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- Advertise property by means and methods that Broker determines are reasonably competitive
- Place “For Lease” signs on the property according to applicable law
- Negotiate and execute any leases and amendments on behalf of the owner
- Collect and deposit rents into an escrow account for the owner and disperse in a timely manner
- Initiate and Prosecute, at owners expense, actions to (a) Evict tenants (b) recover possession of the property or (c) recover lost rent and other damages
- Maintain accurate records and retain such records for not less than 4 years
- Remit, each month, the following terms to the owner (a) Funds collected, less authorized deductions (b) a statement of receipts, disbursements, and charges
- Remit annually a final report of rents collected, repairs made and fees disbursed.
- Hire contractors to make emergency repairs to the property that necessary to protect or the health and safety of a tenant.
- Hire contractors to provide general maintenance
- Contract for utilities during vacancies
- Perform other necessary services related to the maintenance of the property
- Prepare property for the next tenant – Make Ready
Determining which tenant to rent your investment property out to can be one of the most confusing areas of property management for many real estate investors, especially if you’re new at it.
On one hand, you want to make sure you choose the most responsible tenant possible; a tenant who will pay his or her rent on time and one who can be relied upon not to destroy your property. You want to make a profit from renting your home, not have it sit empty for weeks while you make repairs from previous tenants. Yet, at the same time, you must make sure that you abide by fair housing laws.
Key Realtors can help you
- Verify information and references in rental applications from prospective tenants
- Conduct thorough criminal background on prospective tenants
- Conduct a credit history analysis on the prospective tenants
- Verify that income is sufficient to maintain the debt
A competent property manager can add significant value to your investment, which is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold. Here are a few ways that Key Realtors can help to increase your revenue:
- Market the property at current market prices
- Market the property at the time a notice to vacate is provided
- Maintain a list of prospective tenants
- Collect late fees and other charges as provided by the lease agreement
- Screen tenants well for long term lease opportunities