Whether you are a new income property owner, or are tired of managing income property yourself, or, you are not happy with your current property management company, please consider Lucas & Hollingsworth Real Estate Management. We are full service property management company specializing in the West Inland Empire and San Gabriel Valley. We offer competitive rates with services custom tailored to fit your needs.
As income property owners ourselves, we are keenly aware of the need to maximize profits by carefully balancing the highest rental income with the best tenants, and at the same time minimizing expenses yet preserving property integrity.
We use Rent Manager, one of the most recognized accounting and property management software in the industry. We provide each client with a monthly report summarizing all financial transactions, rent roll, vacancies, expenses, and factors observed during the on-site inspections. We pride ourselves on reports that are comprehensive, yet easy to understand. Because our system is computerized, we can meet our client's individual report needs. In addition, our year-end statements simplify the burden of tax preparation.
Renting and Tenant Screening
Lucas & Hollngsworth Real Estate Management leases only to qualified tenants. Our thorough screenings include credit history, eviction history, national criminal background check, and employment verification. Appropriate security deposits are collected and are held in a special escrow account, as required by State real estate regulations, until they are either refunded to the tenant upon successful move out, or are forfeited to cover tenant caused damages and/or legal expenses. We use appropriate and properly prepared rental agreements, late and eviction notices, and other related forms and documents. We use California Association of Realtors forms and agreements.
If the client desires, we will pay all bills associated with the property managed at no additional charge. Some conditions apply.
For each property we manage, we open a custodial bank account dedicated solely to the property. Every transaction affecting the account balance is recorded and explained in detail. Accounting is done on a double entry cash basis with a separate income & expense ledger maintained for each property. All expenses are documented. We offer our clients the ability to log into their account to view activity at any time. We also offer out clients the ability to log into our baank to view the property's bank account and/or obtain bank statments (each property we manage has its own dedicated custodial bank account).
All rents are aggressively pursued. Late notices are promptly prepared and posted. If the tenant fails to comply, we will initiate evictions proceedings without delay. Of course, we use discretion before incurring eviction costs. Late fees will be assessed on all late payments received.
Since our fee is based on rent collected, vacancies are costly for both the client and us. As such, we will make every effort to keep vacancies at a minimum without sacrificing tenant quality.
Our monthly reports to the client are prepared in a concise, easy to read format, and can be custom tailored to include cash flow reports, owner’s statement, rent roll, profit & loss, etc.
Inspections, Maintenance and Repairs
We perform periodic exterior inspections (usually monthly) as well as periodic interior inspections. All repairs and maintenance are performed by our network of independent companies under our strict supervision. We will recommend periodic maintenance in order to reduce future expensive repairs. Repairs and maintenance are performed to not only preserve the property but also to reduce potential hazards and, therefore, liabilities. We will contact and obtain approval from the property owner before proceeding with any major repairs. Payment will not be made until the work is satisfactorily performed. With the exception of small jobs (casual labor), we endeavor to use licensed and insured Contractors. Of course, the property owner reserves the right to schedule and control some or all of the repair and maintenance responsibilities should they desire.
GEOGRAPHICAL SERVICE AREA
Our primary geographical service area is east Los Angeles county (San Gabriel Valley) and the west Inland Empire (Pomona Valley).