RENTAL MANAGEMENT SERVICES
First Serve Realty offers an array of rental management and repair services to relieve you of the burden, time and responsibility of property ownership. Our vast experience is put to work for you to optimize the success of your investment property. Professional property management is the smart choice for all property owners and investors.
First Serve Realty handles all the bookkeeping and necessary administrative services on your behalf. These include:
- The collection of all rents and security deposits
- The issuance of late notices and follow-up contact to ensure timely collection
- Oversight of eviction process if the tenant defaults on the lease
- The production of a monthly, itemized statement of all financial transactions available online after the 10th of the month
First Serve Realty understands the importance of ensuring the owner is paid their distribution in a timely and efficient manner. Monthly distributions are deposited directly into owner accounts or mailed on the 10th of the month.
Collection of Rent
Rent is due on the first day of the month and considered late after the third. NO personal checks will be accepted for late payments. Any tenant who has not paid rent will receive a 5-day Pay or Quit Notice. Once the notice expires the owner is contacted to discuss eviction.
Deposits are collected at the time the tenant is approved. The security deposit will typically be equal to one month’s rent. Additional deposits may be required based on rental history, credit score and pets. All deposits must be paid by secure funds – either cashier’s check or money order.
Tenants forfeit deposits for breaking a lease or causing damage. If a tenant causes more damage than the security deposit can cover, the account will be sent to a collection agency if the owner chooses to do so.
First Serve Realty will do its best to work with the tenant in an attempt to secure payment. Evictions are processed timely and renters not paying will typically be evicted on or before the end of the month.
First Serve Realty offers full brokerage services to our clients interested in buying or selling property. Our knowledge and expertise in the rental market can help guide you to make the best decision to meet your investment goals.
First Serve Realty’s rates are very competitive. A fee is charged for Setup and at successful tenant placement. Thereafter, a monthly management fee applies. Our goal is to keep your property occupied and generating revenue; therefore, no management fee is charged during any vacancy period.
The following is a summary of the fees assessed and the deposit requirements:
- Setup Fee – A $350 setup fee is required to establish your account. This fee covers the property inspection and evaluation, digital photos, website setup, data entry into the property management software system and tracking of keys, remotes, etc.
- Operating Reserve – A $200 deposit is required and will be held as a balance left in an account to cover costs of small repairs and maintenance.
- Management Fee – Our standard management fee is 10% of the monthly rent collected with a $100 minimum fee.
- Leasing Fee – A leasing fee of $250 or 25% of the first month rent, whichever is greater, is charged for each new tenant found.
- Referral Commission – A negotiable fee offered in the MLS to any cooperating broker (including any agents with First Serve Realty) who procure a suitable tenant for the property. The amount should be comparable to offerings of similar properties in the area. Averages $300+
PROPERTY MANAGEMENT & REPAIR
First Serve Realty is a full service company and has established relationships with outside vendors that can help maintain landscaping, cleaning, painting, plumbing, electrical work, stucco repair, garage door repair, and other miscellaneous repairs. Our vendor list of outside contractors have the appropriate insurance, are licensed and have proven to exceed expectations in their work. Repairs and maintenance due to normal wear and tear will be charged to the owner’s account. We will notify the owner in advance of any repair exceeding $200 unless the repair is an emergency.
Tenant responsibilities include payment or performance of the following:
- General repairs that cost less than $50.
- Change HVAC filters every 30 days.
- Appliances are for the benefit of the tenant and the tenant is not obligated to repair or replace these items.
- Tenants are responsible for window breakage and screen repair except in the incidence of vandalism or acts of nature.
Although First Serve Realty’s fiduciary responsibility and most important relationship is with you the investor or owner, we also take the tenant relationship seriously. After all, they are your customer. Our staff is trained to handle tenant related issues and strives to ensure the tenant is having a pleasurable rental experience. We gather as much data as possible to properly assess the quality and character of a tenant. The information obtained includes:
- An application completed by each tenant that includes employment history and other relevant information.
- Previous landlords may be contacted to ensure that potential tenants can afford the home they would like to rent and that their previous rent was paid on a timely basis.
- All tenants will be screened with TransUnion Smart Move for credit analysis, public records and criminal records search.
Determining a fair and competitive rental rate for your property is important in attracting a tenant. First Serve Realty analyzes the area where the property is located and inspects it to determine the appropriate rental rate. Comparable rents will be used from the Multiple Listing Service (MLS). Factors that affect rental rates include square footage, number of bedrooms and bathrooms, and other amenities. This process is typically reviewed at the end of a lease or before a lease renewal is sent.
Several methods are used to attract qualified tenants to the property. We customize each advertising program to the property type as well as the potential market. At a minimum, the following methods will be utilized:
- A rental listing will be added to the Multiple Listing Service (MLS) presenting the property to thousands of real estate agents and allows access to the public through www.Realtor.com.
- A listing is included on a variety of websites such as Rentals.com, and other high ranking real estate websites found on Google, Yahoo and Bing.
- A list of available listings are pulled real-time from the Multiple Listing Service (MLS) and posted on our website.
- Yard signs are placed in strategic locations (where allowed) to attract attention to the property.