Management Mondays Blog

How long does it take 24 Hour to find a tenant?

24 Hour Property Management - Monday, September 9, 2019

How long does it take 24 Hour to find a tenant?

In over 1000 rental transactions spanning a decade, we have found that properties that rent up to $3000 per month take an average of 17 days to locate a tenant. For properties that rent for over $3000 per month, the average time it takes to find a tenant is 31 days. However, for the first 8 months of 2019, our average days on the market is 14 and 20 for properties listed under and over $3000, respectively.  

To clarify, this time refers to the amount of time to find a qualified tenant, sign a lease, and collect the deposit. There usually can be days or weeks before the tenant moves in and starts paying rent.

There are many factors that can affect these averages for an individual property. For example, if you allow pets, you’ll likely speed up the chances of finding a qualified tenant. Your definition of a qualified tenant can affect the time frame as well. For example, do you require applicants to have 800+ credit and a gross monthly income of four times the rent? And biggest of all: seasonality. From mid-November through the end of February is the slowest time of year. So, if you list during this time, expect your rental take some extra time to become occupied. Conversely, May through August is extremely active. You may be able to rent your property even faster than the average times if listed during this time of the year.

Contact 24 Hour Property Management, Inc.

We’ve refined our systematic approach over the years through hundreds of rental listings and we have the data. If you any questions about marketing your property, or any other question related to property management, please contact us so that we can answer your questions and advise you. You can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.

What We Do

24 Hour Property Management - Monday, August 26, 2019


What We Do

At 24 Hour Property Management, we are investors ourselves and collectively manage 20+ of our own properties and we have had experiences with various property management firms over the years. We've modeled our business based on these experiences and strive to bridge the service gaps of other property managers. We provide a high level of service and place our client requests and needs above all else.

As far as our services go, we divide our services into two major categories: Lease-up Services and Property Management Services. 

Lease-up Services 

Lease-up services, or rental services, cover all the steps it takes to find and qualify a tenant, and get them legally moved in. This includes the following among others:

  • Professional photos of your home. 
  • Marketing your property on over 850 websites.
  • Showing of the property to prospective tenants.
  • Complete screening process of a prospective tenant, including full credit report, income verification, eviction history, and criminal background check.
  • Supplying and reviewing all legal documentation from an application through the lease contract.

Property Management

Property management begins once the unit is occupied and includes:

  • Taking all the tenants calls, questions, and repair requests.
  • Facilitating with vendors to fix any and all issues within a reasonable time and expense.
  • Tracking all expenses and books for your tax purposes.
  • Rent collection and direct deposit of net proceeds.
  • Withholding and remitting taxes for out-of-state and out-of-country investors.

Contact 24 Hour Property Management, Inc.

If you any questions about marketing your property or about property management, please contact us so that we can answer your questions and advise you. You can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.

How do you market listings?

24 Hour Property Management - Monday, August 19, 2019


At 24 Hour Property Management, we take three steps to market your property: (1) publish to the Multiple Listing Service (MLS); (2) create a single property website; and, (3) send an email blast to our local renter database. This system generally produces hundreds of leads within the first week. At the time of this publishing, our average days on the market (from posting to the MLS to signing a lease) is 14 for properties listed under $3000 and 20 for properties over that threshold. 

When we publish a rental listing to the MLS, not only does it become available to all the Southern California Realtors, it gets syndicated to over 800 other rental sites such as Zillow and Apartment Guide. By doing this, we efficiently and effectively cast the widest net.

Second, we create a single property website. Here is a sample of the website, which we create for every property to utilize on social media and Craigslist ads.

Lastly, we send out a notification to our renter database, which is comprised of former clients and other individuals that have contacted us about rental assistance.

Contact 24 Hour Property Management, Inc.

We’ve had the opportunity to refine this system over the years during the hundreds of rental listings we have handled. If you any questions about marketing your property, or any other question related to property management, please contact us so that we can answer your questions and advise you. You can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.

What are Tenant Placement Services?

24 Hour Property Management - Monday, August 12, 2019


What are Tenant Placement Services?

