This below information is intended as a resource page on our services for first time investors and new landlords that are not familiar with property management services. Many of the information is compiled by the most frequent questions asked during an initial interview for our services.
A property managers job is the liaison between the actual landlord (you) and the tenant. His / Her job is to maintain your property, while satisfying the obligations of the lease and agreements made between the tenant and landlord.
The owner of a property expects the property manager to:
- Carry out the owner`s instructions, control costs and maximize revenue to maintain a stabilized cash flow as a return on capital invested (commonly referred to as the capitalization rate or the cap. rate)
- Exercise control over the building to safeguard the capital invested, provide a duty of care through proper maintenance of the property
- Be professional and well informed on Fair Housing laws and property management practices and procedures
- Enhance the value of the property by making approved improvements that will increase its market value, retain and enhance pride of ownership.
The tenant of a property expects the property manager to:
- Ensure the "quiet enjoyment" of the premises: an assurance that the premises will be able to be used and enjoyed for the intended purposes without interference from the landlord and/or other tenants (save for emergencies)
- Provide comfort: a living environment that is properly heated, cooled and ventilated with as many amenities as possible compatible with the rental level
- Provide security and safety: the ability to live and/or work in a building in which there are no inherent defects or conditions that might be hazardous to health or to property
- Provide status: accommodation and facilities that meet socio-economic and cultural standards for the tenants and their guests.
- Provide repairs as needed.
Using the expectations above the property manager works for both the tenant and landlord. The landlord provides the property manager with inventory of a property. The tenant provides the property manager with payment of rent which results in the property manager to be paid a percentage for his / her services.
FREQUENTLY ASKED QUESTIONS
Q- Why should we use a property management service?
A- The rental business is our business, not yours, let us take care of the rental, so you can take care of your business. The rental business is just that, business. Many landlords take every action personally, irritating situations and the relationship between the tenant and themselves.
Q- How much does service cost?
A- You pay nothing upfront, our service fees are located here. We are strictly pay for performance and only get paid once the job is done. Our clients also make more money per property rental value, while saving on costs.
Q- How long does it take you to rent my property?
A- More than likely we already have a pre-qualified renter in our database. If not, normally all properties are rented within two weeks from our start date.
Q- There are alot of larger national real estate firms now advertising property management, why should we decide on a smaller local firm like Purity?
A- We didn't`t decide to rent out houses because we couldn't`t sell them anymore. We strictly have been managing rental properties for over 14 years and that is what we specialize in. Though we have assisted in sales of properties to qualified tenants who purchased the rental home they were living in. We handle all aspects of the rental from advertising the property, screening tenants and repairs. Most repairs that we cannot handle ourselves are estimated through our local network of contractors who have agreed to do services at specified costs saving our clients money.
Q- Please tell me more about repairs and what options do I have?
A- We do not do any repair or improvement on your property without your strict written approval. We do not charge you an extra fee if you need a repair done by a contractor. Repairs or improvements can be done yourself or through a contractor that you know. We are simply the liaison between you and the tenant. We inform the tenant when such repairs or improvements happen. We also do repairs and include an hour of free maintenance labor every month as needed.
Q- What about grass cutting and snow removal?
A- It is the tenants duty to cut the grass and shovel the snow from the sidewalks, driveways and parking lots.
Q- What about utilities, water, gas and electric?
A- The tenant pays all and any utilities for the property.
Q- How do I get paid?
A- Once your rent payment comes in, we process and clear the payment, remove our percentage and mail your check or deposit your funds into your bank account.
Q- What happens if the tenant does not pay rent?
A- There are various steps we take to collect your rent. Starting with phone calls, strongly worded letters and filing the proper legal documents needed to inform the tenant that by all means they should pay the rent.
Q- What happens if the tenant still does not pay?
A- We file a court date and it is set usually within two weeks of them being late with the rent, the tenant will have ten days to vacate the property or pay the rent after the court date. If they fail to pay the rent a court officer will physically evict them from the property.
Q- How much does the eviction process cost?
A- Cheaper through us than through an attorney. Paperwork, filing fees, leg work.... usually around $200 which is paid from the tenants security deposit.
Q- What if the tenant destroys the property?
A- Well this is where tenant screening plays a large factor, along with firm management procedures. Our tenants are aware that every legal form of action will be taken to recoup any and all costs. Informed tenants rarely do damage to properties. Would you destroy something if you knew you had to pay for it? Probably not.
Q- How do I get started?
A- Send an email to info@purityservice.com or call 1-734-288-8049 to get started on any of our property management services. Your home will be assigned to a property manager who will contact you for a meeting.
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