When you pay a fee to a property manager for the services involved in getting your home rented to a good tenant, there are a number of things that are involved in finding that tenant and earning that management fee. We’re bringing you a two-part blog series about property management fees, and in this first part, we’ll talk about how we place your tenants.
Marketing Your Rental Property
The most important thing to do when you have a property for rent is to market it well. We are able to take advantage of our relationship with Century 21 Prestige to market our rental listings throughout the Multiple Listing Service (MLS), which also enables us to feed these listings out to a lot of national websites. We also put the listing on our own local website and advertise your home in the housing office at Fort Leonard Wood.
Conducting Vacancy Checks
In addition to marketing, we do vacancy checks. So if you have a vacant property, we go out every two to three weeks to walk through and make sure your property is secure and nothing is wrong with it. Then, we report back to you. So if you’re not living in the area, you don’t have to worry about an unsecure, vacant property.
Responding to Potential Tenants
The next phase of finding a tenant is taking calls from all Internet leads, scheduling showings, meeting people at the property and walking them through it. We explain the features of the property and discuss the rental terms. At that point, if the tenant is interested in renting the property, we use a third party rental screening company that allows us to do a background and credit check. This is a professional company that gives us a letter grade for each applicant, which helps ensure they have the ability to pay and there is no criminal background or history that would preclude them from renting your property.
Signing a Lease and Accepting a Security Deposit
Once your tenant is approved through this objective service, we put a lease together for signatures and we collect the security deposit. We can hold the deposit in our corporate escrow account, and it stays there until a tenant moves out, at which point we do a walk-through of the property. If everything looks good, we promptly return the deposit. If there are any damages, we get estimates and have repairs made. Then, we return whatever portion is due back to the tenants. There are legal rules about when to return the deposit. We have 30 days to have it back in their hands, so we are sure to return deposits appropriately and in a timely fashion.
If you have any questions about the services we provide in exchange for the fee you pay to find a tenant, please contact us at Century 21 Prestige. We look forward to talking with you.