Property Management Services
MAXIMIZE YOUR RENTAL INCOME
We perform a detailed, comprehensive rental market analysis, which assures you that the price we recommend for your property is competitive and that it will obtain the maximum yield from your investment.
PREPARATION OF PROPERTY
Before putting your home on the market, we will inspect the property and make recommendations on any improvements that would enhance the value as well as the marketability of your home. Not only does the home need to meet certain housing standards, but also a home in good condition will attract quality tenants that will appreciate your home and consequently leave it in good condition when they vacate. We are capable of providing renovating or remodeling services on request.
RENT COLLECTION PROCEDURES
Realty Group Property Management (RGPM) collects the rental payments from your tenant. Funds are electronically deposited into your account as we receive them. Tenants can even pay their rent online. You can view your monthly statements through our online Owners Portal. If a tenant becomes delinquent, we follow a strict procedure, which includes personal contact with the tenant, legal notice of contract breach, and ultimately filing for a court hearing to gain back possession of the property. If it becomes clear that the tenant is unable or unwilling to pay the rent, we get them out of your home as quickly as the law permits so that we may find a new tenant and restore the income stream.
We stay fully focused on maintaining the overall condition of your property to keep the property value current with the market. At the beginning of each new tenancy, a comprehensive written report is completed which provides RGPM and the tenants with a documented summary of the condition of your home. The tenants are instructed, as required in the lease, to report to RGPM, any other problems within two weeks of occupancy. We then contact the Homeowners Association, if applicable, to inform them that we are managing the property so that they can report to us any violations or changes in community rules and regulations. We also ask our vendors who respond to our maintenance requests, to report anything during their visit at the property that may require attention or further investigation. About six months before the lease expiration, we conduct a cursory inspection to assess the condition of the property so that we can determine what work may be necessary to re-market the property. Finally, after the tenant vacates, we do another detailed inspection to determine if there are any damages that the tenant is responsible for. This schedule ensures the continued marketability of your property and keeps you apprised of its condition.
MAINTENANCE & REPAIRS
Our experience has taught us that owners want their properties maintained, but want to make sure the repair is justifiable. Naturally, we have to perform a balancing act between the owner’s interest and the Tenant’s demands. We make every effort to prevent small problems from becoming bigger ones. Our prompt response to any problems that may arise keeps tenants happy and encourages them to inform us of these problems in a timely manner. Our standard management agreement includes emergency service consent as well as authorization of non-emergency repairs up to $350. For repairs estimated to cost more than $350, no work is initiated without your express approval. Our vendors are licensed, bonded and insured. In addition, the volume of work we provide them assures us of priority response and very competitive prices.
24 HOUR EMERGENCY SERVICE
After hours, tenants are instructed to leave their message on a special voice mailbox. Our computerized phone system will page our on-call manager. This system is available 24-hours-a-day, 365-days-a-year.
We use good judgment and restraint because not every tenant request needs immediate attention.
One of the most effective techniques we employ is a common sense approach. Many tenants can (and are willing to) resolve their problems with just a little guidance. Often times, we can have the situation resolved with a phone call, eliminating any inconvenience to the tenants and at no cost to the owner. Otherwise, we call on our vendors to repair the service request.
As rental payments are received, we immediately deposit the funds into your Property Management account. From this account, all disbursements are made. If you desire, and at no extra charge to you, we will make any or all recurring payments for you such as your HOA or condo fee, insurance, service contracts, etc. Your proceeds will then be electronically deposited to your personal bank account. On a monthly basis, you will be notified by email that your statement is ready to be viewed online.
Security Deposit accounting is also handled under our Property Management Program.
Year-end statements and IRS 1099 reporting are provided as well.
ENSURE LEGAL COMPLIANCE
To protect you and your property, we will make sure that your property complies with all legal requirements for rental purposes. For example, in the state of Maryland, there are Lead Paint requirements pertaining to rentals and very specific laws on Security Deposits. In Montgomery County, there are Rental Licensing requirements as well as Landlord-Tenant regulations.
Once an application is received, the important work begins. We believe that selecting the right tenant can eliminate most future problems and helps to ensure a great rental experience for both you and the tenant. There are several pieces of information that we gather in order to create a profile of all applicants for your property. These include verification of employment, landlord references, a current credit report (which includes criminal back ground check, evictions, FICO score and public record search) and an analysis of their income to debt ratio. We thoroughly review the data and present it to you, along with our recommendations, you make the final decision.
Once the application is approved, a lease is prepared on a form meeting the requirements of the particular jurisdiction where the property is located. State of Maryland required lead paint pamphlets and any other special addendums are provided as well. In addition, a comprehensive Move-In package is prepared with important tenant information. We then meet with the tenants in our office and fully explain the lease and all other pertinent information. Once the lease is signed and all monies collected, we're ready to hand over the keys!