Property Management

Serving Orange County, CA

  1. What is the advantage of renting through Coldwell Banker Platinum Properties of Orange County?
  2. What is Coldwell Banker Platinum Properties’ role as a property manager?
  3. What expectations do Coldwell Banker Platinum Properties have for leasable properties?
  4. What fees do Coldwell Banker Platinum Properties charge to manage my property?
  5. Why does Coldwell Banker Platinum Properties separate leasing and management fees?
  6. Does Coldwell Banker Platinum Properties require an expense reserve?
  7. What is our collection process?
  8. What are the costs involved with and eviction?
  9. When are equity distributions made?
  10. How is maintenance handled?
  11. What insurance is required?
  12. What is done when a resident gives notice that they will be moving out?
  13. What is done after a resident moves out?
  14. How does Coldwell Banker Platinum Properties screen prospective residents?
  15. Do owners have to accept pets?
  16. How do we communicate with our owners?
  17. How much can my investment property lease for?
  18. Can Coldwell Banker Platinum Properties help me buy or sell investment property?
  19. How are Security Deposits handled?
  20. How much notice does a resident have to give before they can properly vacate a property?
  21. What does Coldwell Banker Platinum Properties need to start managing my property?
  22. How do I pay management fees?
  23. Will you pay my monthly bills for me?


What is the advantage of renting through Coldwell Banker Platinum Properties of Orange County?
Our staff is professional, courteous, informed and experienced. Utilizing economies of scale, we can offer multiple services that would be cost prohibitive for individual owners. We have one of the strongest marketing programs in the industry. We stay on top of changing trends and legal issues to protect our clients’ interests. We make it easy for tenants to submit maintenance requests, access payment history, and even setup recurring rent payments through our website via e-check and even credit card. Our owners can also access information about their property and print reports directly from our website using a personalized login.

What is Coldwell Banker Platinum Properties’ role as a property manager?
Our role is to achieve our clients’ objectives while preserving or increasing the value of an investment property and generating income for our clients. We advertise our properties, screen tenants, negotiate leases, collect rent, schedule maintenance for your property, keep accurate records, and provide regular reports and communication with our clients.

What expectations do Coldwell Banker Platinum Properties have for leasable properties?
Before we offer to manage a property, we check to make sure it is clean and sanitary, doors and windows are operable and have secure functional locks, and the yard is well kept and free of debris and trash. We determine what repairs and improvements are mandatory and which are recommended to make the home more marketable. By establishing a benchmark for new residents, they have a much easier process moving in and will respect and care for the property more.

What fees do Coldwell Banker Platinum Properties charge to manage my property?
While our fees are very competitive, they do vary by property type, area, and other factors. Understandably, the fee to manage an apartment building is much different than the fee to manage a single family home. Our clients appreciate that we separate our property management fee from our leasing fee.

Why does Coldwell Banker Platinum Properties separate leasing and management fees?
Leasing and management, while equally important, are completely different aspects of investment property ownership. A management fee is the cost associated with the administration of day to day activities involving your property. A leasing fee is an expense that only comes around when a home is vacant and needs marketing to attract new residents.

Typically, of the leasing fee we collect, half goes to a cooperating licensed REALTOR who brings in the qualified new tenant. Coldwell Banker Platinum Properties uses the remainder to pay for photography, signage,flier design, distribution, ad listings, and other items associated with the overall marketing strategy.

Some property management companies tout both services for a single “management” fee. There are a few reasons why an owner may want to avoid that fee structure. The first problem is these management companies collect that inflated fee every month, even if you have had the same tenants in place for 3, 4, 5 or more years. The second problem is, when it comes time to lease the home again, often these management companies see marketing as an area where they can cut costs to save their own money.

It doesn’t make sense to muddle a leasing and management fee together. By clearly delineating between management and leasing, you have a better idea of how your money is being spent. With happy tenants often staying for multiple years, our fee structure saves you money in the long run, gives better accountability of how your leasing funds are used, and makes more sense.

Does Coldwell Banker Platinum Properties require an expense reserve?
Typically, Coldwell Banker Platinum Properties requires a reserve of $250-$400 from rental proceeds to establish and maintain an expense reserve to be used for unanticipated expenses associated with the management or operation of the property. These funds, as with all of our clients’ money, are held in a trust account.

