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
- Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary, but should include looking at the recently rented comparable properties according to size and type.
- Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking etc.
- Install a safe
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. Some of the mediums commonly used are:
- Paid and free rental listing websites
- Print publications
- Work with other realtors and leasing agents to find a tenant
- Meet prospective tenants for viewings.
- Provide prospective tenants with rental contracts that are legally compliant.
- Collection of all monies on the signing of contracts.
Tenant Screening and Selection
- Perform a background check to verify identity, income, credit history, rental history, etc.
Tenant Move In
- 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. including inventory
- Receiving rent
- Hunting down late payments
- Sending out pay or quit notices
- Enforcing late fees
- Filing relevant paperwork to initiate and complete action
- Representing owner in court
- Coordinating with law enforcement to remove tenant and tenants possessions from unit
- Advise in the event of a legal dispute or litigation
- 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.
- 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
- Provide accounting property management services
- Make payments on behalf of owner (Mortgage, insurance, PUP 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. i
- 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 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
- 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
- Re-key the locks
- Put the property back on the market for rent
N. Seventeen Inc. has seen thousands of applications and knows how to quickly dig for the real facts about candidates and analyze that information for warning signs. By allowing N. Seventeen Inc to handle the screening, you will also be shielding yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. This kind of experience takes time, and it means avoiding bad tenants, scams and lawsuits it is arguably one of the most significant benefits a property management company will provide.
Our experience shows it only takes one troublesome tenant to cause significant legal and financial headaches. N. seventeen Inc is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential law suit.