To 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 it should include looking at recently rented comparables according to size and type

• Discuss with owners the pros and cons of policies such as accepting pets, allowing smoking, etc.

• Installation of a lock box where appropriate

Market the property for rent

• Prepare the unit for rent

-Clean and optimize the interior appeal

- Manicure landscaping to increase curb appeal

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

-Paid and free rental listing websites

- Print publications

- Signs

-MLS

-Fliers

• 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

• 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 a leasing agreement

• Confirm the move-in date with the tenant

• Review lease guidelines with the tenant regarding things like rental payment terms and any required property maintenance

• Ensure all agreements have been properly executed

• Perform a detailed move-in inspection with the tenant and have tenants sign a report verifying the property's condition before move-in.

• Collect advanced rent and security deposit as required by lease agreement

Rent collection

• Receiving rent

• Following through on delinquent 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 tenant’s possessions from unit

Legal

• Advise in the event of a legal dispute or litigation

• Refer the owner to a qualified attorney when necessary

• Understand and abide by the latest local, state, and federal legislation that applies to renting and maintaining rental properties

Inspections

• Perform periodic inspections (inside and outside) on a predefined schedule to identify 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

• Make payments on behalf of the owner (Mortgage, insurance, HOA dues, etc.)

• 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

• Advise owner on relevant tax deductions related to their rental property

• 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 a 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 limb debris removal from common areas and parking lots after storm events

- Landscaping

-Removing trash and debris

• 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 the 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 when appropriate

• Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.

• Clean the unit and perform needed repairs or upgrades

• Re-key and remove access to electronic lock systems

• 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 offerings*