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 you to determine the optimal rental rate.
Discuss with you the pros and cons of different policies such as accepting pets, allowing smoking etc.
Install a lock box
Market the property for rent
Create ads tailored to the property on the following sites:
Zillow
Hotpads
Trulia
Military By Owner
Rentals.com
Facebook Marketplace
MLS
Work with other realtors and leasing agents to find a tenant
Provide a 24-hour hot-line where prospective tenants can reach out to set up showings
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.
Grade tenant according to pre-defined tenant criteria
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 months rent and security deposit
Rent collection
Receiving rent
Hunting down late payments
Sending out pay or quit notices
Enforcing late fees
Evictions
Filing relevant paperwork to initiate and complete an unlawful detainer action
Representing owner in court
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) 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
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 annual reporting, structured for tax purposes as well as required tax documents including a 1099 form
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 all maintenance crews
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
Sprinkler blowouts/ re-activation
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.
Prepare preliminary cost estimates
Get multiple independent bids for the work
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
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
