Maybe you have just inherited a property and don’t have the experience or you are a busy professional with no time. Maybe you are relocating or finally retiring. Perhaps you administer a trust and need a third party to handle the trust’s affairs. Whether you are a first-time home buyer, property investor or an experienced apartment owner, Weyland can assist you with all your real estate needs. We have great success in making sure that properties are leased to qualified residents and that they are properly maintained. Weyland approaches property management as an income-generating business. We are not doing our job if we do not keep your expenses low and your income high. To do this Weyland maintains a high standard of reliability and accountability, and gives owners the true peace of mind that comes with knowing that their property is in the best hands possible.
Communication is the key to a successful property management relationship. You are assigned an experienced Property Supervisor familiar with the area in which your property is located. The Property Supervisor is available via cell or email, and will be your day-to-day contact. Many questions can also be answered by our staff, including bookkeepers, maintenance supervisors and senior staff members. Beginning winter 2009, you will also be able to access your financial information online through our website. Similarly, residents have direct access to the Property Supervisor. In addition, they can make maintenance requests on our website and pay online via direct debit or credit card.
Your Property Supervisor will do a market survey of rents charged for similar rental units in your area. We are also leasing units on a daily basis, and are very familiar with the market and changing rents. Based on this information and consultation with you, the Property Supervisor will determine an asking rent that appears competitive.
Weyland Properties markets vacancies by whatever means that have proven effective, we start the marketing process as soon as we are advised of a vacancy. We place ads on our website as well as on Craigs List, Westside Rentals, Los Angeles Weekly and many other online rental searches. We update these ads EVERY DAY until your vacancy is rented. Because of our reputation many prospects contact our office for a free list of our vacancies and look at our website on a daily basis. Applicants are also able to apply directly through our website. We will also put eye catching signs and banners on your property giving rental prospects access to our services. Ads are also placed in the print media (Los Angeles Times, LA Opinion, etc.), resident incentives, and distribution of flyers.
Weyland typically screens and approves the residents, as our staff is trained in issues such as credit screening and fair housing. Our software has very strict parameters for determining credit worthiness. In addition, we check all applicants’ rental history and verify employment. We are very careful in choosing residents, as we have to interact with them on a daily basis. In other words, it’s to both our advantage to choose carefully!
When your resident vacates, we will provide all required accounting of the resident's security deposit within the time legally allotted. If there are damages they will be deducted from the security deposit. We are allowed by law to charge the resident's deposit for rent, damages above normal wear and tear, and cleaning. We want you to know that we consider this an important time in the management cycle, and we will protect your interests.
When a property first comes under Weyland management, an interior and exterior inspection is scheduled as soon as possible to determine if there are any health and safety issues which need to be addressed. This includes such items as smoke detectors, water leaks, or trip hazards. Obviously, if there is a vacancy, the property will be shown as appointments and open houses are scheduled, sometimes on a daily basis. Once the property is full and the initial inspection has been done, the Property Supervisor will schedule regular drive-by and walk-through inspections not less than twice per month. All interiors of units are inspected a minimum of twice a year.
Residents can pay rent by either mailing or dropping it off at our office or paying through our website by the first of the month. When rent is received it is immediately placed in your client trust account. At this point all bills that Weyland is directed to be paid are paid. The remaining disbursements are made on the last day of the month electronically, or can be mailed in check form with your monthly report, whichever you prefer.
Weyland is very aggressive in rent collection. If rent has not been received from a resident by the 5th of the month, Weyland will serve a three day notice to pay or quit. We do our best to work with residents to keep units occupied, but if a resident has lost their job, or falls ill and can not pay rent, and chooses to stay in the residence, Weyland works with a highly experienced eviction attorney to regain possession of the unit. Our attorneys are reasonable in cost, and work exclusively with management companies.
Weyland often continues to use an owner’s regularly scheduled vendor, such as the gardener or pool service. While we are happy to use your own vendors, one important benefit of Weyland management is that we have developed relationships with vendors, such as plumbers or electricians, who charge low rates and are reliable, because Weyland gives them a significant volume of business. You, as the owner, benefit from these vendors’ excellent service and prices.
Weyland always attempts to improve your bottom line, and one way is to control expenses. For major repairs, such as re-piping or re-roofing, several bids are obtained, and Weyland will get your written approval. However, if there is an emergency, such as a burst water heater, or a government inspection requires certain work, or, a routine repair is requested, such as a leaking faucet, or broken toilet, then Weyland will go ahead with the work and keep you informed. Our vendors are reasonable and reliable; otherwise Weyland would not utilize their services. In addition, if it is discovered that a resident caused the damage, we charge the resident for reimbursement of the repair expense.
We are proud to announce that clients can now access their financials directly through our website. Simply obtain a pin code from Weyland, go to the “Access your property financials” page of our website, register for security reasons and login. You will see your General Ledger, which is updated every day. This way you can keep track on a daily basis of when rents have come in, what bills have been paid, etc. In addition, a more detailed report is sent out on the fifth of every month, for the entire previous month. These reports are easy to read, and can be tailored to your specific needs. In each report, at a minimum we include an Executive Summary highlighting major issues, a Rent Roll, an Income & Expense Statement, a Ledger of the Broker’s Trust Account and an Expense Register with copies of all bills paid. Reports are either mailed or emailed, depending on your preference.