No criminal history is another positive indicator. There are plenty of bad tenants who have no criminal history and there are some outstanding tenants who have criminal histories. The criminal history is another important facet to understanding whom we are dealing with.
If you've never hired the services of a property manager before, you'll probably want to learn as much as possible about the process and what exactly property managers' portfolio entails. In the broadest sense, here's what all property managers do (or promise to do):
We All Must Start Somewhere.
Collect rents. Place rents into an escrow account. Disburse funds to pay bills, income to landlords, and fees to the property management company.
Keep a record of all money and receipts and furnish that record on a regular basis to the landlord.
Deal with HOA/COA.
Manage tenant relations including maintenance requests and late fee notices. We also deal with a laundry list of tenant problems: unauthorized guests, unauthorized pets, parking issues, tenant cleanliness, noise violations, neighbor complaints, etc. If necessary, we manage the process of prosecuting actions to evict tenants.
Ensure compliance with state laws, local ordinances, licensing requirements, association rules, Fair Housing laws, insurance requirements, and IRS requirements.
Manage and dispatch handymen as needed.
Inspect the property at the time of move-in at the time of move-out and make random inspections during tenancy.
Money in general does not flow from the landlord to the property manager. Money flows from the tenant to the property manager to the landlord. Fees and commissions are withheld from collected rents.
Our standard agreement is a one year term, but either party can terminate the arrangement with a 30-day-notice.
The next step is to learn a little more about what differentiates us from other property managers.
[Learn more about our property management services now.]
