Things to consider when hiring a property manager in 2021

Anthony A. Luna • January 25, 2021

How to find your perfect service provider.

If you're looking for a property management service provider, keeping in mind that we live in a post-pandemic world and many things have changed, we've put together a list of essential things to consider. 


Off the bat, to maintain your property, you need to: 


  • Find tenants 
  • Deal with problem tenants 
  • Follow up on late rent 
  • Carry our necessary evictions 
  • Find fair prices and getting discounts from trusted contractors 
  • Know what repairs are required (and unnecessary) for rentals 
  • Have the best knowledge on the area where your real estate is 
  • Price your property correctly for rental. 


And now, thanks to the pandemic, you have to be able to do so while social distancing and keeping everyone involved safe. At Coastline Equity, we're proud to say we're prepared for this, thanks to  Appfolio , a platform we've been using for years, and their services have helped us make a difference in the way we provide property management services.


We also recommend asking any property management firm you are interviewing the below questions: 


  • Is your firm working from a physical office or virtually/from home at the moment? 
  • Are your tenant and property files stored physically, on an in-house server or in the cloud? 
  • Do you use a property management software? 
  • What steps are you taking to keep your team and tenants safe from exposure to COVID-19? 
  • What additional policies or protocols have you implemented since the pandemic began? 

1. Communication is vital 

As we stated previously, property owners must be aware of what happens on their property. Regardless of the level of involvement property owners want to have, their property managers should commit to responding with urgency. We spoke to one of our property managers, Melanie Renchie , and asked her when she would open the line of communication with a client, here's her response: 

"It really depends on the client, the nature of the issue, the size of the property, and the maintenance limit. If there is something major happening at a property, I always keep the client, and well as leadership in the loop. If there is a maintenance issue that needs to be resolved that exceeds the maintenance limit for that property, I will reach out to the client. For larger properties, the clients tend to be more hands-off, and for the smaller properties where budgets are a little tighter the clients tend to want more detail and participate more in decision making. The aforementioned is my general rule of thumb, however, I try to customize my approach based on the needs and expectations of the clients. Some clients require different things, and I do my best to be flexible and adapt to their expectations regardless of how things typically go with other clients." 

 

2. Quick Turn Arounds 

Minimizing downtime between tenants will ensure you're getting the most financially from your property. Unless the property needs any renovations or remodeling, your property management company should have this as one of its top priorities. 


At Coastline Equity, we used to worry about finding new tenants for our residential properties but in the words of one of our on-site property manager  Courtney Brantley "Since we started using  apartments.com  we get hundreds of leads, and worrying about finding new tenants is a thing of the past"

3. Legal knowledge 

 

As property management service providers, we make sure to review all the necessary documentation monthly to make sure we're ready for the close of every quarter. Hence, our clients have ample knowledge of the performance of their assets. 


Your property managers should have the experience to handle your property's legal requirements, like key holding, insurance, property tax, levies, building permits or licensing, and bank account management. They should be skilled enough to build your equity while you are not actively involved in it. 

4. On-site property management or maintenance staff 

A property management service provider must have a vast network of trusted suppliers or maintenance staff on-site. That way, when they face a crisis, they can resolve things quickly and efficiently. 

 

We have a vetted and trustworthy team who addresses all on-site needs at the properties we manage for clients. It's the most efficient and prompt way to handle any repairs or maintenance issues that may occur. 

5. Get to know them 

Business conduct has changed due to the pandemic, but that should not influence your process of getting to know the property management company before making your final decision. 

 

One of the most important things to consider is the technology they have, as it will exponentially increase the level of organization and communication you're able to have with them. 

6. Understand your fee Structure 

The fee structure is critical when it comes to your property management contract. Most property management companies charge a percentage of the rent; it can be as high as 10%or as low as 3%, depending on the size of your property. Occasionally, you may find that 2% is accommodated elsewhere in another charge. 


You might see charges in lease resigns, or signings, percentage markups when you hire contractors, and fees may vary on evictions. It is always advisable to know how this compares to other companies in the area. 

