- 1. Evaluate the property and determine an accurate rental rate
- • Perform detailed documentation of the interior and exterior including photos
- • Offer recommendations on repairs and cosmetic improvements that maximise monthly rent
- • Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary, but should include looking at the recently rented comparables according to size and type
- • Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking etc
2. Market the property for rent
- • Prepare home for rent. Clean home and optimise interior appeal
- • Create ads tailored to the property and advertising medium. Paid and free rental listing websites
- • Work wth other realtors and leasing agents to find a tenant
- • Offer a 24-hour hotline where potential tenants can listen to detailed information about the property
- • Take calls from potential tenants to ask questions and arrange viewings
- • Meet with potential tenants for viewings during the week and on weekends
- • Provide potential tenants with rental applications that comply with fair housing laws
3. Tenant screening and selection
- • Perform a background check to verify identity, income, credit history, rental history, etc
- • Grade tenant according to pre-defined tenant criteria
- • Inform tenants who were turned down
4. Rent collection
- • Ensure the owner is receiving rent on time.
- • Hunting down late payments
- • Sending out pay or quit notices
- • Enforcing late fees
5. Evictions
- • Filing the relevant documentation to initiate and complete an unlawful detainer action
- • Representing the landlord in court
- • Coordinating with law enforcement to remove the tenant and his or her possessions from the unit
6. Legal
- • Advise in the event of a legal dispute or litigation
- • Understanding and complying with the latest local, state and federal legislation that applies to the rental and maintenance of rental properties.
7. Inspections
- • Perform periodic inspections on a predefined schedule
- • Send owner periodic reports on the condition of the property
8. Maintenance, Repairs, and Remodelling
- • Provide and oversee an in-house maintenance crew
- • Establish a preventative maintenance policy to identify and deal with repair needs
- • Provide a network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that is up to code
- • Assign jobs to different parties (in-house employees, handymen and professional contractors) based on who will do the best job at the best price
9. Tenant move out
- • Inspect unit and fill out a report on the property’s condition when the client moves out
- • Provide tenant with a copy as well as estimated damages
- • Forward the balance of the security deposit to the tenant
- • Clean unit and perform needed repairs or upgrades
- • Put the property back on the market for rent