Full Service Property Management
Selecting a property manager or a property management company is an 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 Bennion Deville Homes 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 (12-months or longer) 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, rent collection, arranging for cleaning and maintenance, and advertising of your property. I take care of all these 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 manage 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, 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-M statement with full year-to-date totals and backup documentation just in time for tax reporting.
Tenant selection is the decision of the homeowner. I share limited tenant-applicant background information with the homeowner. The homeowner determines who shall be authorized to sign a new residential lease agreement.
Expenses are authorized by the homeowner in advance of my managing and scheduling services. I do not like financial surprises—neither should you. Yet, surprises do happen--water leaks, appliance failure, etc. When these events occur, I dispatch to reduce additional costs related to failures. I work with qualified service personnel ranging from air conditioning, appliance repair, roof repair, landscape and pool maintenance companies. There are no up-costs to any service providers invoice; this means you are invoiced actual service 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
My commission varies due to extenuating factors such as a high vacancy factor, deferred maintenance, poor rental history or a problem property.
|Single Family Residence—Home or Condo
||12% to 15%
|2- to 6-Unit Building
||10% to 12%
Determining Your Rental Rate
The residential leasing business is dictated by conditions beyond your 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. The websites where I advertise are frequented by internet savvy tenant applicants, and the information cannot be discarded without my direct action. 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 Bennion Deville Homes 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 $200 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 has possession of your property, the security deposit, also held in a non-interest bearing trust account, acts as part of your reserve balance--but must be replenished upon the following month's rent receipt.
It is important to contact your insurance carrier to verify that you have public liability coverage in place prior to showings and leasing, and that Bennion Deville Homes is named as an additional insured on that policy. Fire and theft coverage alone will neither protect you, nor Bennion Deville Homes, 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 together; 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 lockout. 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, I will prepare for your signature the necessary documentation so I can represent your needs. After our paperwork is complete, including receipt of keys/openers, HOA Rules & Regulations, etc., I will start our journey. I look forward to our working together and making you a happy member of my rental family.