7. Read the Fine Print in the Contracts 

Analyze the conditions under which you can terminate a rental property management contract. You may have a situation where you feel they are not meeting your expectations or the terms you agreed upon, and you want to finish working with them. Make sure you understand the repercussions of legally canceling the contract beforehand. 


If you have an outstanding  property management company , the benefits and peace of mind will far outweigh the fees you pay for their service. You are making money in the long run, irrespective of that. 

 

Your relationship should blossom into a healthy long-term dynamic, where you will make money for them, and they will generate significant passive income for you through your commercial property and real estate. 

Let's elevate the industry together—share this blog with fellow investors.

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    Anthony has established himself as a leading voice in the business community. Through his contributions to Forbes, Anthony is set to publish his first book, "Property Management Excellence" in April 2025 with Forbes Books.

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News & Updates

By John David Sarmiento April 11, 2025
Setting the right rent isn’t just about earning income — it’s about finding the balance between maximizing cash flow and keeping your property consistently occupied. So, what exactly is fair rent for your property? Whether you're renting out a single-family home, an apartment, or a unit in a multi-family building, finding a fair rental price starts with a thoughtful look at your property, your market, and what today’s renters are willing to pay. Start with Comparable Rentals The best way to find a fair rent is to research comparable rentals in your area. Look for listings similar in: Square footage Number of bedrooms and bathrooms Neighborhood Condition and amenities Platforms like Zillow, Apartments.com, or Rent.com are a great place to browse rental listings and compare active prices. If you’re seeing similar units listed at a higher rate than yours — and they're still on the market weeks later — that could be a sign they’re overpriced. Units that rent fast tell you what renters are actually willing to pay. Real Example: Pricing a 2-Bedroom in Long Beach Let’s say you own a 2-bedroom, 1-bath apartment in Long Beach with around 900 square feet. You check listings and find similar properties renting for $2,300 to $2,500. Zillow shows a rent zestimate of $2,400 — a decent starting point, but not the full picture. After looking at how long listings have stayed active and talking to a local property manager , you find out that well-maintained units with in-unit laundry and parking are consistently getting rented at $2,350. You price your unit accordingly, giving yourself a competitive edge while still earning market value. Avoid Relying on Algorithms Alone Automated pricing tools like the rent zestimate are useful for a ballpark figure, but they often miss local demand shifts, recent upgrades, or what renters truly value in your neighborhood. Use them as one data point — not your final decision-maker. Other Factors That Influence Fair Rent Your final rent amount should reflect more than just comps. Consider: The property’s condition: Have you renovated or upgraded appliances recently? Extras included: Are you covering any utilities? Is there secure parking or outdoor space? Seasonality: Rental demand can vary throughout the year. Your goals: Are you focused on fast occupancy or maximizing revenue? Professional support: A trusted rental manager or property manager can offer current insights based on tenant activity, vacancy rates, and pricing trends.  How Property Managers Help You Set the Right Price If you're unsure what to charge, a local property manager can evaluate your unit, compare it to others in your area, and recommend a pricing strategy that balances demand and return. They also help adjust your price over time as rental rates shift, and they’ll guide you in attracting and retaining quality tenants who value both the price and the property. Final Thoughts So, what is fair rent for your property? It’s the price that matches what your unit offers, reflects the current market, and appeals to qualified renters. It’s not necessarily the highest number possible — it’s the one that helps you rent quickly, reduce turnover, and maintain steady income. With a little research, a realistic view of your property’s features, and guidance from local experts, you’ll be well-positioned to price your rental right — and keep it occupied with great tenants.
By John David Sarmiento April 10, 2025
One of the most delicate parts of owning a rental property is figuring out how to increase the rent without driving away good tenants. While you want to stay competitive with market rates , it’s equally important to maintain stable occupancy and avoid costly turnovers. The good news? With the right strategy and timing, raising rent doesn’t have to come at the cost of your tenant relationships. 1. Know Your Local Market Rates Before you decide to raise the rent , research similar properties in your area to understand current rent prices . If you're significantly below market value, a reasonable increase is often accepted — especially by tenants who like where they live. Even if you're close to market rate, a small adjustment can still make sense if you’re offering added value like upgraded amenities, responsive maintenance, or flexible lease terms. 