Rent and late fees
All rent is due on the 1st of the month and is considered late if received after the 3rd of the
month. Late notices are sent on the 4th and eviction proceedings are initiated if the tenant
does not make immediate arrangements for rent payment. Late rents are subject to late
fees and penalties. All late fees are split equally between the owner and manager.
If you have your own attorney and would like to use his services, please provide us with his/her name. Otherwise, we will designate an attorney to handle the eviction proceedings.
Management Fees
Our monthly management fee is payable only when the rent payment is received. It is
automatically deducted from your account at the time the rent payment is posted.
However, since our job is keeping your property occupied, we will not take our management fee as long as the property remains vacant.
Vacancies are expensive for all of us. We make every effort to keep our vacancies to a minimum. We cooperate with the local rental associations and we use various leasing agencies. We maintain an extensive computer data base of the features that make your property special. This enables us to quickly produce an attractive listing of your property to be given to prospective tenants and local personnel.
Our computer system enables us to monitor our lease expiration dates carefully. We do not allow our leases to lapse into an automatic month-to-month extension unless directed to do so by the owner. This also gives us the opportunity to re-negotiate the rent on a renewal lease. Approximately 60 days before a tenant's lease agreement is due to expire, we send a lease renewal letter. This letter explains our lease renewal procedures. If the new lease is declined, the tenant is required to give us 30 days prior written notice. This prevents unexpected vacancies and give us adequate time to prepare the property and advertise and show it. It also helps prevent needless loss of revenue.
If a tenant chooses to vacate, the property must pass a thorough check-out inspections before the tenant is released from the Lease Agreement and the security deposit is returned. This minimizes the preparation and turn-around time before your property is re-leased. The inspection will not be made until the tenant has removed all furnishings and other personal belongings. The tenant is not allowed to re-enter the property once the inspection is complete.
Vacancies are advertised in local newspapers, the MLS System, various websites including this one and neighborhood papers. We use all available media - websites, signs, flyers and classified listings.
We maintain careful control of your property while it is vacant. Only one key (for a showing) is issued at a time. Leasing agents must present a business card to sign out a key. We will not issue keys to properties that are still occupied unless we are authorized to do so by the tenant.
Security Deposits
As an additional protection, appropriate security deposits are always collected upon
approval of the Rental Application by a prospective tenant. The amount of deposit is
based on the monthly rental rate and the credit worthiness of the tenant application.
Applicants with pets are required to pay an additional pet deposit.
All security deposits are kept in a special escrow account, as required by state real estate regulations. They are either refunded to the tenant upon the successful check-out inspection of your property or are forfeited to cover damages caused by lease violations.