History of Estates On the Bay

Until recently, Peninsula residents were flocking to become real estate agents, as climbing home prices and the strong local sales market held the promise of large commissions and a steady income.

Now, the downturn in the real estate market has forced scores of agents to seek other employment. But some smaller firms, such as Monterey’s Estates On The Bay, are committed to riding out the downward cycle and remaining successful.

Estates On The Bay, believes the key is diversification, and playing to your strengths. In the case of Estates On The Bay, those strengths are two-fold: One, being a family-run business with a genuine commitment to sharing the dream of home ownership; and two, providing a full-service, one-stop real estate service that has adapted to serve the changing needs of clients in a dynamic market.

Property management had always been in the firm’s repertoire, since the family owned several residential rental properties. Estates On The Bay continues to develop its expertise in rental management as well as Sales and Home Loans.

The management experience would soon prove prescient – and crucial – after real estate sales slowed to a crawl in 2006.

Estates On The Bay noted that clients who were unable to quickly sell their homes urgently needed to find a way to keep making their mortgage payments after moving from the area. “We relied on our experience in property management to offer them a service by finding qualified tenants and handling the entire process of renting their homes.”

Even as home sales have dropped sharply, Estates On The Bay’s property management division has experienced a big expansion in the past year and a half. Now, it has become a leader in the area of single-family home rentals and a trusted resource for increasing numbers of both homeowners and tenants.

We also provide interior and landscape design services to make the home more attractive to buyers. If the home takes a long time to sell, or the owner decides to keep it off the market, we handle the rental from top to bottom.” The firm handles every aspect of the rental including negotiating and drafting lease agreements; collecting security deposits, rents, and cleaning fees; sending delinquency notices to tenants if necessary; checking tenants in and out, and providing keys to tenants and collecting keys upon departure; contracting for cleaning services following tenants’ departure ; maintaining emergency maintenance service 24 hours a day for plumbing, electrical, sewer, and other problems; remitting a monthly check with an itemized statement and, at the end of the year, an IRS form 1099.

The firm has branched out to handle corporate and vacation rentals as well as long-term leases. They offer rentals of both furnished and unfurnished Estates.

In addition, Estates On The Bay has developed expertise in the sale of bank-owned properties, including short sales, as well as in lease options.

And of course, the real estate slowdown has made even the Monterey Peninsula a buyer’s market. We cannot think of anything more rewarding then helping someone find their dream home.”