E qually important to knowing what to do is doing it in a timely fashion. The systems described on this website are implemented on regular schedules with the four most used shown below. Having these tasks plugged into our calendars allows us to avoid costly oversights.
- Account for tenant payments.
- Account for vendor invoices received.
- Pay bills due the following week.
- Review and schedule tenant-requested repairs.
|1st||Archive previous month’s records.|
|2nd – 4th||Collect rent & post notices & inspect buildings.|
|3rd – 5th||Deposit rents & schedule repairs.|
|4th – 7th||Collect late rents & serve Notices to Pay.|
|8th||Send paperwork to attorney to start evictions.|
|12th||Reconcile bank accounts.|
|13th||Review previous month’s trial balances.|
|15th||Mail previous month’s financial statements.|
|16th – 19th||Inspect buildings.|
|21st||Send rent increase notices.|
|22nd||Contact tenants with balances due.|
|25th||Check on status of evictions.|
|28th||Pay management fees.|
|Last||Distribute profits to owners.|
- Archive owner and tenant correspondance.
- Archive paid bills.
- Complete year-end financials and reports.
- Send 1099-MISC tax form to vendors.
- Send year-end financial statements and 1099-MISC to owners for tax preparation.
- Send tenant city-mandated information when notice to move is received.
- Conduct initial inspection if requested by tenant.
- Receive possession of unit from tenant.
- Thoroughly inspect apartment.
- Send “Post-Occupancy Inspection” report to owner for approval.
- Advertise vacancy as “Coming Soon”.
- Advise tenants in building of vacancy and referral fee.
- Schedule repairs and cleaning.
- Inspect apartment for rent-ready condition.
- Account for and refund security deposit in the time allotted by law.
- Update advertising.
- Thoroughly screen applicants.
- Meet applicant at apartment for inspection and completion of paperwork.
- Receive money from and give keys to the new tenant.
Touchstone Properties managed our 4-plex rental property for about a year. We’ve been extraordinarily pleased with their services. Their staff have been nice to us, well mannered and punctual. The cost of their services was reasonable and met our expectations.
Touchstone Properties has been managing my property for almost 10 years. I am pleased with their professionalism both towards me and my tenants. Their automated systems make communication easy and efficient and the monthly financial statements give me a clear picture of how my investment is performing. They are a small company so I have come to know each staff member and, more importantly, they are all familiar with me, my expectations, and my building, including its strengths and challenges.
Touchstone Properties managed our two apartment buildings for over 5 years, and was instrumental not only in improving the vacancy rates but also increasing the net income. They guided us through the legalities of apartment ownership and helped us prepare the buildings for resale. Both buildings sold for over three times our purchase price and helped us retire comfortably. We would highly recommend Touchstone Properties to any owner looking for a professional and honest management firm.
I have nothing but great things to say about Touchstone Properties as a property owner. They were prompt in responding to any correspondence, worked diligently to list and market my property for rent, and did a great job managing the property once rented. Should I ever have another rental property in Los Angeles, I would certainly call Kevin and work with the Touchstone team again.
Touchstone Properties took over as our management provider this year and I have to say I am really impressed. Anytime I have had a question about online billing or a process the office has been great help. Our pool was down and they were on it! Our parking garage gate was broken for a couple days over the holiday weekend and is now working like a charm! I am grateful to have a company whose people are quick to respond via email/phone!
We have been very satisfied with Touchstone properties for the last nine years. The owner of the company has given us excellent advice for improvements and handled any problem we have encountered. They are so efficient and keep us “in the loop.” The office staff answers any questions we have and graciously provides any information we request. They are the “Best in the West.”
Unfortunately, I wasn’t able to get the apartment I wanted because I have a small dog. Having said that, when I e-mailed TP about the apartment, Kelly responded immediately. We exchanged several e-mails (setting up an apartment viewing etc.). She…even refunded my application fee after I realized that I didn’t qualify due to my pet. After over a month of apartment scouting, I can easily say that Kelly is one of the best apartment management employees I’ve ever worked with. I was really happy to finally hear back in a timely manner. Other places take days and sometimes a week to respond.
Touchstone Properties manages the rental of my house. I am very pleased with the maintenance of the property. I live overseas, but this has not been a problem. Touchstone have been able to deal with any issues quickly and are excellent at responding to my questions. Owner and staff have all been very helpful and professional. I highly recommend their services.
Good customer service – I’m a tenant at one of Touchstone’s building and am very pleased with their customer service. They want to make sure that the buildings are safe for the tenants; we had one family causing trouble and they were eventually evicted due to lease violations (in other buildings I’ve lived in, the managers just keep the bums around b/c they don’t want to lose the rental income).
When it comes to maintenance issues, Touchstone return calls promptly and follows up to ensure that everything has been taken care of to my satisfaction. Thank you.
From a handwritten note sent by a tenant that had to move because of a new job:
Thank you for being such a fantastic, responsive and kind company.
Touchstone has done a very good job. Not just in maintaining the property but keeping our good tenants happy. We have people who have stayed in their apartments for years and are satisfied with the quick responses from Touchstone when they had a problem. We know this because we’ve asked them when visiting the building.
When I moved in my house, you were the management company. I really really loved the way you ran the property. You had very good online availability, which was very convenient. Now that I am looking to move, I am considering your vacancies first. Thank you!
As a resident of Los Angeles for over 2 years now and a tenant of a number of apartment, Touchstone Properties has by far exceeded any and all expectations I could ever have of a leasing company. They are quick to resolve and assist with all problems any tenant might have. If you are looking for a place to call home and are wanting to find the perfect leasing company to cater to any and all of your needs look no further! Touchstone Properties is where it’s at!