Long Term Rental Services

The following is a list of the tasks property managers commonly perform for owners. You may only need some of these property management services.

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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 comparable 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

• Prepare home for rent

• Clean home and optimize interior appeal

• Manicure landscaping to increase curb appeal

• Create ads tailored to the property and advertising medium. Some of the mediums commonly used are:

• Put the property on  rental listing websites

• Work with other realtors and leasing agents to find a tenant

• Provide a 24-hour hot-line where prospective tenants can listen to detailed information about the property

• 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 (when it is possible)

• Perform a background check to verify identity, income, credit history, rental history, etc.(when it is possible)

• 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’s rent and security deposit

 

Rent collection

• Receiving rent

• Hunting down late payments

• Sending out pay or quit notices

• Enforcing late fees

• 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) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.

 

Financial

• Provide accounting property management services

• Detailed documentation of expenses via invoices and receipts

• Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)

• 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 an network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good 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

• Leaf and snow removal

• Maintain and monitor a 24 hour emergency repair hot-line

• Larger renovation or rehab projects

• Provide recommendations on how the project can maximize rental income.

• Act as general contractor overseeing the work

 

Tenant Move Out

• Inspect unit and fill out a report on the property's condition when the client moves out

• 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

This isn't intended to be a comprehensive list of property management services, but it should give you a fair idea of the scope of a property management company's activities

 

At this point you may be thinking, "Ok, so that's what what they can do, but how does all of this benefit me and relate to the big picture of my real estate investment strategy?". Keep contact us and find out.

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