. Most property managers and property management companies are regulated, depending on the state where they are located. For example, the state of California requires that all property managers be licensed real estate brokers. In California, a real estate broker license is required for anyone that, for compensation, leases or rents or offers to lease or rent, or places for rent, or solicits listings of places for rent, or solicits for prospective tenants, or negotiates the sale, purchase or exchanges of leases on real property, or collects rents from real property, or improvements thereon.

How Does A Property Manager Find Tenants For My Property?

Many property management companies offer leasing and marketing services. Those services are designed to market your vacant units and properties to prospective tenants. In addition to advertising your property for lease, the property manager will also help you qualify tenants so that you know you are signing a bona fide lease.

How Do Property Managers Collect Rent?

Today, many property management companies like AllView Real Estate, utilize technology to make the rent collection and reconciliation process simple and easy to manage. At AllView, we offer our clients and their tenants an online portal where rent can be paid and our clients can have full visibility into rent payments and cash flow.

How Do Property Managers Handle Tenant Maintenance Requests?

While some property managers may have a handyman on staff for simple fixes, most property managers oversee a list of approved maintenance vendors. These vendors, such as plumbers and electricians, must meet certain standards in order to make the approved list and are dispatched when tenants have maintenance requests.

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