Scope of Services
Learn more about everything that goes into property management.
What goes into leasing a property?
Leasing the property is covered by the leasing fee. Leasing the property can include conducting a rental analysis for the property and setting the rental price, ensuring the property is rent-ready, installing signs and lockboxes, taking digital photos to market on relevant sites, marketing the property, and coordinating showings. These initial items can be time-consuming but are essential to preparing adequately for a tenant’s move-in. Processing applications, preparing lease documents for electronic signature, and processing move-in paperwork all also fall under this category. You can learn more about the leasing fee, here.
What goes into tenant management?
Tenant management is covered by the management fee. You can learn more about different fees, here. Tenant management can include things like rent collection, responding to any tenant concerns, and enforcing the lease terms, including unauthorized pets and tenants. Other tenant management items could include:
- Holding security deposits
- Inspection walkthroughs
- Managing lockouts
- Following up on HOA or neighbor complaints
- Appropriately handling the eviction process Managing the tenant renewal process or move-out procedures
What goes into managing the property?
Managing the property is covered by the maintenance coordination fee, and can cover a range of issues. Some aspects of managing a property happen regularly, like lawn care services, maintaining keys, and re-keying properties between tenants, etc.
General Office Services
General services that we provide to our clients include common things that are primarily covered by the management fee. These items could include, but are not limited to:
- Owner services
- Maintain a rent trust account to receive and disburse owner’s funds
- Manage owner reserve requirements
- Anticipating vacancy expenses
- Owner reports and distribute the money
- Offer credit card system for owner to advance money
- Provide year-end 1099 to the owner as required by IRS
- Provide monthly financial reporting to owners through owner statements
- Provide monthly versus year-to-date cash flow statements to owners
- Deal with escrow account issues
- Store owner and tenant records and property documents for three years
- Manage a separation checklist, balance, and close escrow accounts
- Maintain regular operating hours
- Office phone system, email, and website
- Agent cell phones
- Hi-tech computer software systems and office equipment
- Regular training for staffStay current with memberships and affiliations
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The above does not serve as an exhaustive list of all services. To learn more about the services we provide and what hiring a property management company could look like for your property, contact us here. To learn more about rental real estate, our services, and more, visit our learning hub, here.