Searching For A Property Manager?
You've come to the right place. We are ready, willing, and able to help you get the most out of your rental property. We have experience, use the right systems, have the best contacts, and cam provide references. Read below to learn more about our services.
Since 1986 Trident Pacific Real Estate has helped people like you own and manage "small" investment properties. When we began managing property it was a "sideline" - we managed apartments which were broker owned or which were owned by partnerships we had put together. Then friends and former clients who were moving away began asking if we d manage their rentals. Soon it became clear that property management couldt be a part time effort - it had to be done right or not done at all.
The need to "do it right" led us to a difficult spot - without at least fifty units under management there was not sufficient revenue to provide the right level of effort - full time employees, extra phone lines, voice messaging and paging service, web site advertising, cellular, etc.. We were faced with one of three choices: get out of property management all together or; forget the "do it right" philosophy - adopt "just do it"; or put everything in place to "do it right" and lose money on management until the business grew enough to become profitable.
The decision was not made lightly. Doing it right would clearly take a big commitment of both time and money. And there was no guarantee that if I built the right organization that "they would come". With some trepidation but with great confidence that "do it right" would win customers, we began spending money and putting in time and technology. And it has paid off!
We've grown the business and are still growing. We're not a just real estate broker who does property management. Rather we are owners and operators of a successful property management company which also helps people buy, sell, and own real estate.
Because we place an emphasis on long term relationships we give a high priority to property management. Our clients know that their management needs are not a secondary issue. Management comes first. Which means you come first. If you want help selling your property or buying another we are among the best youll find to help you. But your transaction may have to take a back seat to a plugged toilet somewhere. Because our clients entrust us with the management of some of their most valuable assets - millions of dollars worth - and we take that responsibility very seriously. We've yet to have a buying or selling client complain. If we take a plugged up toilet seriously maybe we 'll also take the details of your purchase or sale just as seriously!
In any event we think we've built one heck of a good management company - we work every day to make it better. And when it comes to the actual managing - we "do it right".
Its been almost thirty years since we took on our first management assignment. Over those years Trident Pacific has built a level of experience and knowledge that makes us true management experts. Its our policy to give the same attention to your property that we would give to our property. Because in the end we all know the key to our success is happy owners and happy tenants. What we try to do is duplicate for our "small" property owners the same quality and level of professional service that owners of "large" investment properties have always enjoyed.
The following outlines what we think are the major benefits and advantages of a full-service, professional property management company like Trident Pacific.
We present your property to the largest available rental market.
We are always aware of current market conditions. This allows us to rent your property at its highest value.
Our cloud based technology enables us to integrate the information concerning your property and tenants thoroughly. Everything from accounting through maintenance records is always at our fingertips.
We minimize your rent loss by advertising a vacant property until it is rented. When we have a property coming up for rental we post marketing information to all major rental property aggregators. Prospective residents will find links to your property marketing information whatever their favorite search web site.
When possible we schedule concurrent showings to establish an "auction" mentality on the part of the prospects. Sales and "closing" techniques are studied and used in "selling" your property to the best tenant.
We advertising with signs, flyers, newspaper ads, and the Internet. Our online services for potential residents allows automatic input of "Guest Cards" where the rental searcher can express interest in a specific property or provide parameters for their future rental needs. We maintain a computerized list of prospects and often match a tenant with a property within hours of receiving notice.
We lease only to qualified, responsible tenants.
We are experienced in judging credit worthiness and are sensitive to "scam" artists or prospects who are trying to "put one over" on us. Our record isn't perfect - perfect is impossible - but in dealing with hundreds of tenants and applicants every year were pretty darn good in this area.
We do a thorough credit and reference check before the lease is signed. This includes checking history with the credit bureau, verifying employment, and checking all appropriate references including past landlords. Our automated system checks the Experian database of credit, rental, and criminal backgrounds based on millions of annual data points. We know the right questions to ask and, more importantly, when more need to be asked!
We take time with each new tenant to explain the benefits and responsibilities of leasing a home from us.
We provide you with protection through the use of proper lease agreements, required disclosures mandated by the government, proper late rent and other notices, and other legal documents. We put together a pretty tight lease package which leaves no loose ends and meets all federal, state, and local requirements.
We take fair and appropriate security deposits. Our typical deposit is equal to a months rent - more if there are pets or unusual circumstances. Our goal is to make sure that sufficient funds are available to cover any cleaning or damage we discover after a tenant vacates with a cushion for any rent shortages.
