SCHEDULE OF PROPERTY MANAGEMENT SERVICES
- Rental Advertising - RentalarizonaProperty Management will
advertise any unit that becomes vacant during the term of management. Web
advertising costs: $9.95 a month until rented, this can also include the local newspapers. A sign may be displayed in
front of the building.
- Tenant Qualification - Prior to showings, tenants are
prequalified and an appointment is made. All applications are completely
verified and a credit check is made.
- Security Deposit - Security deposits will be forwarded.
- Rent Collection - Rent is collected on the first of each
month. A late fee is assessed after the fifth of the month.
- Property Inspection - When a unit is signed on a one-year
lease, at least one semi-annual interior inspection will be made. Exterior
drive-byes are more frequent.
- Maintenance - By licensed, bonded professional- at
reasonable rates. Get quotes and pick the most affordable, approval from
landlord, let professional in and out: cost of repairs plus $20 extra for
property management for each visit.
- Payments - Any payments related to the property, i.e.
mortgage, taxes, insurance, etc. in accordance with owner's instructions.
- Cleaning and Painting - Cleaning/Painting to ready for
showing: $15/hour until cleaned/painted or $100 a day.
SCHEDULE OF PROPERTY MANAGEMENT FEES
- One-time set up fee, (adding to schedule, bookkeeping, inspection of
property and care).
For single family homes the fee is $45.00.
For 2-6 unit buildings the fee is $65.00.
For 7-15 unit buildings the fee is $85.00.
Anything larger is negotiable.
- Leasing Commission - Includes taking calls/emails, making
appointments, showing rental, keeping up property for showings, making
application, taking applications, screening for good tenants (references
etc.), calling landlord to get approvals): One half of the first months rent.
- Actual advertising costs.
- Monthly Management - Taking calls when problems arise,
inspections (inside and out) as requested or needed by landlord or tenants,
drive by weekly to make sure property is in good shape, mowing, landscaping,
general upkeep: 9% of month's rent each month, all year.
If you would like further information on any of these services please contact
Our Leasing Process
Our first step in renting a property is advertising its availability. We
provide yard signs that attract interest from drive-by traffic. We also
advertise on rentalvegas.com , the
Indianapolis Star, and the local paper where the property is located. We receive
many referrals and unsolicited inquiries because of our presence in the
Screening of each prospective tenant is of primary importance. After we show
the property to an interested party, an application for tenancy is completed.
Processing the application includes verifying employment, talking to at least
the past two landlords, and obtaining a credit report. Normally applicants with
poor credit ratings, collection amounts, public records or poor tenancy history
are not accepted as tenants.
After establishing an acceptable credit history and verifications, a lease
agreement is executed. Leases are normally written for one year and the first
months rent is collected along with a security, damage, and cleaning deposit in
an amount equal to the rent. Usually, we do not require last month's rent. In
cases where an owner has allowed a pet on the premises, a pet deposit is also
collected and the tenant signs a pet agreement.
The lease agreement specifies the tenant's responsibilities during the term of
the lease and upon vacating the premises. A move in/move out report is completed
by the tenant and management at the onset of each lease. This report becomes
part of the lease and is used to compare the condition of the unit at the time
Vacating the premises prior to the termination date of the lease results in
the forfeiture of the tenant's entire deposit to the owner. In addition, the
tenant is also charged for any cleaning or repair costs that may be required to
return the unit to the same condition as at the time of possession. Tenant is
charged at owners discretion until property is leased.
Rents are paid to Rentalindy Property Management. They are due on or before
the first day of each month. If not received by the fifth day, the tenant is
assessed a late fee of $50.00. The monies are disbursed to the owner each month
after expenses are deducted. Mortgage payments, homeowner's dues, taxes and
insurance may be paid of the owner desires. Maintenance and repairs are taken
care of promptly. In the event of a major repair, the owner is contacted prior
to the contracting of the work.
Utility bills, such as electric or gas are billed directly to the tenant.
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