Sunday, February 18, 2018 

Property Management

 

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.

 

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 and may include:
    • Paid and free rental listing websites
    • Signs (if applicable)
    • MLS
  • Work with other leasing agents to find a tenant.
  • Field calls from prospects for questions and viewings.
  • Schedule prospective tenants for showings throughout the week and weekend.
  • Provide prospective tenants with rental applications that are legally compliant with fair housing laws.
  • Collect & process applications with application fee.
  • Provides unique Surety Bond program to attract more prospective renters and increasing financial security for owners.

Tenant Screening and Selection

  • Perform a background check to verify identity, income, credit history, criminal background, eviction/rental history, etc.

Did you know that less than 25% of felony convictions show up in the typical national criminal database? Be sure to ask your Seaside Paradise Rental agent for more detail on the extensive background search they perform.

  • Grade tenant according to your pre-defined tenant criteria.
  • Inform tenants who were turned down.

 

Tenant Move-In

  • Draw up leasing agreement.
  • Schedule 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 initial rent and security deposit or surety bond payment.

 

Rent collection

  • Receiving rent.
  • Hunting down late payments.
  • Posting 3-Day Notice.
  • Enforcing late fees.

"Putting a buffer between you and the tenant makes it much easier to ensure timely rent payments. Renters have a harder time making excuses and asking for special treatment when dealing with a company since they know we have no choice but to follow the law."

 

Evictions

  • Posting 3-Day notices in accordance with state law.
  • Filing relevant paperwork to initiate and complete an unlawful detainer action if necessary.
  • Coordinating with legal and law enforcement to remove tenant and tenants possessions from unit as permitted by law.

 

Legal

  • Refer owner to a qualified attorney if 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 maintenance.
  • Establish a preventative maintenance policy to identify and deal with repair needs.
  • Provide a network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that is up to code.
  • 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.
    • Assist in preparing preliminary estimates.
    • Get multiple independent bids for 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 and/or move out fees.
  • Return the balance of the security deposit to the tenant (if any).
  • Collect any outstanding balances from tenant.
  • Forward uncollectable balance to Collection Agency.
  • 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.

THE BOTTOM LINE:   

From a financial standpoint, is managing your property the best use of your time? Can you afford the risks of a bad tenant or failing to follow the law?

 

Ultimately, your decision to hire or not hire a management company should hinge on whether or not it makes sense financially.  Individual investors will have to assess the opportunity cost of both options based on their unique circumstances.


 
 
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Allen Jenkins
Seaside Paradise Rentals
Ph: 941-923-3905  -  Fax: 941-923-3933
1730 Stickney Point Road
Sarasota, FL 34231
www.seasideparadiserentals.com

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