Imagine that you are a homebuyer looking for home to purchase. Typically, you would work with a real estate agent to help you find and show you properties; make offers and negotiate on your behalf; and, finally, help with all the contracts and documentation. We at 24 Hour Property Management have taken this model and have adapted it to assist tenants looking for their next home. We perform each of the steps listed above at absolutely no cost to you.

Why should I use your Tenant Placement Services?

There are a few significant benefits in using our services. First, all the properties that we have access to are from the Multiple Listing Service (MLS), which means that they are 100% legitimate rental properties and not phony scammers. Secondly, instead of you trying to make appointments with multiple different landlords on their timetable, we can take you to each property when convenient for you. In fact, when possible, we try to take you to see three or four in a row. Lastly, and perhaps best of all, this service is completely free to the tenants we serve. The landlord pays us a finder’s fee for bringing them qualified tenants.

Contact 24 Hour Property Management, Inc.

We’ve helped hundreds of tenants locate privately owned condos and single-family homes. If you any questions about tenant placement services, please contact us so that we can answer your questions and advise you. You can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.

How Do We Collect Rent?

24 Hour Property Management - Monday, July 22, 2019


How Do We Collect Rent?

At 24 Hour Property Management we encourage our tenants to submit rent payments electronically through their online tenant portal. First, an Electronic Funds Transfer (EFT) is more efficient and easier to track and trace than mailing a check, which can get lost or delayed in the mail. Additionally, the portal gives tenants the option to set up autopay if they so choose. Furthermore, in roommate situations, each roommate can pay their designated portion of the rent through the portal as well.

And though we do prefer EFT as it really takes all tenant excuses out of the picture, should circumstances dictate, we will accept more traditional forms of payment like a personal check or money order. 

Contact 24 Hour Property Management, Inc.

If you any questions about how we collect or distribute rents, or if you have any other questions about property management or investment property, please contact us so that we can answer your questions and advise you. You can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.

Out-of-State Investors

24 Hour Property Management - Monday, July 15, 2019


Out-of-State Investors

Does 24 Hour Property Management work with out-of-state investors? Of course we do. In fact, approximately 20% of our investors live in states other than California or countries other than the United States.

Communication

Our communication is excellent to begin with. In fact, some may accuse us of over communicating. Coupled with the technologies available today, there are really no barriers to working with out-of-state and international clients. Email, telephone, e-Signature, electronic funds transfers, and the occasional video conference when necessary are all that is needed for 24 Hour Property Management to provide our top-notch services to property investors, whether local or elsewhere.

Taxes

Some out-of-state investors may not realize that the California Franchise Tax Board requires a percentage of rent collected be withheld for quarterly income tax payments. Furthermore, if you are a non-resident (foreign) investor, the Internal Revenue Service requires annual withholding as well. At 24 Hour Property Management, we take care of the withholding and remit payments on your behalf so that you don’t have to worry about it.

Contact 24 Hour Property Management, Inc.

If you live out-of-state or out of the country and are interested in purchasing or already have an investment property in Southern California, please contact us so that we can answer your questions and advise you. You can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.

How Does 24 Hour Property Management Handle Inspections?

24 Hour Property Management - Monday, July 8, 2019

How Does 24 Hour Property Management Handle Inspections?

At 24 Hour Property Management, we generally conduct the following types of inspections: Move-in/Move-out, Semi-Annual, and Renewal. 

Move-in/Move-out Inspections

During the move-in, we perform a walkthrough with the new tenant and document the condition of the premises. Additionally, when a tenant moves out, we conduct a walkthrough and document the condition. Often referred to as a MIMO (Move-in/Move-out), these inspections are compared and used to determine the final disposition of the tenants’ security deposit and are included as part of our standard property management services. However, since most leases are a yearlong, how can an investor and his or her property manager keep track of the condition in the interim?

Semi-Annual Inspections

As an optional service, we recommend that all our investors take advantage of our Semi-Annual Inspection. For a $100 per inspection, we’ll visit the property semi-annually with two goals: (1) to check on the property condition in order to address any minor issues before they become larger; and, (2) to make sure the tenants are adhering to the terms of the lease. We generally recommend the semi-annual inspection to occur at or around the sixth month, but some investors request that they be completed more frequently, for example in the fourth and eighth month.

