Introduction
If you are contemplating renting your home, or you acquire a residential rental property, the first decision you must make is whether to manage the property yourself or turn it over to a professional management firm. To aid you in making that decision, we have prepared this brochure that will explain in detail how our firm will manage your property. We are a full service real estate office with a property management service. Our primary duties are to obtain maximum income and to ensure your property is well maintained. These responsibilities are carried out in accordance with the instructions and authority delegated to us in the Residential Property Leasing and Management Agreement. Our principal income from this service is based on a percentage of the rents collected. Good communication between us is essential for a successful and profitable relationship. The biggest part of our job is to make sure that both you and the resident receive just and equitable treatment. Responsible tenants are valuable assets to both of us. A satisfied tenant can bring us referral business and will be more inclined to care for your property as if it was their own. As the owner of the property it is best that you avoid direct communication with the resident and refer all inquiries to our office. We maintain a diplomatic relationship, between you and your tenant, through personal contact and in the form of writing. We also advise you of changes in the housing market, problems we are encountering, changes in laws that affect rental housing, etc.
Advertising
Renting of homes is a merchandising rather than a selling effort. Many residents find their homes by inspecting the outer appearance of properties in neighborhoods where they desire to live. The placement of signs with our company name and telephone number is one of our best means of attracting potential residents. We have found newspaper advertising in the classified columns to be an effective media for renting, as well as free advertising on Craigslist.com and the Backpage reader. You are only billed for the advertising in newspapers and yes—it is of your choice in which newspaper we advertise in.
Application & Screening
After a prospective resident has been shown a particular property and has expressed a desire to lease it, the prospective resident is required to complete our Rental Application. Upon completion of this form, applicants are to pay a non-refundable one time application fee of which is retained by our company to defray the cost of processing the application. Screening includes a credit report, and telephone calls to employers, bank references, and former landlords to determine if the applicant is acceptable. If approved, we then obtain a security deposit equivalent to one month’s rent as well as the first month’s rent.All leases are in writing and are normally written for a one year period. Longer leases are approved after discussion with the property owner. With owner’s approval, during slower rental periods we accept leases for less than a year in order to have the lease expire during the period of heavier turnover months. On occasion we may elect to place a resident on a month to month rental basis to accommodate the owner selling the property, a tenant’s pending departure, or moving the property into a more active rental period.
Inspection of Property
Anytime you desire to do an interior inspection of the property, we must give the resident advance notice. In an emergency, however, the lease agreement permits us to inspect or make repairs to the property at all reasonable hours. Remember, we cannot dictate how the resident keeps the interior of the house. We do perform drive-by inspections of the property to ensure the yard and exterior are being cared for. We do yearly inspections of the interior to be sure that it is being properly maintained by the resident.
Rental Leasing Fee
Your property will be managed at a very competitive leasing fee since we have the means of making it available through other avenues other than just through Multiple Listing Service (MLS) (i.e., yard signs, referrals from previous and current residents, newspaper advertising, etc.). But, as you know, the more prospective renters that see your property, the better the chance it has of renting. We do our utmost to keep all properties rented since our income is based on percentages of rental income.
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