2. Time It Around Lease Renewals The best time to increase the rental rate is when a tenant is renewing the lease . This gives them the chance to consider the new rate and evaluate their options — all while avoiding the hassle and cost of moving. Be sure to send a formal rent increase notice with enough lead time, typically 30 to 60 days in advance, depending on local regulations. 3. Communicate the “Why” Clearly When increasing rent, communication is everything. Let your tenants know the reasons behind the increase: Rising property taxes or insurance Increases in maintenance or utility costs Alignment with market rates Planned improvements to the unit or building Even if they don’t love the change, most tenants are more receptive when they feel respected and informed. 4. Offer Options and Flexibility If you’re working with long-term tenants you’d like to keep, consider offering choices to soften the increase: Extend the lease at the current rate for a few more months Offer a discounted rate for early renewal Split the increase over two payments instead of one lump sum This approach shows that you're not just looking to raise the rent , but to build a fair and lasting relationship. 5. Lean on Your Property Manager (If You Have One) Experienced property managers can provide insight into local rent prices , craft professional communications, and help navigate lease renewals in a way that keeps tenants happy while protecting your bottom line. They can also deliver rent increase notices and handle pushback more objectively. If you manage your property on your own, consider consulting a manager or local expert before finalizing your approach. Final Thoughts Increasing the rental rate is a normal part of owning a rental property , but it should always be done with care and intention. When you base your decisions on market research, communicate transparently, and give tenants room to respond, you’re more likely to keep good renters in place — even at a higher price point.  Want help reviewing your current lease structure or market position before you raise the rent? We’re here to support you.
By John David Sarmiento April 9, 2025
Finding the right tenant is one of the most important things you’ll do as a property owner. The right renter can mean steady income, fewer problems, and long-term stability — while the wrong one can lead to missed rent, damage, or legal headaches. So how do you actually find great tenants for your rental property? Here's a clear, step-by-step approach that works — whether you're a new landlord or a seasoned investor. 1. Write a Clear, Honest Rental Listing Start by crafting a listing that highlights what makes your property attractive, but also sets clear expectations. Good property descriptions should include: Rental price and lease length Number of bedrooms and bathrooms Location and amenities Any restrictions (pets, smoking, etc.) Post your listing on multiple rental listing sites — but don’t underestimate the power of rent signs in front of the property, especially if it's in a high-traffic area. 2. Market Where Your Ideal Tenants Are To reach more prospective tenants , take your marketing beyond listing sites. Post your property on social media , community groups, and even local forums. Word of mouth can also be powerful — let friends, colleagues, and neighbors know the unit is available. Make sure your contact information is easy to find and consistent across platforms. You want prospective renters to reach you quickly when interest is high. 3. Use a Standard Rental Application When potential tenants reach out, have a standard rental application ready to go. This not only helps you stay organized, but ensures you’re collecting all the info you’ll need for the next step — tenant screenings . A good application should request: Full name and contact details Employment and income information References and previous landlord contacts Authorization for a background check and credit score pull 4. Screen Tenants Thoroughly (and Legally) One of the most critical steps in finding good tenants is how you screen tenants . Don’t skip this part — it’s where most rental issues can be avoided. Effective tenant screenings usually include: Background check (criminal history, eviction records) Credit score and payment history Verification of employment and income Reference checks with their previous landlord Always follow housing laws when screening applicants. Be consistent, fair, and avoid any language or decisions that could be considered discriminatory under the Fair Housing Act. 5. Collect a Security Deposit and Finalize the Lease Once you’ve found a great tenant , collect a security deposit (within the limits set by your state), and have both parties sign a clear, legally binding lease agreement . Your lease should detail rent amounts, due dates, responsibilities, and procedures for repairs or disputes. If you're not sure how to draft one, consult with a landlord or property manager familiar with local rental laws. Final Thoughts Finding the right tenant takes more than just putting up a listing — it takes a clear strategy, legal awareness, and the ability to evaluate prospective tenants fairly and confidently. The effort you put in now saves time, money, and stress later.  If you're unsure or simply want to ensure a smooth process, working with a professional property management company can make tenant placement and lease compliance much easier.
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