Full Service Property Management
Selecting a property manager or a property management company is a very important decision. Communication and responsiveness are key ingredients in any successful business partnership and certainly apply to a property management program. A wise choice will provide you with years of enjoyment, maximum financial returns and peace of mind. Choosing a company that is not service oriented, lacks focus, is disorganized, and has a poor marketing plan may jeopardize your valuable real estate investment and cause the loss of thousands of dollars in revenue, as well as create unnecessary expenses.
I appreciate your considering me as your property manager and for selecting Windermere Real Estate as your property management company. Please don’t hesitate to call or stop by my office. I will be happy to provide you with a free property analysis.
Long Term Leases
I offer you long-term (6- to 12-month) lease management. My service is beneficial to property owners who have unfurnished properties, have no plans for personal use, and desire consistent income for a specific period of time. I handle all details of the rental including credit and reference checks, lease preparation, move-in and move-out inspections, cleaning, rent collection, maintenance and advertising of the property. I take care of all the details so that you can sit back and enjoy the financial and tax shelter benefits of owning investment property without being a slave to your property.
A Little Background ...
I have been representing buyers and sellers of desert real estate since 1997. In 1998 I began to assist homeowners who wished to rent their property through a competent and professional real estate agent. I focus my representation to that of Palm Springs, but also have rentals in Cathedral City, Rancho Mirage, and Palm Desert.
My Services Include ...
I am a staff of one and a resource of many. I operate a sophisticated property management organization with professional resources; combined, we offer you a wide range of services. My efforts help identify qualified tenant-applicants in as short a time as possible. With the exception of tenant selection, I manage the rental process including marketing the property, handling inquiries, arranging showings, screening, performing move-in and move-out inspections, delivering keys, gate passes, garage door openers, etc., to tenants and PAY YOU. I collect monthly rents, handle maintenance requests, deal with vendors, disburse owner statements and provide every homeowner a 1099 statement with full year-to-date totals and backup documentation.
Tenant selection is the decision of the homeowner. I share limited tenant-applicant background information with the homeowner. The homeowner determines who is authorized to sign a rental agreement.
Expenses are authorized by the homeowner in advance of providing a service on their property. I do not like financial surprises—neither should you.
My Fees ...
My fee is based upon a percentage of the gross monthly rent received for your property. Although a major portion of my efforts are provided in the marketing, qualifying and rent-up phases, my compensation only begins when I have successfully placed a tenant in your home. I look at property management as a partnership. I get paid when you get paid.
Monthly Commission Schedule
Single Family Residence—Home or Condo 12% to 15%
2- to 6-Unit Building 10% to 12%
My commission varies due to extenuating factors such as a high vacancy factor, deferred maintenance, poor rental history or a problem property.
Determing Your Rental Rate
The residential leasing business is dictated by conditions beyond your control or my control. Although it is impossible to guarantee the exact amount of money you might eventually receive, I provide you with a price range that your home will probably rent within. Your financial return will depend on many factors; namely, location, size, amenities, economic conditions, supply and demand, CC&R’s, etc.
A property that is CLEAN, well maintained and conveniently located will generate more rental dollars than a similar property that is dirty, suffers from economic obsolescence and is in need of painting and/or cosmetic upgrades.
Maintenance and Repairs
Throughout the year I may be required to schedule repairs and maintenance of your property. I strive to secure the best prices and quality work from the vendors I use. I do not add a service charge to regularly scheduled service invoices—you are billed actual expense. If, however, your home requires a project manager to oversee a project performed at your property, I charge 10% of the job cost as a service fee. This charge is for coordinating the work to be done, processing the completed work order, and following up at the work site to ensure you receive the caliber of work you deserve. My fee will be deducted from your reserve account and then replenished from the following month’s rental income. If there are not adequate funds in the owners reserve account to satisfy the cost of the work required, it is the responsibility of the homeowner to send money to cover the cost of any and all work needed.
If you have an established relationship with maintenance or service providers, i.e., landscape and/or pool maintenance companies, I will be happy to work with your vendors at no additional cost. Farther, if you have a home warranty, I will contact that firm so that I can help reduce your home repair dollars. I will be happy to work with your home warranty company at no additional cost—you only pay your applicable service call fee.
I have found it effective to use the internet as my primary advertising resource. In addition to FOR RENT signage and this website, your rental property will be available for preview 24-hours a day in our local area MLS and on multiple other websites. My experience with the local newspaper is not favorable. Instead, the resources I use are dependent upon my direct input, are frequented by internet savvy tenant applicants, and the information cannot be discarded. My successes are shaped by up-to-date technology.
When and where allowed I display FOR RENT signs. For unique properties I prepare professional flyers and add a special page to my website to advertise the property. I have a continuous stream of rental inquiries referred to me from my web presence, as well as from other REALTORS—both Windermere Real Estate and other agencies.
The single-most important tool in helping you quickly find a tenant applicant is to ensure your home is made available for rent at a competitive rental rate. Without exception, if the rental rate is too high, your home will remain unoccupied.
The Reserve Account
I require each homeowner in my rental program to have funds on account to be held in a non-interest bearing trust. A $100 minimum capitalization is required. This will provide me with a maintenance fund to make extra keys, have cleaning performed, or to have minor maintenance performed to make your property show better. Once a tenant is procured, the security deposit, also held in a non-interest bearing trust account, acts as part of your ending balance.
It is important to contact your insurance carrier to verify that you have public liability coverage in place prior to any showing, and that Windermere Real Estate is named as an additional insured on that policy. Fire and theft coverage will not protect you, or Windermere, in the event of a slip and fall or any other accident involving your tenant or a potential tenant. A HOA policy is not sufficient. Generally, HOA insurance policies cover only the exterior of your unit for replacement due to fire. Liability coverage is very important.
Rental Collection, Tenant Eviction
Tenant evictions can be costly. However, an eviction is a risk every homeowner assumes when their home is tenant occupied. I follow a precise step-by-step process in dealing with slow-paying and non-paying tenants. Naturally my intent is to avoid this situation all togeher; this is the very reason I am diligent in the screening process. In the event it is necessary to start the eviction process, I will coordinate the 3-day notice to pay or quit, post required notices, perform as witness, and be present with the Sheriff on the day of the eviction. However, the eviction and its associated costs are the responsibility of the homeowner.
Let's Get Started!
When you select me to represent you in the rental of your desert property, you will be asked to complete and return several forms. Some of these forms are:
- Property Management Agreement
- Tenancy Extension/Property Management Agreement Extension
- Property Information Sheet
- Inventory List
- Owner’s Insurance Certification (HOA insurance is not sufficient)
- Smoke Detector and Water Heater Addendum
- If applicable, a Lead Based Paint Disclosure
Keys, Openers, etc. ...
Please provide me with the following:
- 4 Sets of House Keys
2 sets for the tenant/s,
1 set for vendor use, and
1 set remains at the office
- 2 Gate/Common Area Keys
- 2 Gate Passes
- 2 Gate Clickers
- 2 Mailbox Keys
Once I have received the completed contracts, keys, a copy of your HOA Rules & Regulations (if applicable), and your reserve money, I will be ready to add your property to my rental program and begin the marketing process.
I look forward to welcoming you to my Rental Family.