List of Services
Evaluate the property and determine an accurate rental rate
- Perform detailed documentation of the interior and exterior including photos
- Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI
- Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary, but should include looking at the recently rented comparables according to size and type
- Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking, etc.
Market the property for rent
Tenant screening and selection
Tenant move in
Rent collection
Evictions
Legal
Inspections
Financial
Maintenance, Repairs, and Remodeling
Tenant Move Out
*Please be advised that the Owner is responsible for all expenses incurred in the rental of the property.
- Contract with appropriate companies to prepare home for rent, including cleaning home and optimizing interior appeal as well as manicuring landscaping to increase curb appeal
- Create ads tailored to the property and advertising: commonly used marketing
- Work with other Realtors and leasing agents to find a tenant
- Field calls from prospects for questions and viewings
- Meet prospective tenants for showings throughout the week and weekend
- Provide prospective tenants with rental applications that are legally compliant with fair housing laws
- Collection applications with application fee
Tenant screening and selection
- Perform a background check to verify identity, income, credit history, rental history, etc.
- Inform tenants who were turned down
Tenant move in
- Draw up leasing agreement
- Confirm move in date with tenant
- Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance
- Ensure all agreements have been properly executed
- Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in
- Collect first month rent and security deposit
Rent collection
- Receiving rent
- Pursue late payments
- Sending out pay or quit notices
- Enforcing late fees
Evictions
- The first and most important step is knowing when to work with a tenant and when to evict. This is only learned through experience.
- Work with Real Estate Attourneys to ensure a quick eviction
- Coordinating with law enforcement to remove tenant and tenants possessions from unit
Legal
- Refer owner to a qualified attorney when necessary
- Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties
Inspections
- Perform periodic inspections (Inside and outside) as needed looking for repair needs, safety hazards, code violations, lease violations, etc. and notify the Owner of concerns.
Financial
- Provide accounting property management services
- Make payments on behalf of owner (Mortgage, insurance, HOA dues, etc.)
- Detailed documentation of expenses via invoices and receipts
- Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
- Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form
- Advise owner on relevant tax deductions related to their rental property
- Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses
Maintenance, Repairs, and Remodeling
- Provide and oversee an in-house maintenance crew
- Establish a preventative maintenance policy to identify and deal with repair needs
- Provide a network of licensed and fully insured contractors who have been vetted for accurate pricing and quality work that is up to code
- Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price
- Maintain outdoor areas, including leaf and snow removal, landscaping/lawn mowing, and removing trash and debris
- Maintain and monitor a 24-hour emergency repair hot-line
- Larger renovation or rehab projects, including providing recommendations on how the project can maximize rental income, preparation of preliminary cost estimates, soliciting multiple independent bids for the work, and acting as general contractor overseeing the work
Tenant Move Out
- Inspect unit and document the property's condition when the tenant moves out
- Provide tenant with a copy as well as estimated damages
- Return the balance of the security deposit to the tenant
- Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs
- Clean unit and perform and needed repairs or upgrades
- Re-key the locks
- Put the property back on the market for rent
*Please be advised that the Owner is responsible for all expenses incurred in the rental of the property.