WHAT YOU CAN EXPECT:
Frequently Asked Questions (FAQ)
How fast will it rent?
Will the property be well cared for?
What will your tenants expect?
What is the leasing procedure?
How will my property be maintained?
What will the increase in value mean?
Maintaining the value of your investment.
What is the process from start to finish?
How fast will it rent?
Single Family Homes in good condition average 30 to 45 days from the date it is in showable condition.
Town homes may take a bit longer. Plan on 60 days vacancy.
Condos are similar to apartments, a condo can take 90 days to lease.
The rent amount effects vacancy time. Properties under $1,000.00 month rent very quickly. A large custom home will have a much smaller market base. Placing custom homes in with Multiple Listing Service may be necessary to find a qualified tenant
Condition effects vacancy time and rent amounts. We do not show properties that are not in rent ready condition. We expect the tenant to return the property in good condition, therefore we show it in good condition. We want quality tenants, who want quality homes.
Management plays a large part in leasing the property to high quality tenants.
property be well cared for?
Inspections, quality tenants, Why property inspections done? Preserve value, plan for larger expenses,
What happens when rent is late? Rent is due on the first, late on the second, late fees on the 5th . We check post mark dates and retain envelopes. Any unpaid tenants are served legal notice between the 6th and 10th (depending on weekends and holidays). If rent continues to be unpaid legal procedures are taken per the Arizona Landlord Tenant Act. All legal matter are handled through an attorney. All cost of notice and legal fees are billed to the tenant as they occur. If a tenant is evicted and we have a legal judgment, the judgment is placed in collections.
Annual maintenance inspections are performed with owner approval. The inspection covers all items except air conditioning and heating units. When tenant do not report small leaks and damage is caused, we do the repair and bill the tenant for the portion of the billing that is to repair the damage.
Air conditioning servicing is done with the approval of the owner prior to each new tenant. And inspection should be done once every two years when a long term tenant is in place. Servicing the unit will help avoid the early replacement of a large expense item.
Landscape service provided by the owner is recommended. Landscape services help maintain the value of the property, lessen liability caused by tenants trying to trim trees or get up on the roof. The proper and timely trimming of trees prevents damage of persons and property due to wind storms. Well maintained and correctly timed watering systems are required to keep the landscaping in good health. With our 115 deg + summers watering daily is almost a must.
Pool service provided by the owner is mandatory. Most tenants either do not know how to properly maintain a pool or may not do it because s/he is a tenant. A green pool can be very costly to remedy. A bad pump or clogged filter system needs immediate attention. Unmaintained pools result in city fines, mosquitoes and scrutiny by city health inspectors.
We recommend annual tree trimming and roof cleaning. Arizona wind storms, monsoon season and micro-bursts can be violent. To prevent roof damage trees should be trimmed annually. Roofs need to be cleaned of all debris to help prevent leaks.
Communication: no one likes surprises. When something happens we contact the owner. If there is an unexpected expense we will contact you. No one wants to learn of a large, unexpected issue the month after it occurs by reading your management statement.
WHAT YOUR TENANTS EXPECT:
Most tenants expectations are very reasonable.
Heat / cooling in good working order.
Mechanicals, plumbing, electrical in good working order
Drain board under the sink, new toilet seats, new plug covers and switch plates. These things cost very little and make a big difference in how a home shows.
Clean, clean, clean.
REMN wants to show a move in ready home to a prospective tenant.
REMN turns over a property in the condition we expect to get it back from the tenant.
We want tenants that take pride in the home they live in. REMN manages properties we are proud to put our sign in front of, proud to show and attracts quality tenants. A clean, well maintained home will attract tenants who have personal pride in where they live. Those are the type of families we rent to.
TENANTS BUY THE BENEFITS
While all homes have a kitchen, living room, bed rooms and baths tenants buy the benefits they will receive from a home that suits them.
Ceiling fans lower utility bills
Green back yards great place for kids to play
Crystal clear pools refreshing family fun
Well landscaped front yards pride when friends arrive
Well functioning appliances, doors etc. ease of life style
Cable ready at home entertainment options
Special items: atriums, sky lights, custom closets enjoyment of living in the home
LEASING THE PROPERTY:
Tenant screening: Prior to accepting a tenant we investigate the prospective tenant to help insure a quality renter. The extra effort in the beginning of a tenancy can alleviate potential problems during the lease term.