Our comprehensive screening procedures assure you of desirable tenants.
We maintain and update an inventory of all the personal items that are part of your property.
We perform spot checks and announced routine property visits. Under the law we cant really inspect a property unless a tenant lets us. We dont intrude on your tenant unless there is a good reason - its both the law and common sense. But there are plenty of reasons to drop by - checking on preventative or reported maintenance items for example. With SDG&E we conduct annual heating inspections in the fall which ensures that your home's heating system is safe. Regular "drive bys" are always conducted.
Our key-control procedures protect you and the tenant against unauthorized entry. We code our keys rather than labeling them with the address. And we keep track of them.
We hire independent vendors who are qualified, reasonably priced and who will get the job done right.
We are maintenance experts. Since we deal with this daily, we have a good idea what repairs should cost and how long they should take to complete. If we think were getting the "run around" we get a second opinion. And we "fire" that independent contractor - trying to take advantage of one of our customers is the same as trying to take advantage of them all.
Maintenance work is controlled and supervised. Because of the large volume of work we give local firms, we have the necessary recourse to correct poor performance.
We help avoid costly repairs through routine preventive maintenance inspections.
We protect the value of your investment by maintaining your property at current neighborhood standards.
We do all the bookkeeping chores for you. Our cloud based system keeps complete, accurate records of every income and expense that affects your property. One person is responsible for entering and recording property data. A different person checks that data and draws and executes checks. No system of checks and balances is perfect but our "people" checks coupled with the accounting checks and auditing functions built into our expensive accounting applications makes mistakes very infrequent and always discoverable.
Our convenient periodic reports provide you with a full, itemized record of all transactions. If you see something that doesn't seem right or is unclear, you simply call us - Erin, Heather or I can pull up your records and usually give you an answer immediately. Youll never hear "the bookkeeper did it" or "can you call back on Tuesday when the bookkeeper is in" from us. The accounting function is viewed here as an integral part of the management process - isn't that how youd do it at home?
We encourage owners to establish and Owner's Portal account. Through the portal you can set up ACH direct deposits of your net rent each month, access your customizable owner's report packet, or view details of your accounting.
Our end-of-year statements simplify the job of tax preparation for you and your accountant. We take care of filing IRS Form 1099 for your vendors where required. Your 1099 and all vendor 1099's are filed electronically.
This section explains the policies and procedures we have implemented to protect your property investment and to provide you with the best possible service.
We require proof of fire and liability insurance coverage before we can manage your property. This coverage protects the tenant, you and us against a wide range of losses caused by unintentional hazards or unsafe conditions on your property. We review your policy and will make recommendations at no additional costs and can help you arrange for competitively priced policies. Your policy must either specifically name Trident Pacific Real Estate as an additional insured or have a clause that automatically covers property managers. Check with your insurance agent. Residents are encouraged to obtain Renter's Insurance and are made aware of the very limited, if any, coverage provided by the owner's policy.
If you wish, we will make the mortgage payment on your property for you. This additional service is offered free of charge.
You must supply us with the necessary mortgage payment invoices provided by your mortgage company - usually a computer generated monthly statement but sometimes a payment coupon book .Arranging to have the invoices sent to us directly usually works the best.
The payment will be made each month when due. If your property has a negative cash flow or is vacant, you will be invoiced for required cash to maintain your account at the required minimum balance. If we manage multiple properties for you we can use positive cash flow from one property to offset negative cash flow from another. This procedure doesn't in any way effect the accuracy of "per property" tax and accounting reports.
If your property has a large, consistently negative cash flow each month, we must make arrangements to keep an additional minimum balance amount.
We pride ourselves on our thorough, accurate record keeping. We use state-of-the-art cloud based accounting applications that are specifically designed for one task - property management. Our system has three things that are especially important to owners. It keeps absolute track of dollars in and dollars out - the only way an error can be introduced is by improper keying. It has excellent auditing features - multiple reports and a well designed reconciliation subsystem that keeps things on track and makes it relatively easy to find the rare error that may get into the system. Finally all data is backed up in multiple locations in a secure environment.
