Part 2-Property Management Programs for Property Owners
Good property managers should offer property owners two distinct programs to choose from to meet their needs: a tenant placement or full month-to-month management program. Both programs should include the following common denominators.
The Common Denominators
Create marketing video
Market property for rent in local Multiple Listing Service (MLS) and additional internet sites including Zillow, Realtor.com, Apartments.com and Marketplace
Schedule and facilitate all showing appointments
Interview perspective applicants and collect completed application
Order credit and background searches
Consult with property owners about prospective tenants
Order written lease from attorneys
Instruct new tenants on rental fees: first month, security deposit, and advance/last month rent
Collect all fees
Accompany new tenants with initial check-in, and make property condition verification video
The "Tenant Placement" Programs
In addition to the “common denominators” a professional property management company should use “best practices” to include the following additional services for tenant placement program.
Schedule appointment with property owner and tenant to sign lease
Provide new tenant with property owner’s contact information for future payments and repair issues
Turn over all management duties to property owner
The Difference Between "Tenant Placement" & "Full Management Programs
In addition to the “common denominators” a professional property management company should use “best practices” to incudes the following additional services for a full month-to-month property management program.
Maintain security deposit and advance rent in First Coast Realty escrow account for proper accounting
Disburse monthly rent via check/on-line deposit to property owner minus any expenses paid on behalf of owner
Maintain communication on behalf of property owner with tenant regarding repairs issues
Create and distribute monthly financial statements accounting for rents collected minus expenses
Provide monthly statement with receipts of expenses paid on behalf of property owner
Perform initial pre move-in inspection of property
Conduct quarterly property inspection reports for property owners
Monitor lease expirations and execute lease renewals 60 days prior to expiration
Collect all monthly late fees (if applicable)
Monitor and accompany tenant move out and re-inspect of property
A Word About Best Practices
First Coast Realty’s Property Management uses best practices for optimal results. The following continues our 8 Part Series on Property Management. We will address in depth important practices of property management. Our goal is to provide thorough and professional service to both homeowners and tenants, while utilizing technology to meet the ever-changing demands of the property management business. Good property managers keep up with these demands to provide the best service possible.
“Best Practices” are described as professional procedures that are accepted or prescribed as being correct or most effective. First Coast Realty’s core values center around best practices. Professional property management demands the use of best practices. This 8-part series exemplifies the usage of best practices for property owners and tenants.
Rental property can be advantageous to building your financial portfolio, however if you are a novice, do not risk your return on investment (ROI). As we have noted here, professional property management companies pay for themselves. Consider investing in property management services to protect and build your portfolio in a safe and lucrative manner. The First Coast Realty Property Management Division offers all of this and more. Reach out to us on Facebook or Twitter and we would be happy to walk you through our two great programs or speak to our property manager by calling/texting today 904-494-8408 or email info@firstcoastrealtyinc.com
About the Authors: The video "Property Management-An 8 Part Series" was provided by Broker and Broker-Associate Gene and Libby Johnson with First Coast Realty Inc. We have built a top notch Rental Division, sure to meet everyone's need. We service St Augustine, Palm Coast, Palatka, and Jacksonville areas.
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