What we do as Professional Property Managers
Most experienced rental (investment) property owners prefer using professional property managers because they know that good property management is the key to keeping tenants happy, minimizing vacancies and getting the most from their maintenance budget.
New property owners may sometimes manage their own properties in hopes of saving money by doing everything themselves.
Good plan if there aren’t any problems. Part-time property managers soon realize that they spend a lot of time placing ads, showing properties, screening tenants, collecting rent, overseeing, and/or doing the repairs and maintenance themselves.
Property Management is a full-time job!
We aim to make owning your own rental property hassle-free and profitable by taking care of every aspect of leasing and managing of your single family home, condominium or small apartment complex.
Our goal is to help you, period. End of story.
HERE IS WHAT WE DO AS PROFESSIONAL PROPERTY MANAGERS.
- We are professional realtors so the first thing we do is actively market you property through the (MLS) Multiple Listings Service which is distributed to the most popular real estate sites on the web.
- We don’t stop there. We also post your rental listing in some of the most popular sites not fed by MLS, including Craigslist and Oodle Marketplace.
- For certain property types and demographics, we’ve found that traditional medias including newspapers are still effective.
- Remarkably, professional yard or properly placed window signs are very effective in reaching people driving or walking by your property.
- Open Houses is another great ways to get prospective tenants.
- Getting the right price for your rental property is vital to making a good return. A vacant home is as counterproductive as is a unit that is priced too low. Either way, you are not maximizing your potential income. So in addition to performing a Comparative Market Analysis (CMA) of the relevant comparable (leased) properties in your property’s area, we also call and review available comparable properties to see what your competition is.
- Annual Rent reviews and analysis are always conducted before renewal of your tenant’s lease.
TENANT SCREENING & SELECTION:
- We verify all applicant information and complete an up-to-date credit and eviction report.
- We require that all adults residing in your property go thru our screening process and sign the Lease Agreement.
- We contact the applicant’s previous landlords to verify their rent payment history, including late payments, damages, pets and other factors that pertain to their tenancy.
- We contact the applicant’s current and previous employers for verification of employment history and income.
- We verify that applicant’s current income is appropriate for the rental amount.
- We require that upon move-in, the security deposit and any additional move-in fees, along first month’s rent are paid by cashier’s check or money order.
- Applicants proposing to move in with pets must get your approval. If approved, they are required to complete a pet addendum, pay an extra pet deposit and a monthly pet fee, giving you additional income.
- All Security Deposits received are deposited into a separate, non-interest bearing trust bank account.
- We conduct a walk thru inspection/review of the premises with the tenant(s) prior to their taking possession.
- The Lease Agreement, Lease Addendum and Hermitage Property Management Rules & Regulations, and any other relevant documents are reviewed and signed by every tenant over 18 years of age.
- Tenant responsibilities are reviewed so the tenant has a clear understanding of owner/landlord policies.
RENT PAYMENT AND COLLECTIONS:
- Rent is due on the 1st of each month and is considered late if received after the 3rd business day of the month. At this point late fees begin to accrue.
- 3 days after receipt of rent, the funds are deposited into owners’ designated account.
- If a tenant fails to pay rent by the 3rd business day, notices to pay or quit are sent out to the tenant.
- If a tenant is frequently late in making their rent payments on a timely basis, we will consult with the tenant to try and improve their rent payment history. Should the tenant continue to be late, we will begin eviction proceedings, with owners approval.
- If a tenant pays their rent by check and it results in a non-sufficient funds (NSF) notice two times during the lease lease term, they will be required to pay their rent by cashiers check or money order for the balance of the lease term.
- When requested, we provide itemized transaction reports, along with original work orders and receipts.
- Original receipts and work orders are kept on file and duplicates are mailed to you on a monthly basis. The original work orders and receipts are kept on file and are provided to you at the end of the year for tax preparation
- Every transaction affecting your account is recorded and explained in detail. Our reports provide transparent detail so you can see exactly what is happening with your property.
PROPERTY INSPECTIONS & REVIEW:
- We conduct frequent interior & exterior inspections.
- We regularly schedule routine maintenance, (with your approval).
- Tenants are always notified of pending property inspections in writing. Inspections are conducted with the tenant present, using the property condition form that was executed by the tenant upon move-in. We compare for discrepancies, missing items, and any damage.
- We use only qualified, independent, vendors and subcontractors to do repairs and maintenance. (Each has been previously used and assigned so we trust them to manage ours and your properties)
- For major repairs, we require a minimum of three written estimates. Nothing is done without your approval.
- We make spot checks and follow-up inspections on work done on your behalf. Each job is fully documented in writing and supported with receipts.
OWNER / TENANT RELATIONS:
- We answer our phones 24/7 so you don’t have to. We want to make sure emergencies are handled quickly.
- We respond to all calls and follow-up any questions, concerns or complaints as quickly as possible.
- We strive to keep great relationships with both owners, tenants and vendors.
- We always try to insure that the owner’s property is always properly maintained and monitored.
- Leasing: Our job is to know the rental marketplace in Orange County. We understand the market and strive to market your property using methods developed to find you the best tenants you want at competitive market rents.
- Financial: Honesty and integrity is paramount, so we strive to maintain accurate records for you peace of mind. We’ll manage every aspect of your investment, from collecting rent to paying bills. Upon receipt of your rent check, we’ll send you a check, transfer funds electronically, or pay your mortgage??? Any transaction will be accompanied with a statement of your account. All income and expenses are clearly stated. We provide itemized monthly and annual account statements.
- Maintenance: It’s our job to make sure that your property stays in top condition, so we’ll make periodic visits to check that everything’s in order. We answer our phones 24 hours a day (weekends and holidays included) to make sure that emergencies are handled quickly, and supervise all repairs to verify they’re made correctly.
- Our leasing and management fees: Our fees are all-inclusive and are deducted from the rent before funds are forwarded to you. If you don’t get paid, we don’t get paid, so we are highly motivated to get your property rented as quickly as possible by the best tenant possible.
You probably have lots of questions. if so, please check out our Frequently Asked Questions, (FAQ)