Renewal Inspections

Finally, as part of our standard property management services, we also conduct a renewal inspection. To ensure that the property is inspected at least once a year, when a tenant elects to renew for an additional term, we will conduct an inspection similar in scope to the semi-annual one, but at no additional charge.

Contact 24 Hour Property Management, Inc.

Over the years, we’ve helped hundreds of investors rent their properties and we’ve conducted many property inspections.  If you have additional questions about the types of inspections we perform, you can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.

24 Hour Property Management Qualifications

24 Hour Property Management - Monday, July 1, 2019


Owners and tenants are curious about our staff qualifications. First and foremost, the principle operators are all members of the California Association of Realtors (CAR). This means that in addition to having California Real Estate Licenses, we adhere to additional rules, regulations, and ethical standards. CAR membership also affords us access to tools, systems, and information that many other non-CAR property managers just don’t have.

Secondly, each of us are real estate investors, both locally and out of state. As investors ourselves, we manage 20+ doors in our combined personal portfolios—almost all which is residential one-to-four units. We've modeled our business based on these experiences and strive to bridge the service gaps left by other property managers.

Lastly, in the previous 15+ years working as an agent and broker in Southern California, the president and co-founder Fred Sed has completed over 1000 rental transactions. He has pretty much seen it all regarding screening applications, good and bad tenants, property condition, advising landlords, evictions, and turnover, among others. Furthermore, Fred has worked with numerous investors to help them acquire rental properties

Contact 24 Hour Property Management, Inc.

Over the years, we’ve helped hundreds of investors rent properties and we’ve helped hundreds of tenants find homes. We have the experience and know what it takes.  If interested, you can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.

Property Management Fees

24 Hour Property Management - Monday, June 24, 2019


Property Management Fees

Property management is comprised of two aspects: (1) lease-up or rental aspect, and (2) ongoing management aspect. We are confident that our fees are competitive, especially when one accounts for level of service and value we provide.

Lease-Up

In the lease-up phase, the property manager markets the property in order to secure a qualified tenant. At 24 Hour Property Management, this includes taking professional photos, marketing the property to over 850 real estate websites and social media, showing the property, thoroughly screening applicants, writing and executing the lease and disclosures, and collecting the deposit and rent at move in, among other things. Our standard for lease-up fee is 35%-50% of one month’s rent with a minimum and maximum charge of $595 and $1995, respectively.

Ongoing Property Management

During ongoing management, the property manager handles everything so that the property owner can concentrate on other aspects of his or her life. At 24 Hour Property Management, this includes taking all the tenants calls, facilitating repair requests, rent collection, paying tax withholdings for out of state investors, and keeping books for each property. Our standard property management fee is 6% of gross monthly rent. However, this rate may be reduced based on number of doors or other factors.

Contact 24 Hour Property Management, Inc.

We’ve helped hundreds of investors rent properties over the years and we know we have extremely competitive fees and would love an opportunity to discuss it with you.  If interested, you can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.

Required Notice When Terminating Tenancy

24 Hour Property Management - Monday, June 17, 2019


In California, when terminating tenancy for a lease in which terms regarding such are not stipulated—when the tenant is on month-to-month, for example—you must give a 60-day notice to any tenant that has lived at the property longer than one year. If the tenant is on a month-to-month and has been at the property for less than a year, only a 30-day notice is required. 

Conversely, if terms for terminating tenancy are written into the lease, these terms must be followed. At 24 Hour Property Management, we encourage owners to put tenants on a year lease that stipulates that either party must give 30-day notice prior to termination of the lease. Essentially, towards the end of the eleventh month of the lease, we have a discussion with the owner and notify the tenant if they are eligible for a renewal. If eligible, we give the tenant a few days to accept or notify us of their intent to vacate the property.

Contact 24 Hour Property Management, Inc.

We’ve helped hundreds of investors rent properties over the years and we take pride in the level of communication that is needed to make the termination or renewal of a tenancy go as smoothly as possible, for both with the owner and tenant.  If interested, you can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.


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