Wanna BE A Landlord But Don’t Know the Risk
For owners who do not live close to their investment property, the higher the cost on the owner to make required regular visits for maintenance, inspections, collections.
Can the owner handle the stresses that can occur? Example: illegal business activity in dwelling where police are involved, tenants who are noisy and disturb neighborhood, allow unauthorized individuals to occupy the dwelling. Does owner understand how to handle legal dispute or litigation?
Does the owner have a full-time job that would distract their attention to tasks needing to be completed at investment property?
Does owner have experience with maintenance and repairs? Does an owner know people in various trades that they can manage to handle maintenance? Is the owner capable of being available 24/7/365?
Does the owner have the time to market the property, take time to show the property, return inquiries? Is the owner able to determine an accurate rental rate for the investment property? Does the owner know fair credit reporting laws when screening tenants?
Can the owner properly handle tenant funds and deposits? Is the owner aware of the laws that governing the handle of tenant deposits?
Does the owner understand agreements and contracts? Is owner willing to pay a lawyer for this kind of assistance?
Is the owner willing to confront tenants about late payments and willing to pursue eviction?
WHY HIRE URBAN LUXE PROPERTY MANAGEMENT?
- Ability to list the property to other real estate brokerages and advertise through multiple internet platforms via syndication partnerships with Multiple Listing Service. *Co-broke fee will apply
- Honest photography showing all interior rooms, exterior views – not just one photo.
- Take dimensions of interior rooms and include in listing to give an idea to prospects the size and how their belongings would fit into the property
- Use of factual information in listing, not fluff
- Use of yard signs with owner’s permission
- Field calls from and respond to leads, engage with leads, pre-qualify leads prior to showing
- Show property to qualified leads
- Handle the due diligence in the rental application process. Analyze each adult individual credit report, check for criminal background, check for prior eviction history, check for current/past bankruptcies, verify employment/income, verify rental history
- For properties allowing pets, obtain detailed information on pet. Tenant must abide by pet addendum and carry renter’s insurance to reduce owner liability
- Draw up lease agreement documentation, but allow property owner to review and sign to ensure mutual agreement with terms and conditions of lease
- Collect move-in costs and deposits. Hold tenant deposits in trust for owner.
- Handle tenant move-in/move-out
- Provide tenant customer service while keeping owner maximum return/minimal expense in mind. Quick response time, constant communication/updates
- Perform occupied property inspection midway to lease expiration
- Strive for tenant retention at end of lease term
- Lease documentation filed in-house, always available for owner review, owner always given copies
- Property assets documented, warranties if available, kept on file
- Monthly profit and loss statement provided to owner
- 1099-MISC generated at year end for owner tax purposes
- Collect monthly rents, ensure rent is collected on time, ensure late fees are collected for late rent received
- Handle transaction privilege tax (rental) tax for owner rental business activity. Assist owner with obtaining proper business license. Handle tax filing based on tax filing frequency estimated derived from estimated annual income (includes filing when no income received)
- Other financial reports available at owner request
- On call 24/7/365 for emergencies
- Handle tenant maintenance requests, screen unnecessary requests, notify owner of necessary requests
- Provide professional vendors to locate root cause and quickly resolve repairs/issues. Owner able to select vendor.
- Pay vendor from rental income or other method owner designates. *W-9 and Certificate of Liability Insurance required on file to pay vendor*
- Track all maintenance requests for historical property maintenance
- Charge tenants for maintenance work that resulted from tenant behavior
- Recommend seasonal maintenance to owner
- Identify potential safety issues when performing property inspections – believe in proactive approach
- Send Notices of nonpayment of Rent by certified mail (requirement of eviction process)
- Send Notices of Material Noncompliance of Lease Agreement by certified mail (requirement of eviction process)
- Access to Eviction Attorney at reduced rate to file forcible detainer
- Attorney attends hearing (court date) on owner’s behalf
- Attorney handles Writ of Restitution if verdict in owner’s favor
- Attorney handles Constable service if tenant fails to vacate premises