Property Management Services

State of the Market Although there are signs of stabilization. oversupply of homes on the market and low absorption rates have forced a decline in property values. Low absorption has forced relocating sellers to place their properties into rental programs, causing a record number of vacant, available rentals. Newer (never rented) properties, priced below market are drawing tenants out of previously rented properties which are often less desirable. New apartment complexes add to the oversupply. Landlords are now offering incentives to the limited number of prospective tenants in order to help reduce vacancy loss.

Current Landlord Strategies Retain tenants – aggressively pursue lease renewals 60 days (or more) prior to expiration. Offer incentives if necessary. Maintain properties in above-average condition. Aggressively market properties prior to vacancy and competitive rates and terms, incentives if necessary. Be selective, avoid marginal tenants with unfavorable history. Maintain ongoing tenant communication – anticipate collection problems. Aggressively pursue rental delinquency and eviction if necessary.

Property / Client Set-up  Gather detailed property information.  Obtain photographs.  Input detailed information and photos into MLS  Input detailed information and photos into AHRN.  Add property to all marketing lists.  Order Yard sign from vender.  Add all data to Yardi accounting system.  Establish preferred vender list with client.  Create property information flyer.  Information to key contact list and HR departments of leading employers.  Obtain keys and install lockbox if necessary.  Fee $200

Tenant Procurement  Market for prospective tenants  Accept applications, obtain credit report and check references.  Create lease agreement, appropriate addenda and disclosures.  Obtain tenant signature on lease.  Receipt tenant deposit & initial rent payment.  Deliver lease documents to owner.  Send lease documents to attorney for review.  Cost: one month rent less set-up fees paid.

Full Service Management  Complete property management client setup.  Complete Tenant Procurement.  Fully execute the lease.  Accept deposit and initial rents to escrow account.  Manage all maintenance and repair issues.  Manage all collections and delinquencies.  Complete all monthly accounting & owner reports.  Create annual statements and 1099 forms.  Make short and long term maintenance recommendations to owner.  Fee: 10-15% of rent collected.