Credit checks for all adult members of the home are checked.
Criminal back ground checks are done as well. We will not rent a property to person convicted of any violent crime or a person who has a criminal drug history.
References from past landlords are checked. Although this information can be suspect if the current landlord wishes to vacate the tenant.
Employment verification is completed. Tenants must have an income to rent ratio of three to one. Leasing a property to a tenant who does not meet the criteria means late rents or a possible eviction.
Meeting with the prospective tenant is very important. Much can be learned in the time spent with prospective tenants while showing the home. Noting the condition of the vehicle, personal demeanor and behavior are good guides in accepting or denying someone.
Real Estate Management Network does not discriminate. All parts of the Federal Fair Housing Act are followed.
Property maintenance is performed on an as needed basis. There are annual services performed to insure the longest life span for air conditioners, water heaters and other items in the property. Annual servicing will increase the life span of high replacement cost items.
Pool service is provided by ownership. Some tenants do not understand the proper operation of a pool pump, filter system or chemical balance systems. Basic chemical and cleaning insures lower repair occurrences.
Landscaping service is provided in some leases. We recommend landscaping service for any property located in a HOA area. In addition, landscape service insures proper care of trees, shrubs and maintaining a weed free property. All trees are trimmed annually to decrease damage due to wind storms.
Annual maintenance inspection and review tells us when an item is aging and may need replacement during the next year or so. We can plan for the expense. In addition we find items the tenant has not reported. Small leaks under the sink can damage cabinets and be costly if not remedied in a timely manner. Some items are the responsibility of the tenant to repair and are billed to the tenant.
All flat roofed houses require roof cleaning twice a year to remove debris that clog the roof drains. Once a year the drains will be checked to insure proper water flow. Water that remains on roofs can cause major damage to the roof, ceilings and venting systems.
Annual air conditioning and evap cooler service increase the life span of the units. We are also able to have advance notice of an aging system that will need replacement.
When a tenant calls for maintenance the vendor is issued a work order. Each item is promptly repaired. In some cases the tenant is responsible for the cost of repair. This cost is billed to them. We prefer, whenever possible, to have a licensed vendor handle maintenance. The tenant may attempt a repair that they are not qualified to do properly.
Real Estate Management Network is available 24 hours a day. We have an emergency number that is given to the tenants for after hours / weekend emergencies.
Appreciation will increase the value. If the property is well maintained, updated to current standards and offers amenities in demand, the value may increase beyond basic appreciation. As a property ages and items must be replaced it is an opportunity to use more energy efficient items. New styles in kitchen cupboard knobs can update inexpensively. Window coverings, if provided by the owner, change with market perception. Using these opportunities well can increase the value of the property. Upgrades may increase the rent amount by lowering utility costs for the tenant.
MAINTAINING VALUE: we are always selling the investment. Current tenants want to stay, new tenants are easier to find and may pay a premium. Landscape services, property inspections and ongoing contact with the tenants help insure the property is maintained in the best possible condition.
We use vendors who are licensed, insured, bonded.
Properties that are well maintained by the owner and tenant are not subject to complaints filed with the City. If a property comes to the attention of city inspectors it may take many months to remedy, confirm and obtain a clearance to rerent the property.
Each property is inspected for trip and fall hazards and other items that may increase a risk of a liability suite.
An annual inspection of smoke alarms and other security items will be preformed. In the event of a fire the inspection greatly reduces ownership liability. Where possible one vendor is sent to inspect the smoke alarms, clean roofs and perform the maintenance inspection. One trip lowers the cost to the owner and lessens the disturbance of the tenant.
OTHER SERVICES AVAILABLE:
There are other services available in addition to day to day management of the property. These services are billed to the owner on an hourly basis or a percentage of claim.. If there is an incident or problem caused by a vendor, the vendors insurance will cover damages to property and persons. However, in our litigious world, everyone is usually named in a suit for damages regardless of fault.
Refinancing inspections 75.00 per hour
Insurance inspections 75.00 per hour
Insurance claims 5% of funds paid by insurance firm on a claim
Major rehab oversight 3% of contractors invoices
City inspections and compliance 75.00 per hour
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