Condo or HOA Unit for Rent
The leasing charge is half of the first month’s rent. This amount is not charged against the property until we have a signed lease and have accepted the first month’s rent and security deposit from the in-coming tenant.
The monthly charge for on-going management of individual condominium units is 6% of the rent collected, with a minimum of $125 per month.
The other advertising expenses you should anticipate are:
1. A one-time charge of $50 IF you ask us to enter the property into the Multiple Listing System.
Our services for leasing and managing the unit are the following:
- Advertise your unit through the internet.
- Conduct showings of the unit.
- Do tenant(s) screening (rental history, banking history, employment history, credit history).
- Draw up a Rental Contract with the tenant(s) using a contract from CAR.
- Coordinate repairs and cleaning to get the unit ready for leasing.
- Check the prospects credit and references.
- Conduct the move in walk thru.
- Collect the rent every month and pay bills.
- Take phone calls from tenants in regards to repairs.
- Provide regular maintenance service and after-hours emergency service (done by independent handymen and vendors at their cost).
- Send out a monthly statement showing the income and expenses.
- Provide interior inspections, if requested (done by the handymen at their hourly rate [currently $45]).
- Do the move out walk thru and security deposition.
Owners’ checks are sent out on the 10th of the month, or first business day after the 10th if the 10th falls on a weekend or holiday.
“Hotel Ready” Owner agrees that the unit will be “hotel ready” before it is listed as ready and “For Rent.” What “hotel ready” means to us is that everything inside will be like walking into a suite in a nice hotel. EVERYTHING will be clean (walls & trim, windows, appliances, sinks, counters, toilet(s), cabinets, drawers, carpets, vinyl, blinds, etc.). EVERYTHING will work properly (such as windows, locks, drawers, doors, light-bulbs, smoke alarms [one in each bedroom and one in the hall outside of the bedroom], and toilet paper in the bathrooms in case an applicant needs to use one). The owner may take responsibility for this, or may request that the property manager take responsibility. If the owner takes responsibility for the “make-over,” the owner will advise the Property Manager when the property is “hotel ready.” If the property is not “hotel ready,” a note will be made in the material given to the tenant, so that the tenant is not unfairly charged at move-out for deficiencies at move-in. For assistance with this make-over process by your Property Manager, see below.
We will request a start-up deposit for each property in the amount of $350. This amount is deposited in our Master Trust Account for this property, and is used towards the costs of such expenses as advertising, touch-up cleaning (if needed), and our first month’s management fee.
If additional repairs, maintenance, or cleaning are needed, we will ask for additional funds, up-front, before the repairs can begin. If you ask us to oversee start-up work (within the first 120 days) in excess of $300, there will be a charge of 15% of all start-up repair, maintenance, and cleaning expenses.