We market the unit for rent and once we pre-screen a tenant on the phone then we will set up a showing. At that point the prospect must fill out an application and pay a $30 application fee. We run a credit, criminal background and a recent eviction check. We also look at their debt to income ratio which is also a very important criterion.
Once our leasing agent feels they are an applicant that needs further review then the owners of the company review all applications. If at that point we feel one could be or are the right prospect we then go to the owner who finalizes the approval. We then will collect a security deposit in the form of a certified check or a money order and inform the tenant if they choose not to sign the lease before moving in then the deposit is nonrefundable.
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We then prepare the lease and move in check list, ask for utility company account numbers to confirm that they have the utilities switched into their name and collect the first month's rent or prorated rent and deposit into our operating account.
We also carefully review the lease with the tenant prior to signatures. This is a very important step that most landlords neglect. We carefully explain the lease to make sure that the tenant understands their rights and ours and what we can and will do if they are not paying the rent or are in breach of the lease in any way.
The fee for property management can be between 6% and 15% of the gross monthly rent collected depending on the account, location of the property, number of units and services rendered.
We have over 15 years of property management experience and we do our best to make sure you are satisfied with our service. We at Precision Property Management just want our owners to know that we can't turn a bad investment into a good investment but we can and hope to be able to help the investment run at its maximum potential. We will also provide an extensive reference list from current and past clients.
Once the tenant is in place they will pay their rent by the Fifth or be charged a late fee of $50 of which we pass on to you. Some companies actually keep this extra amount but we chose not to. We do bend this rule for good tenants or ones that have a very good track record with us.
Once we collect the rent we then pay any repair costs for the month if any and at the end of the month we send your proceeds check along with an accounting statement and copies of any bills for the month. We handle any emergency repairs 24 hours a day.
We have repair staff and sub-contractors that we have used for years and they all have very competitive rates, are trustworthy and value our business. We pass on any volume discounts to you the client.
If an eviction is needed we post appropriate notices and attend hearings where we usually win 95% of the time. Tenants will appeal very rarely.
If it goes further than this then we have our attorneys handle the situation from there. Once the attorneys get involved the cost is passed on to you from that point on. We very rarely have to get to that point but it can happen.
We must explain that when you become a landlord things can go wrong. You are dealing with people and where they live so it is much more involved than just collecting rent, fixing toilets and evicting tenants. It is always best to prepare for the worst and hope for the best. There is no for sure thing no matter who is managing the property.