Outsourcing rental management service means you have the opportunity to save some valuable time for yourself while your representatives takes care of all the tasks including charging scheduled fees for the property that is being occupied by the tenant under fixed tenant agreements, tenant management etc.
About rental management
Rental management and relevant aspect occupies a big segment in real estate business. Rental and tenant management encompasses showcasing prospective tenants the property that has the potential to be occupied at residential or commercial purposes.
In certain cases, rental managers are often responsible for hiring contractors to maintain a well-maintained house. From Here onward you will get a simplified idea about what our functionalities are in rental management business.
- Rental management comprise both property rent and leasing functionalities.
- This management process creates a liaison pool between landlord and renters.
- Takes in account tenant requirement management process.
- Scheduled tasks as a representative of landlord for a tenant accommodations.
Tenant screening and selection process
- Carry out a background check to verify identification, wages, credit history, rental history, etc.
- Categories tenant according to pre-defined tenant criteria;
- Notify tenants who have been turned down
- Develop a lease agreement
- Confirm the date of move with the tenant
- Review the tenant’s lease guidelines with respect to such things as rental payment terms and required property maintenance.
- Ensure that all agreements have been executed correctly
- Carry out a detailed move-in inspection with the tenant and have the tenants sign a report verifying the condition of the property before moving in.
- Collect rent and security deposits for the first month.
Inspections & Rent collection
- Conduct annual inspections (inside and outside) on a predefined schedule for maintenance needs, safety threats, code breaches, lease infringements, etc.
- Submit annual reports on the state of the property to the owner
- Obtaining rent
- Hunting down deferred payments
- Sending out notices of pay or leave
- Enforcing late charges
- Provision of accounting land management services
- Payment on behalf of the owner (mortgage, insurance, HOA fines, etc.)
- Detailed reporting of expenditures by invoices and receipts;
- Preserve all historical documents (paid invoices, rentals, inspection reports, assurances, etc.)
- Include an annual report, standardized for tax purposes, as well as the necessary tax documents, including the 1099 form
- Notify the owner of the applicable tax deductions relating to their rental property
- Include easy-to-read monthly cash-flow statements that provide a comprehensive overview of income and itemized expenditures
Maintenance, Repairs & Remodeling
- Have and supervise an in-house maintenance crew;
- Create a proactive maintenance policy to define and resolve repair needs;
- Have a network of licensed, bonded and fully insured contractors that have been checked for fair pricing and good work that is up to code.
- Assigning jobs to various parties (domestic workers, craftsmen and specialist contractors) on the basis of who can do the best job at the best price.
- Protecting outdoor areas
- Removal of leaves and snow
- Removal of garbage and litter
- Maintain and track a 24-hour hot-line emergency repair service
- Broader renovation or repair projects
- Include guidance on how to increase rental income for the project.
- Prepare preliminary estimates of costs
- Get multiple independent job offers
- Serve as a general contractor overseeing the work
Evictions & Legal subjects
- Filing the necessary paperwork to initiate and complete an illegal detainer action
- A representative of the owner to the court
- Coordination with law enforcement to remove illegal possessors from the unit
- Advising in the event of a legal dispute
- If appropriate, refer the owner to a competent attorney.
- Recognize and abide by the current local, state, and federal regulations on the leasing and maintenance of rental properties.
- Inspect the unit and report the state of the property when the client moves out
- Include a copy of the tenant as well as the estimated damages
- Pay the balance of the security deposit back to the tenant.
- Advance any part of the owner’s tenant deposit to the owner or to the owner’s reserve for repairs.
- Clean unit and perform the necessary repairs or upgrades
- Re-key the door
- Put the property on the rental market again