What is our collection process?
If rent is not received on, or before, the 5th of the month, a letter is sent notifying the resident that they are in breach of the lease and payment must be made within 3 days. In the event of nonpayment within the prescribed time we will contact you to discuss your options, including initiating the eviction process.

What are the costs involved with and eviction?
Costs can vary widely depending on how you would like the process handled. Broadly estimated, you can expect to spend $900 to $1500. Coldwell Banker Platinum Properties charges no additional fee to oversee the eviction process and most expenses, including the cost to market the home for lease, can be collected from the defaulting tenant’s security deposit.

When are owner distributions made?
For most clients, owner distributions are made mid month. Net proceeds are directly deposited into our clients’ accounts through an ACH transfer. Monthly statements are available online.

How is maintenance handled?
We strive to ensure a minimal amount of inconvenience to our residents by providing 24 hour emergency services as well as a quick response to routine daytime repair and maintenance requests.

What insurance is required?
We do require that owners carry a commercial general liability insurance policy for the protection of any claims arising out of the operation, leasing, and maintenance of the property. We do require a valid certificate of insurance, listing Coldwell Banker Platinum Properties as an additional insured party to be on file at all times – there is usually no additional cost from your insurance company associated with this.

What is done when a resident gives notice that they will be moving out?

  • A marketing visit is made to the property to update any marketing materials and do a quick assessment as to the anticipated turnover time.
  • A letter is sent to the resident notifying them of their duties, including cleaning and yard care.
  • The reserve in the owner′s account is modified, if necessary, to ensure that funds are available to perform all necessary turnover items to get the property ready for the next resident.
  • The property is placed in all of our marketing materials and a sign is placed at the property.

What is done after a resident moves out?

  • We will perform a move–out inspection of the property. Our goal is to complete all of the inspections within the first five business days after the resident moves out. During this inspection, we will determine any items that should be charged to the former resident, as well as recommendations of items that are in need of attention by you to preserve the value of the property and decrease the vacancy time.
  • Once cleared for viewing and all work is complete we allow prospective residents to view your property.

How does Coldwell Banker Platinum Properties screen prospective residents?

  • We perform a credit check, employment verification, and rental/mortgage payment history on every adult prospective resident.
  • We evaluate the lease rate/income ratio.
  • Upon approval, the prospect is given 72 hours to sign the lease and pay the security deposit.

Do owners have to accept pets?
No, you may choose not to allow pets. However, we recommend you consider allowing pets on a case by case basis as this will expand your pool of prospective renters. For more complete information about accepting pets please contact us.

How do we communicate with our owners?
We believe in prompt and thorough communication with our clients. Staff can be reached via telephone, voice mail, text message, and e-mail. Below are some of the instances that we will initiate additional communication:

  • Initiate eviction process
  • Acceptable applications
  • Notice to vacate from tenant
  • Lease renewals
  • Extraordinary maintenance items

How much can my investment property lease for?
Your lease rate is going to be determined by several market factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. Unfortunately, the markets that dictate lease rates vary vastly from the markets that influence value of properties. Please contact our office and we can discuss this with you as it relates to your specific property.

Can Coldwell Banker Platinum Properties help me buy or sell investment property?
Yes. Coldwell Banker Platinum Properties is a full service real estate office representing clients involved in purchases, sales, and property management. Contact us for more information on how we can help you with all of your Orange County real estate transactions.

How are Security Deposits handled?
Coldwell Banker Platinum Properties requires security deposits, usually an amount that is equal to one month’s rent, from all residents. These funds are held in a trust account.

How much notice does a resident have to give before they can properly vacate a property?
California allows landlords to require a maximum of 30 days advanced, written notice that the lease will be terminated.

What does Coldwell Banker Platinum Properties need to start managing my property?
In order for us to begin the process of managing your property we need the following:

  • Property management application
  • Executed property management agreement
  • Keys to the property, including mail box keys, if applicable
  • Garage door openers, if applicable
  • Certificate of insurance, with Coldwell Banker Platinum Properties as an additional insured
  • IRS W-9
  • ACH authorization
  • Lead based paint disclosure, if the property was built prior to 1978

How do I pay management fees?
Management fees are deducted from your monthly equity distributions.

Will you pay my monthly bills for me?
Yes, through our accounting system we can easily pay all of your monthly bills, including HOA dues and mortgages at no additional charge. We do require a reserve to be funded in excess of the estimated monthly payments in order to take advantage of this service.