Q. Describe the most common types of jobs you do for your clients.
Community Associations (condominiums, co-ops, homeowner associations), commercial buildings (strip centers, office, industrial, mixed use and multi-family), single family homes and condo units.
Q. What advice do you have for a customer looking to hire a provider like you?
A. We have an extensive background with distressed and troubled properties offering sound economic solutions to difficult problems. Property Pro Ltd. works closely with the owner and our brokers to execute the most efficient and longterm objectives for value enhancement and asset stabilization.
We have been helping property owners maximize their return on their real estate investments in Santa Clara County for over 30 years. We are a family-owned business that treats every property we manage as if it were our own.
Our clients compliment us on our ability to maximize their positive cash flow. We do this by using our extensive network of economical but reliable vendors to maintain our clients' investment properties. We also thoroughly screen applicants so that we get the best possible tenant for your investment property.
Furthermore, there are many legal liabilities that come along with owning rental property. Keeping up on all the frequent changes in the rental laws is very important. We are very knowledgeable regarding California real estate laws and constantly keep track of new regulations through our memberships in the California Association of Realtors and the CAA Tri-County Apartment Association, ULI-the Urban Land Institute.
Q. What questions should a consumer ask to hire the right service professional?
A. Questions to Ask When Interviewing a Property Manager:
Monthly Cost: Most managers charge a monthly fee to maintain, watch and care for your property. Fee’s can vary widely, but generally you should expect to pay 5%-10% of the monthly rental for the management fee.
Vacancies and Leasing Fee: Most managers charge a fee for procuring a tenant for a vacant property. This fee offsets the managers costs for advertising, showing the property and the time spent with paperwork. The leasing fee can vary, but generally agents charge 1/2 of the first months rent for a signed lease with an approved tenant.
Contact Information: This is a big issue, as reaching your manager, if necessary, is essential. We require that manager use email (my preference for non-emergencies) and also have direct phone lines to managers and a 24/7 emergency service line.
Accounting: State laws dictate the rules of procedure for mailing checks to you and how security deposits are handled. Verify that the company is licensed and fully compliant with your state association of Realtors. Check with reporting bureau’s, such as the BBB, to see if any complaints have been filed against the management company and the status of resolution. Get a commitment in writing about the mailing schedule for rent checks and monthly expense statements before you sign.
Repairs and Maintenance: Determine who handles maintenance and repairs for your property. Does the management have in house service or do they subcontract the work? Ask what services they can provide and which do they need to hire out? You will also need to know the billing rate or how the repair charges will be based. Also to have a set price which any maintenance that costs over $200 that the owner will be contacted. This is up to you, but note that you can set a maximum with your manager.
Reserves: What is the required cash reserve for anything that comes up? Most managers will charge a reserve that is refundable if unused.
You’re Fired: What is the termination policy, in case you discover that the relationship isn’t working out? Find out what it will take to terminate, before the trouble starts. Many companies charge a fee for early termination of the management agreement.
Statements: Does the company provide monthly or quarterly accounting statements? I personally don’t do business with companies that don’t provide a monthly accounting.
Yard Work: Does the company have a lawn service that tenants can use? Landscaping or removing trash or debris? If so, how much do they charge and how is it billed? This type of service is a real plus for your real estate investment properties.
Property Checks: Does the company have a drive by schedule for the property it manages? Do they verify that the property is in good condition and leasing terms are adhered to during the lease term?
Advertising: You want your property advertised. Ask where they advertise the property? They should use yard signs have a good website with a lot of photo’s of the property, upload your listing to free rental websites and make use of local classifieds.
Evictions: Sad, but something landlords have to address upfront. Does the company handle all evictions? They should. If so, what are the costs to evict a tenant?
Section 8: Properties that qualify for affordable housing assistance should have a manager that is qualified to handle all the rules and regulations, so ask. You never know when you might buy a piece of property that requires knowledge of the laws.
When interviewing property managers, these are the questions you will want written answers to before you sign any agreement.
Q. What important information should buyers have thought through before seeking you out?
A. Contact a REALTOR®
A Property Pro, Ltd. agent can help you through the entire process of buying a home, starting with the mortgage and continuing right through closing – and beyond. He or she can help you shop for the best interest rate and terms and, if you wish, suggest mortgage lenders.
Get Preapproved for a Loan
Obtain a copy of your credit report and your FICO score and, if necessary, do what you need to do to improve it. The higher your FICO score, the better interest rate you can command. You can get this information online; your Property Pro, Ltd. agent can also help you. Contact several lenders and determine which one will give you the best deal.
