Market Rent Analysis
Rental Management Solutions will evaluate the rental property, research market comparable properties utilizing its vast database of rental comps and utilize our expertise of the market to recommend a rental rate that will maximize the income potential for your rental property.
The operating budget is a must have for any serious investor of a multi-family portfolio and Rental Management Solutions has the skill and experience to make this happen for you.
The operating budget provides a projection of income, expenses and profit based on realistic numbers. Rental Management Solutions has over 15-years experience in creating and performing to multi-family operating budgets. Call us today to see how we can help!
Property marketing is about exposure, awareness and ultimately generating traffic. Rental Management Solutions has a dedicated department who's primary goal is to create and drive traffic to your property. Rental Management Solutions utilized yard signage, local newspaper, telephone book listings, bus bench advertising, vehicle decal advertising, flyers, referral programs, company website, internet listing services, social networking, and partnerships with local businesses.
Rental Management Solutions has the staff available to show your home. The leasing process involves setting the appointment, meeting the prospect at the home, giving a guided tour through the home and determining the needs of the prospect, the leasing agent will highlight how the home meets the needs of the prospect and attempt to close the sale by asking for an application.
Post tour (assuming an application was not submitted), Rental Management Solutions continues to follow up with the prospect in an attempt to secure the rental application.
Most importantly, Rental Management Solutions tracks and monitors the traffic on your home to identify issues that may be keeping your home from renting and will make recommendations with the goal of leasing your rental home fast.
Tenant screening for your rental home is an extremely important aspect of protection your investment. Rental Management Solutions will conduct a credit check, a criminal background check, and eviction search, residential history check and reference check. Rental Management Solutions will verify all household income to ensure the applicant has the ability to pay not only your rent but all of their other bills as well. Screening will significantly improve the chances of a quality resident in your rental home.
Section 8 Management
Rental Management Solutions thinks it is important for the property owner to decide if Section 8 will be accepted at their rental home. Rental Management Solutions is more than happy to discuss our experience with the various assistance programs outlining the pro's and con's as we see them.
If Section 8 is right for you, Rental Management Solutions has a long standing relationship with the various assistance programs. The documentation and inspection process is a familiar responsibility and we are more than happy to manage the steps for you.
Lease Paperwork Preparation and Execution
The Rental Agreement and relevant addendums are one of the most important aspects of rental property. The Rental Agreement outlines the relationship between the rental property owner and the tenant. This includes the rental rate, the security deposit, the late fees, expectations of when rent should be paid and how the property should be maintained. The Rental Agreement also provides the legal tool necessary to take action if the tenant does not uphold their end of the bargain.
Rental Management Solutions ensures that the proper lease documentation is used, prepared and executed. This provides a level of security in dealing with any potential issues that may occur at your rental home should they occur.
The move-in inspection is the primary source to document the condition of your home prior to a tenant taking possession. The move-in inspection will be used to determine if a resident has damaged your home and will be referenced during the quarterly inspections and at move-out. Rental Management Solutions utilizes a comprehensive move-in inspection checklist and provide backup in the form of photo images. The move-in inspection and a printed version of the photos are signed by the tenant at move in and become a part of the Lease Agreement.
Resident Correspondence & Issue Resolution
Tenants occupying your rental home will at times have issues that do not pertain to maintenance or rent. There are times when a resident is not being a good neighbor or may have decided to get a pet when they were not supposed to. These types of lease infractions must be dealt with in a very specific way and Rental Management Solutions has lost of experience resolving these issues in a way that protects your agreement and keeps the resident in place throughout the remainder of the agreement.
The payment of rent is the primary reason you own a rental home. Rental Management Solutions takes the rent collection process very seriously. Our approach includes providing enough flexibility to account for legitimate life issues that may lead to a late payment here and there while at the same time minimizing the number of serial late and non-pay residents.
The collection process Rental Management Solutions employs is very effective and consists of a combination of written reminders, telephone communications, late fee penalties. The result is a very high collections success rate or the quick identification of tenants that need to be evicted.
The eviction process can be tricky. There are required notices that must be given, there are fair housing components that must be recognized and a timing aspect that must be taken into consideration. Rental Management Solutions has the processes down to maximize the timeliness of the eviction allowing Rental Management Solutions to minimize the amount of time that the rental property is non-income generating. Rental Management Solutions will take care of all the administrative requirements of the eviction, be present at the eviction hearings and process the move-out in the most efficient manner possible.