Every transaction affecting your account balance is recorded and explained in detail. Accounting is done on single-entry cash basis with a separate income and expense ledger maintained for each property--just as if your property had its own checking account. If we manage more than one property for you, we open another income and expense ledger in your name (in addition to the property ledgers). This enables us to transfer funds among your properties without intermixing accounting transactions from different properties. Each property always has its own separate and complete accounting records.
Copies of all work orders and receipts are kept on file throughout the year. We will be happy to provide duplicate copies of this information at the end of the year to help you with your tax preparations if you request it in writing. Generally we have found that most clients dont really ever need anything besides our monthly and annual reports for tax purposes. We keep all receipts for maintenance for five years to ensure availability if they are needed for an audit.
In addition to the periodic financial statements we also provide a complete summary of your account(s) at the end of the year. These statements have been specially designed to simplify the year-end tax preparation job for you or your accountant. Our computer system enables us to get this vital information to you immediately at the end of the year.
As required by Internal Revenue Service regulations, we prepare and submit a 1099 MISC form showing the total gross rental income that we collected on your behalf during the year. A copy of this form will be sent with to you as soon as the year is closed out from an accounting stand point.
Our cloud based system enables us to provide you with a concise, accurate, and understandable statement of account. Each month well send you two reports - a Cash Flow Report and an Owners Statement. The Cash Flow Report is an accounting type report that summarizes categories of revenue and expense for the current month and year-to-date. The Owners Statement lists each deposit and expenditure from your account for the month, itemizing each entry in a format that is like a check book record. These two reports are usually sufficient to keep owners abreast of their accounting status. If more detailed information is required the applications we use provide for in excess of fifty "canned" financial reports and an infinite number of customized reports. If you choose to use the Owner's Portal your reports will be prepare in a "packet" each month. You'll receive and email notification and can review your reports on line, with the ability to drill down and review source documents where applicable.
Statements are prepared immediately after the month is closed out. Net proceed distributions and the statements are sent out no later than the 10th of each month. Your statement will either include a check for any funds due you above your minimum balance (usually the tenants Security Deposit plus $200.00). If desired we can deposit your net proceeds by mail in your bank or money market account which will make your funds available for use more quickly. Accounts that are projected to fall below the minimum required balance will be invoiced with the statement. This invoice is due and payable upon receipt. Your prompt payment is appreciated. If you elect to use ACH direct deposit services your net rent will be deposited electronically. You can also use our system to "top up" your balance if it should have fallen below the required reserve.
Your statement shows every transaction we've posted to your account during the period. Copies of work orders and receipts are kept on file and are not sent with your statement. We will be happy to answer any questions you have about your account. Please report any discrepancies you find as soon as possible after you receive your statement. E-mail inquiries are fine.
All rent is due on the 1st of each month and is considered late if received after the 5th of the month. At the start of a tenancy we collect a full months rent plus a Security Deposit and then pro rate the second months rent as required to adjust the payment to the 1st. Late notices are sent on the 6th and removal proceedings are initiated if the tenant does not make immediate arrangements for rent payment. Late rents are subject to late fees which are established as part of the lease. Late fees are reported as additional rent. Any checks that are returned result in a returned check fee which is payable to Trident Pacific.
In the event that removal proceeding are required we will immediately contact you. We generally recommend that an attorney be retained for effecting an eviction. We can work with any firm but recommend those that specialize in "evictions" - two which are prominent in San Diego are Ted Smith and Kimball, Tirey, and St. John. They "know the ropes" and will ensure that everything is done right in order to get your property back as quickly as possible and to obtain a judgment against the tenant. These firms will also attempt to collect any judgment but at a fee that is typically 50% of whatever is collected.
Our monthly management fee is payable when the rent payment is received. It is automatically deducted from your account at the time the rent payment is posted. We do not take our management fee for any time when your property is vacant. Our standard management fees for single family homes, small rental or commercial properties and condominiums are: Monthly - 10% of gross rents collected. Lease Up - No Charge. Lease Renewals - No Charge. These fees are for standard situations - most properties we are asked to manage fit these standards.
Occasionally we encounter unusual circumstances which may require a higher fee schedule. We also manage larger apartment buildings and certain types of commercial property. Our fees for these services are set dependent upon the individual characteristics of the property but usually run 8-10% of gross rents collected.