Determine Your Price Range and Area(s) in Which You're Interested
By now you should have a good idea of how much home you can afford. This helps you narrow down your home search. You should also begin researching the neighborhoods in which you might want to live. Your Property Pro, Ltd. agent can help.
Decide Which Amenities and Features You Must Have – and Which Ones Would Be Nice but not Necessary
How many bedrooms and bathrooms do you want? Would you prefer a newer home or an older one with established landscaping? Are hardwood floors a must? Is an updated kitchen important to you? Walk-in closets? Which features would you be willing to give up if you find the otherwise-perfect home?
With Your Agent, Begin Seriously Looking at Homes
Your agent can add to the list of homes you've already identified – including ones that have just come on the market. Look at homes with a critical eye – does the floor plan work for you, is the property in good condition, would it be right for your lifestyle? In short, can you imagine yourself and your family living there?
Take notes at each home you visit. What do you like and not like? Narrow down your choices; re-visit homes in which you're interested. See them at different times of the day.
Make an Offer
When you've identified the home you want to buy, be prepared to help your agent prepare a written offer quickly. Your agent will be familiar with market values and will help you arrive at a price that gives your offer the best chance of being accepted.
At this stage, try not to become emotionally attached to a home. Your offer may not be accepted for any number of reasons. Have backup homes in mind. Be prepared to negotiate through your agent with the sellers.
Once Your Offer Is Accepted:
You'll be asked to submit an earnest money deposit that usually isn't refundable.
Begin making moving arrangements (select a mover, obtain change-of-address cards, inform friends and relatives).
Have the property professionally inspected. If necessary, request repairs.
Obtain homeowner's insurance.
Contact utilities (phone, water, power, etc.).
A few days before closing, stage a walk-through.
Obtain a cashier's check for the down payment and closing costs.
Make sure the terms and conditions of the loan statement are correct.
Carefully read everything before you sign.
ENJOY YOUR NEW HOME!
Why You Should Use a REALTOR® in Your Home Search
Buying a home is probably the largest investment you'll make in your lifetime. Having an experienced, knowledgeable Property Pro, Ltd. agent representing you in this transaction just makes good sense.
Buying a home is not like buying a car, a mutual fund or other commodity. It can be a life-changing event. Property Pro, Ltd. agent fully understand the real estate process – and just as important, they understand your local market.
Of course they know the right steps to take, but they can also help you avoid a misstep in your home purchase. If a new freeway is going to be built a few blocks away, they'll probably know it. If you're unsure about school districts, they'll be able to direct you to answers. If you're unsure of a builder's reputation, they'll know how you can confirm it.
Your Property Pro, Ltd. agent also performs another important function: minimizing the emotion involved in a home transaction. You may be in love with a home, but your agent can point out factors that might not make it right for you.
Q. What do you wish customers knew about you or your profession?
A. Use knowledge and experience in residential and commercial real estate property management of Community Associations (condominiums, co-ops, homeowner associations), commercial buildings (strip centers, office, industrial, mixed use and multi-family), single family homes and condo units.
• Manage project administration, customer relations, estimation, bid process and scheduling
• Provide leadership in all facets of value enhancement, owner interaction and lease negotiations
• Manage tenant improvements, capital projects, maintenance personnel and emergency response
• Proven leadership abilities formulating strategic planning to implement commercial and residential real estate sales, leasing of properties and all facets of property management.
• Strong interest in using property management skills to assist in the development of commercial leasing, sales through effective client relations and delivery of property management solutions.
• Assertive, dynamic representative of organizations initiating business development, real estate investment opportunities, office, R&D, industrial commercial broker training and goal setting.
• Background includes building and grounds area enhancement, safety and security systems, forecasts, strategies, acquisitions, contracts, foreclosures and all phases of process consulting.
Q. What is your greatest strength?
A. Our focus is not on being the biggest, but the best at meeting our clients' needs as we act as a boutique style property management firm which is very hands on.
Property Pro, Ltd. is built on four basic principles:
Service our clients , meeting their objectives
Friendly, positive, immediate action.
Honesty, trustworthy, integrity & have a can do attitude
Overcoming objectives & handling action items found in this arena.
This foundation, coupled with an entrepreneurial spirit and long-term vision, has enabled Property Pro, Ltd. to create exceptional real estate value for our clients today and into the future. We maximize income, minimizing expenses, while enchanting cost effective enhancement programs.