Maintenance is the number one driver of costs for the rental home owner. Rental Management Solutions will document all incoming maintenance requests from the tenant, address the maintenance as directed by you in the management contract, charge back all damages or issues caused by the tenant and provide reporting to outline the issue.
Rental Management Solutions has an on house maintenance department capable of resolving most issues that will arise with your rental home. The rates charges are typically far less than a typical plumbing, electrical, or HVAC contractor would be able to charge. If you prefer to use a contractor for your maintenance needs Rental Management Solutions is more than happy to manage that process for you as well by reporting issues, setting up access and tenant contact information.
Rental Management Solutions is equipped to resolve your after-hours maintenance emergencies. Generally speaking an after-hours emergency is anything that cannot wait until the next business day without causing damage to your property. Rental Management Solutions has a member of the management staff and a qualified service technician n call at all times.
Quarterly inspections are very important tool in the protection of your rental home. Rental Management Solutions will visit your rental property on a quarterly basis, change the filter, check the smoke alarms and inspect the home for obvious tenant damage, sanitary issues and unauthorized pet or people issues.
If a lease violation occurs then Rental Management Solutions will have the ability to deal with it in real time rather than at move out. Damages that are discovered are repaired and charged to the tenant immediately saving the property owner money. Sanitary issues, unauthorized pets and people are resolved with the goal of protecting the condition of your home.
Property Bill Pay
Rental Management Solutions will pay all property bills utilizing the funds collected from rents. This may include maintenance, utilities, HOA fees, mortgages, taxes and insurance. Of course this is all at the property owner's discretion and can be set up to meet your individual needs.
Rental Management Solutions will provide a monthly accounting packet that will provide you with all of the necessary information to evaluate financial performance of your rental property. The accounting packet includes an Owners Statement, Rent Roll, 12-Month Profit and Loss, Delinquency Report and an Aged Payables Report. In addition, the reporting packet will include a cover letter summarizing the information along with any other property information. If there is ever a question Rental Management Solutions is always available to give you answers.
Move- Out Inspections
The move-out inspection process is what determines the condition of your rental home when the tenant moves out. Rental Management Solutions utilizes a comprehensive move-out inspection checklist and provide backup in the form of photo images. The move-out condition will be compared to the move-in condition along with the photos to determine damages, charge back the tenant and withhold funds from the security deposit.
Security Deposit Management
Security Deposits must be returned to the tenant within a certain amount of time per Landlord/Tenant law. If the deposit isn't returned or if a statement of charges isn't provided within this time frame the tenant may be entitled to damages. Rental Management Solutions has the resources to ensure this very important function occurs in a timely manner. Rental Management Solutions will complete the move out process, charge the resident any property damages and ensure that the remaining deposit and settlement statement are delivered in the appropriate time frame.
Turnover maintenance is usually the most challenging task for a property owner to complete. Rental Management Solutions is well equipped with the resources necessary to manage this process for you. Rental Management Solutions will complete a property assessment that will identify any maintenance or cosmetic issues that need to be addressed and prepare a detailed list of those items. Using that list cost estimate will be prepare and presented to the rental home owner outlining the issues and cost. The rental home owner may then contract the maintenance department to complete those repairs in full or in part. The list is also available to the rental home owner in the event that there are items they would like to address themselves. The primary goal of this process is to get the rental home back on the market as soon as possible. Vacancy is expensive and the home cannot be rented until it is ready and back on the market.
The rental home owner has to deal with legal issues all of the time. Fair Housing Compliance, Landlord/Tenant Law, Personal Injury Claims, Evictions, Collections, Lease Disputes, Insurance Claims just to name a few. This is where Rental Management Solutions can really be of assistance. Rental Management Solutions spends a lot of time and effort ensuring compliance with policy and procedures that avoid exposure these types of liabilities.
Unfortunately, our processes do not eliminate only minimize exposure. However, when you are a client of Rental Management Solutions you have a real partner in dealing with these types of issues. This includes access to tenant documentation, issue documentation, legal counsel and industry expertise.