Why do I need a property management company in the first place?
Any owner will confess that property management was is never as simple as collecting rent. Most owners appreciate the financial and emotional benefits of hiring seasoned professionals to manage their valuable investment. Our goal is to provide a cost effective approach to property management. This includes, the ownership, comprehensiveness and one-on-one training with the on-site manager and courteous customer service all residents can appreciate. Our staff consists of multi-lingual professionals that offer years of management experience and hands-on knowledge. With a professional property management company, you can avoid the daily drama of owning an investment property and become an asset manager. In addition, the entire industry requires licensed professionals skilled with current legal knowledge of the dos and don’ts of property management. The majority of seasoned owners realize that the costly effects of not having a good property management company far outweigh the nominal savings of trying to run their properties themselves. They can also recognize the potential for huge liability in owning investment properties. This website highlights some of the key services we offer. Please contact us to schedule a free property evaluation and presentation to outline many of the financial, administrative, and legal advantages you will gain by contracting with Lotus Property Services for professional management services.
How much does property management cost?
Costs vary depending on the type of property, number of units, location and gross income. Lotus Property Services manages everything from single condo units as low as $150 per month to portfolios of investment properties as low as 4% of gross collections per month. We believe in a fair, flat fee system. At Lotus you will never see the nickel and dime tactics used by other companies. At the end of the day, good property management is worth every penny and having a staff of experts to streamline the management process is undoubtedly the most effective way to manage your bottom dollar.
Will I have a designated person in charge of my account?
Yes, your account will have a designated property supervisor and a designated account manager. Backed by multiple levels of checks and balances, this system of an individual person with first-hand knowledge of your property’s performance, budget, operations and cash flow is optimal. Each property has specific short and long term goals and your account manager and property supervisor are instrumental in helping achieve these goals together.
What if I still want to use my own bank or pay my own mortgage?
Lotus offers partial and full service property management depending our on our clients’ needs or desires. Although, your individual trust account will be setup with one institution, we service accounts with over 15 different banks and can most likely accommodate your needs. Within our portfolio, many owners chose to selectively handle different duties for their properties and we welcome the assistance. Simply write down your desires and we would be happy to discuss all options to come up with the best solution to meet your needs.
How long is the property management contract?
Month-to-Month: plain and simple. We realize that our business is a service industry and we would not be in business without our valuable clients. If you are not pleased with your property management company’s performance, why would you stay with them? At Lotus, we are so confident you will be pleased with our services that we stand behind a month-to-month contract that can be terminated at any time. Give us the opportunity and let us exceed your expectations!
Will the maintenance be scheduled for my building and will you charge a scheduling fee?
We’ll absolutely schedule it and you’ll never pay fees for coordinating maintenance. Lotus has an extensive Vendor list of preferred vendors who have been screened to be on our vendor list. We screen vendors for everything from pricing, punctuality, license, and insurance to clean-up habits. As a company offering significant volume in work, we command competitive pricing and top quality. Our office has a 24-hour afterhours answering service so emergency calls are always answered afterhours, 24 hours a day, 7 days a week and 365 days a year. In addition to our extensive vendor list, we also have a complete maintenance division that is a supporting staff for the properties. Our maintenance division services routine maintenance for the properties (no painting, flooring, large projects or roofing) and special projects upon requested estimate.
Can I keep my favorite vendor I've worked with for years?
Yes! We are here to accommodate your needs and accomplish common goals. If you have a preferred vendor you’ve worked with for years, we’ll use that vendor exclusively for your property. We realize the importance of long-term relationships and want to honor your request to use that vendor. Simply let us know and we’ll keep that vendor as your preferred vendor for your property. It's that simple.
Can I keep my current property manager?
Yes. We always welcome additional capable employees to our staff. If, however, you are in the need of a new manager, we perform that service too. To achieve compliance with up-to-date California employment laws, your on-site manager will be placed under our most current manager’s employment agreement. Additionally, the manager will be placed under our workers compensation policy, turn in weekly time cards, receive a Lotus Property Services manual and individual training specific to our industry. After completing our training course, the manager will take a test to receive a Lotus On-Site Manager Training Certification confirming they have completed our training course.
What kind of insurance does Lotus have?
As a full service company, Lotus carries E&O coverage, Employment Practices Liability Insurance EPLI, $2M Liability Policy, Building and Contents coverage, Workers Compensation Insurance and even a $100,000 bond.
If I decide to sell my property, will Lotus help?
Absolutely! We specialize in an aggressive marketing plan to maximize the sales potential of your investment. As an astute investor, you realize every dollar in monthly income is multiplied significantly to determine the value of your property. Knowing your intention of sale 3 to 6 months prior to listing the property will allow our management team to focus the operations and cash flow of your property to achieve the maximum income and maximum sales price. In addition to giving your property maximum exposure within the market and direct marketing to our personal investor client base, our office will formulate a marketing plan specific to your property. For a free evaluation of value, simply call any of our licensed, knowledgeable agents and we will be happy to assist.