Our charges are simple: 4.5% of the monthly rent we collect, plus an occasional charge of $135 for supervising the make-over/re-rental process each time there is a vacancy. As we anticipate that the part-time resident manager will be offered minimal compensation, we would not expect that the manager would be making critical decisions such as tenant selection. However, if the resident manager is able to make these decisions, there will be no extra charge for this service.
On an on-going basis, we will:
- Collect the rents
- Pay the bills
- Arrange for all necessary repairs and maintenance,
- Provide 24-hour emergency service. We have access to a group of handymen who will be sure that any emergency problem is resolved, day or night.
- Resolve tenant issues, such as “House Rules” violations.
- Provide full month-to-date and year-to-date accounting of all income and expense items, as well as tenant status. Monthly reports are typically emailed by the 10th of the following month.
- Do property exterior inspections. These typically occur when maintenance issues are being addressed, but we also offer our clients another service: Our handyman will walk the property each month to check lights and cleanliness of the property.
- Do property interior inspections. If interior inspections are requested, these are best done by the handyman at the hourly rate (currently $45) along with the Resident Manager. This make sense, as if they find anything that requires the handyman’s services, it can generally be done then-and-there. As most unit inspections can be done in about 20 minutes, we recommend annual inspections preceded by reasonable notice to the tenants.
- As needed, find and train a part-time resident manager.
As vacancies occur, we will:
Prepare an advertising “flyer” for each vacancy. As indicated above, we conduct the advertising, find a tenant, do the entire tenant screening (rental history, banking history, employment history, credit history, and now, Criminal Background History). We will then enter into a CA State Rental Contract with the tenant(s) using a contract. We will provide signed copies of such required items as the “Megan’s List” warnings, the lead warnings, the Prop. 65 toxic substances warning, and the advisory notice to the tenant related to their security deposit rights. We will also provide signed copies of our forms related to the Property Condition at Move-in, our Mutual Understanding of Wear-and-Tear, and appropriate House Rules.
Regarding advertising, we do almost all advertising on the Internet. The sites are “free,” but they do require a quantity of tending.
Owners’ checks are sent out on the 14th of the month, or first business day after the 14th if the 14th falls on a weekend or holiday.