Vacancies are expensive for both of us. We make every effort to keep our vacancies to a minimum. We maintain an extensive computer database of the features that make your property special. This enables us to quickly produce an attractive listing of your property to be provided to prospective tenants whether seeking a rental online of calling on a sign. We also keep track of prospective tenants in our database so that we often can contact an interested person and turn them into your next tenant without any advertising at all.
Our cloud based system enables us to monitor our lease expiration dates carefully. This gives us the opportunity to re-negotiate the rent on a renewal lease. Approximately 45 days before a tenant's Lease Agreement is due to expire we send a Lease Renewal Notice. This notice explains our lease renewal procedures and any necessary rent increase. If the new lease is declined, the tenant is required to give us 30 days' prior written notice. This prevents unexpected vacancies and gives us adequate time to prepare the property and to advertise and show it. It also helps prevent needless loss of revenue.
If a tenant chooses to vacate, the property must pass a thorough check-out inspection before the tenant is released from the Lease Agreement and the security deposit is returned. This minimizes the preparation and turn-around time before your property is re-leased. The inspection will not be made until the tenant has removed all furnishings and other personal belongings, and the tenant is not allowed to re-enter the property once the inspection is complete.
Vacancies are advertised until rented. We use all available media -- signs, flyers, classified listings, and the Internet. Surprisingly the sign still turns out to be the best marketing tool. Probably has something to do with the way most people look for a rental - pick a neighborhood and drive around it, see a sign, call. The manager who is responsible for your home is "reachable" - seven days a week via online showing requests. Calls to our voice mail system are routed to the home phone of the "duty" person or when not available message notification is made by text and email. We hate vacancy - its a blight on our record - so we treat it like a cancer that must be eradicated!
We want good tenants just as much a you do. We pride ourselves on the quality of tenants we are able to attract. Our extensive tenant screening and lease procedures help to ensure this.
Applicants are required to complete a Rental Application and to provide credit information and references. A credit check is made of every prospective tenant. We explain to all applicants that prompt rent payment will help maintain their good credit rating.
Once a tenant's Rental Application has been approved, an appointment is made with the property manager to sign the actual Lease Agreement. We have found that this extra personal attention to the tenant's needs greatly reduces misunderstandings and eliminates many potential problems. Also, this gives us a chance to answer any questions and to carefully explain the tenant's responsibilities as well as our company policies and procedures..
Before your property is released to the tenant, we make a thorough move-in inspection using a property condition report form. This is done with the tenant whenever possible. We find that this helps develop a good working relationship with the new tenant. At the same time, it gives us one more chance to encourage our tenants to take pride in their leased home.
As an additional protection, appropriate security deposits are always collected upon completion of a Rental Application by a prospective tenant. The amount of deposit is based on the monthly rental rate and the credit worthiness of the tenant applicant. Applicants with pets are required to pay an additional pet deposit. All security deposits are kept in our Trust Account maintained in accordance with state real estate laws and regulations, until they are either refunded to the tenant upon the successful check-out inspection of your property or are forfeited to cover damages caused by lease violations. We neither earn nor pay interest on these Trust Account balances. Typically we require a Security Deposit equal to one months rent.
Our main job is to protect your investment property. We do this in two different ways. Our property manager makes frequent driving tours by the various properties we manage. Exterior inspections are very important, because a property that is well maintained on the outside is normally being taken care of on the inside, too. In addition, we make regular preventive maintenance inspections of the interior of the property.
The right for us to make routine, announced maintenance inspections is part of the tenant's Lease Agreement. Whenever possible the inspection is conducted with the tenant present. We use the same Property Condition Report that was used when the tenant checked in. We look for discrepancies, missing items, and additional damage. At the same time we check for preventive maintenance items that are our responsibility.
When we find problems we notify the tenant in writing, listing the conditions that must be corrected by the tenant or at the tenants cost. We follow up with a second inspection 10 days after the first. If the tenant has not shown good faith by providing proper maintenance or making requested repairs, we will begin proceedings to correct the problem including if required issuing a Three Day Notice to Comply with the lease provisions.
Timely, competent maintenance is the key to protecting your investment. Our goal is to provide you with this important service at a reasonable price using only the best qualified personnel.
In addition, it is our aim to prevent major repair bills. We accomplish this through constant supervision, routine inspection, and regularly scheduled maintenance, and by selecting those tenants who will take pride in their leased home.
All of our repair and maintenance services are performed by independent, outside vendors and contractors, not by company employees. Each has been selected because of their ability to provide you the best possible service.
