Evaluate the property and determine an accurate rental rate
- Gather data on rental rates in the area and determine the appropriate rent based on size and unit type
- Offer recommendations and referrals on repairs and cosmetic improvements that maximize monthly rent while providing a growing ROI.
- Review with owners the pros and cons of different policies such as accepting pets, allowing smoking etc.
- Install a lock box on property
Market the property for rent
- Create ads tailored to the property and advertising medium. Some of the mediums we commonly use are:
- Paid and free rental listing websites and print publications
- 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.
- Provide prospective tenants with rental applications that are legally compliant with fair
- Collect applications and process application fees
Tenant Screening and Selection
- Perform a background check to verify identity, income, credit history, rental history, etc.
- Grade tenant according to pre-defined tenant criteria
- Provide notice to tenants who were not approved
Tenant Move In
- 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 months rent and security deposit
- Receiving rent
- Track late payments and followup with tenants
- Sending out pay or quit notices
- Enforcing late fees
- Filing relevant paperwork to initiate and complete an unlawful detainer action
- If necessary, coordinating with law enforcement to remove tenant and tenants possessions from unit
- Perform periodic and thorough inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
- Send owner periodic reports on the condition of the property
- Provide accounting property management services
- Detailed documentation of expenses via invoices and receipts
- Maintain all historical records (paid invoices, leases, inspection reports.)
- Provide annual reporting, structured for tax purposes as well as required tax documents
including a 1099 form
- Provide easy to read statements which offer a detailed breakdown of income and itemized
Maintenance, Repairs, and Remodeling
- Assign jobs to preferred vendor list
- Compiled list of most cost effective and thorough contractors
Tenant Move Out
- Inspect unit and fill out a report on the property’s condition when the client 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.
- Put the property back on the market for rent