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Property Management
Professional Property Management and Leasing can easily pay for itself, sometimes many times over. When things go wrong with a tenant, landlords can count on losing the equivalent of 4 to 12 months of rental income when damages and vacancy are all totaled. Even without a nightmare scenario, nickel and dime repairs, failure to collect for damages and/or repair deductibles all add up and can cost the equivalent of our fees.
Property Management
- First and foremost, enforce the lease
Using our lease, the landlord has many rights and the tenant very few. Most tenants take advantage of the landlord due to each party's unfamiliarity of the terms of the lease.
- Prepare a Comprehensive Property Condition Report
Having a written detailed description of every component of the property will prove necessary if/when a tenant tries to take a landlord to court demanding a full security deposit refund. If you had to go to court tomorrow, could you absolutely prove the condition of the property when the tenant took possession?
- Manage the Security Deposit
It is important to be in compliance with the lease and ever changing laws
- Review Landlord's insurance policy
Proper insurance coverage is absolutely necessary.
- Enforce insurance requirements on the tenant
Our lease has a strict insurance requirement on tenants with additional protections for landlords
- Deliver a Tenant Orientation Handbook
Setting expectations and communicating clearly is key.
- Electronic Rent Collection
Automatic deduction of the rent from the tenant's bank account helps ensure the rent is on time every month.
- Enforce late fees
If the rent is late, our landlords are entitled to a 10% late fee.
- Disperse rent to the landlord promptly via electronic transfer
Nothing better than having the rent appear in your bank account on time every month!
- Handle all calls from tenants for service
No headaches for landlords! Our honest, reasonably priced contractors take care of everything. If you prefer to fix the problems themselves, we are ok with that too. In any case, we will determine who is responsible financially for the repair cost.
- Perform interim property inspections
Inspecting the property on a regular basis will prevent small issues from becoming large issues. In addition, reminders of seasonal hazards help minimize avoidable problems.
- Send notices to tenant that comply with the lease and local laws
Proper notice and documentation is critical in the defense of your rights as a landlord.
- Conduct final walk-thru and charge tenant for damages (if any)
- Work with the insurance carriers to settle claims for damage
- Start eviction proceedings if necessary
- Annual 1099 and expense reporting.
- Property Preparation Recommendations
The easiest way to endure vacancy or to obtain a bad tenant is to not properly present the property to the public. In the eyes of prospective tenants, it is not just shelter; it's their new home.
- Detailed Pricing Analysis
Determining top market value without enduring unnecessary vacancy or accepting risky tenants objectivity and market knowledge.
- Robust Marketing Efforts
In terms of leasing, I differ from most agents in that I seek tenants with the same gusto that I would seek a buyer. Unfortunately, many agents just "phone it in" when it comes to the marketing of a rental property. I suppose this lack of effort is because the money is not as good as making a sale.
- Comprehensive Tenant Screening
I get paid to be suspicious when it appears there is no reason to be suspicious. Credit checks, public record search (liens, bankruptcy, civil actions), employment verification and rental verification, income qualification, and the knack of reading between the lines are all part of the package.
- Ironclad Lease to Protect the Landlord
Our lease protects landlords - Period!
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