Well-managed income property can be an excellent investment over the long term. With its unique tax advantages and the right amount of leverage, real estate is important part of any well-balanced portfolio.
It takes a careful mix of market analysis, proper tenant screening and managing operating costs to maximize the long-term return on an investment property. The performance of your investment comes down to a multitude of small details — finding the best tenant, getting the best price on supplies, timely placement of advertisements, the right level of preventative maintenance, and numerous other tasks.
Our experienced staff of professionals is committed to carefully managing all the details that make the difference through all phases of the management cycle:
Unit Preparation & Maintenance: Our professional maintenance staff will make sure that your units are promptly prepared for new tenants. We will fix Items that need repair, perform upgrades as necessary, and make sure each unit is cleaned and painted so it looks great for your next tenant.
Market Analysis: We are constantly evaluating the rental market to be sure that your units are priced optimally. If rents are too low, there will be an obvious loss of revenue. If rents are too high, units will take a long time to rent, and the revenue lost due to vacancies will negate any gains from the higher rental rates.
Advertising: In addition to posting vacancies on our website, we will put together an advertising package that is appropriate for your property. Through volume purchasing, we can often save you money and make your advertising dollars go farther.
Showings: Units are promptly shown to prospective tenants at their convenience.
Tenant Screening: Finding and keeping good tenants is crucial to the financial success of your investment property. Once a tenant submits an application, a rigorous screening process begins. We check each applicant’s credit report, legal history, and references.
Lease Signing: Once a tenant has been accepted, we secure a written lease or rental agreement. Our leases are carefully designed to help protect the owner from problem tenants. Security deposits must be collected at the time a lease is signed.
Move-In Inspection & Tenant Orientation: Tenants are required to participate in a move-in inspection with their property manager. This helps us identify any damage that may have occurred over the course of their lease. In addition, each tenant is given an orientation which helps ensure that the tenants are informed about how to contact us with problems, what their responsibilities are, and to avoid any misunderstandings that can lead to problems down the road.
Rent Collection: Rents are due on the 1st of the month. A 5 day grace period is given for late payment. Failure to pay by the 5th will result in penalties and the tenant will be served with a 5-day notice to quit or pay rent.
Inspections: Properties are inspected periodically for signs of damage, general upkeep, or other problems that require attention.
24/7 Answering Service: We are available during normal business hours, and there is always a property manager and maintenance technician on call after hours. Our answering service will contact someone in the event of an emergency.
Bookkeeping: We perform complete bookkeeping services for all our property owners. Our services include both payables and receivables. Note that all rent monies are kept in our real estate trust account and are not commingled with our own funds.
Financial Reporting: Each month you will receive a set of financial statements, including an income statement, a balance sheet, and a tenant roster with the rent collection status. We also send copies of all maintenance work orders for the month. At tax time, you can give your year-end financial statements to your accountant to help in preparing your Schedule E.
Move-Out Inspection: When tenant moves out, we will perform a comprehensive inspection and compare the condition of the unit to the way it was when the tenant moved in referencing the Move In Inspection report. Any items that are not normal wear and tear will be deducted from their security deposit.
Security Deposit: Once the final expenses have been reconciled, the balance of the tenant’s security deposit along with an accounting of any deductions will be returned to them within the 21-day statutory time limit.
Evictions and Legal Actions: In the unfortunate event that a relationship with a tenant results in legal action, we will work towards evicting the tenant and recovering damages for you. State laws prohibit us from representing owners in court; however, we have relationships with legal counsel that specializes in landlord tenant matters.