Our maintenance responsibilities are defined in detail by the Property Management contract.
You may reserve the right to schedule and control all, or a particular part of the repair or maintenance responsibilities if you desire.
We normally require that a minimum balance equal to the Security Deposit be kept in your account to cover emergency repairs. However, true emergency repairs (a broken water heater, for example) will never be delayed because of a lack of covering funds.
Maintenance personnel will not perform unauthorized jobs requested by a tenant. In addition, requests for maintenance work that is the tenant's responsibility, or for repairs caused by tenant negligence, will be charged to the tenant. In this age of smart phones and the Internet, we often get a call from a vendor inspecting a job reporting whats wrong and what it will take to fix it and can then approve the work on the spot. This keeps the tenant happy, saves money, and gets everything operational more quickly.
We ensure the quality of the work performed by making spot checks and follow-up inspections. You are further protected because each job is fully documented in writing and backed with receipts by our comprehensive work order accounting system.
Routine repair and maintenance will be performed as needed in our judgment and will be based on urgency and importance. For any major job, we will obtain written estimates and get your permission before we proceed.
We are members of the San Diego Association of Realtors, the Coronado Associations of Realtors, and the Coronado Chamber of Commerce. In addition, we will be happy to supply you with letters of recommendation from our clients.
Telephone: 619-435-9442 OR 800-599-7627
Address: Trident Pacific, 1001 B Avenue Suite 208, Coronado, CA 92118
Our firm, Trident Pacific Real Estate, a California corporation, has been 100% owned and operated by Michael A.N. Whittemore, CCIM and his family since 1986. Mike was born and grew up in southern New Hampshire and was appointed to the U. S. Naval Academy at Annapolis, MD in 1962. He graduated from the Naval Academy with BS in Engineering in 1966. He spent twenty years as a career naval officer serving with distinction in a wide variety of jobs including combat flying in Vietnam, operating and managing the Navy's largest and most complex computer center, and Commanding Officer of all Navy operational oceanography and weather facilities on the West Coast. He was awarded a Master of Science in Oceanography degree from the Naval Postgraduate School in 1973.
Mike chose to leave the Navy in 1986 in order to keep his family in the San Diego area. He chose real estate brokerage as his second career as he felt that he could apply his practical knowledge and experience to help others attain and enjoy what he'd accomplished for himself. In order to "round out" his formal education, Mike completed a course of study at National University that led to an MBA in Real Estate with a Financial Management emphasis. Mike also dedicated two years while working full time as a Commercial-Investment Realtor to complete all requirements for designation as a Certified Commercial Investment Member (CCIM) of the Commercial Investment Real Estate Institute.
Today, almost thirty years after opening for business, Trident Pacific provides professional sales, marketing, and management services to investors from offices located in Coronado. Property management has become one of the most important focuses of the business especially management of single homes and condos and smaller apartment units.
As in most areas of Trident Pacifics business, management is a team effort. Erin Miller came to us from Trizec-Hahn, the Canadian based commercial real estate developer and manager, where she had experience as a marketing assistant in the retail leasing branch of the company in their La Jolla, CA offices. She is a University of San Diego graduate with a degree in business and real estate. She has over eighteen years experience in managing apartments and single family homes and condos and in the listing and sale or real estate. She's a licensed real estate broker and a partner and principal officer in Trident Pacific.
Rounding out our management team is Ellie Tow. Ellie handles all maintenance and tenant requests, accounting, vendor reports, and organizes our office to give the best owner, tenant, and vendor relations possible. She has a "Black Belt" and is a Sensei, teaching Karate to youngsters and adults in Point Loma. She's working on her real estate license.
Mike Whittemore, CCIM is an active member of the community and numerous professional associations including: the San Diego Association of Realtors, the Coronado Real Estate Association, Coronado Chamber of Commerce, the CCIM Institute
"Large property management firms concentrate on the 'big guys', large 100+ unit apartment complexes and commercial centers, because margins are more favorable there. Small property management is a fractionalized business which more often than not serves as a "place holder" for future listings and a few extra dollars in revenue for the franchised brokerage houses. Our goal is to ensure that the smaller property owner gets a fair deal and that the management of their property receives top priority treatment. With Trident Pacific on the job you can rest assured that the management of your property is our top priority - not just an "add on" - and that youll get every advantage of professional management enjoyed by larger property owners."