|
Rent Collection
Rents are due on the 1st of each month and are considered late if received after the 5th of the month. Late notices are sent on the 6th and removal proceedings are initiated if the tenant does not make immediate arrangements for payment. Collection of rent is one of our most important functions of managing your property. Self addressed labels are provided to the tenant for ease in making payments.
Accounting
We have an experienced QuickBooks accounting manager on staff. Every transaction affecting your account balance is recorded and explained in detail. 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. In addition to the monthly statements we also provide a complete account summary at the end of the year. This shows you each accounting transaction posted on your property during the year: i.e. total rent received, total mortgage payments made, total maintenance expenses, etc. These statements are specially designed to simplify the year-end tax preparation job for you or your accountant.
Management Fees
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. However, since one of our jobs is to keep your property occupied we will not deduct the monthly management fee if your property is vacant.
Leasing
We want good tenants for your property and we take pride in the quality of tenants we are able to attract. Our extensive tenant screening and credit investigations ensure this. Vacancies are expensive for both of us. We make every effort to keep our vacancies to a minimum. Applicants are required to complete a rental application and to provide credit information and references. We run a credit check on all prospective tenants. In addition, we report any delinquencies to the bureau! This has proven to be extremely effective in stopping late rents.
We undertake a move-in inspection with the new tenant using the property condition report. We find this helps develop a good working relationship with the new tenant and gives us one more opportunity to encourage our tenants to take pride in their home.
Security Deposits
For additional protection, appropriate security deposits are always collected upon completion of a rental application by a prospective tenant. Amount of deposits are based on the monthly rental rate and the credit worthiness of the tenant. Applicants with pets are required to pay an additional pet deposit if a pet is approved by the owner.
All deposits are maintained in a trust checking account as required by state real estate regulations until they are either refunded to the tenant upon the successful check-out inspection or are forfeited to cover damages caused by lease violations.
Property Inspections
Our main job is to protect your investment. We do this in two different ways. First we make frequent drive-by inspection tours of your property. In addition, we make regular preventive maintenance inspections of the interior of the property. It is stated in the tenants lease agreement that we have the right to make routine announced inspections. Tenants are always notified in writing of pending property inspections. Inspections are conducted with the tenant present, using the property condition report that was executed by the tenant upon move-in. We compare for discrepancies, missing items, and any damage. At the same time we also check for preventive maintenance items. We understand that timely maintenance is the key to preserving your property's value.
Repairs and Maintenance
Timely and competent maintenance is our way of protecting your investment. Our goal is to provide you with this important service at a reasonable price using only qualified personal. All 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 the best possible service at the best price.
Routine repair and maintenance will be performed as needed and will be based on urgency and importance. For any major job, we will obtain written estimates from three different companies, notify you, and obtain your approval before we proceed. Each job is fully documented in writing and supported with receipts.
Call 1-858-602-7800 for a consultation |
