The monthly charge for on-going management of individual condominium units is:

• 5 – 7 units: 5% of the gross monthly collection
• 8 – 10 units: 4.85% of the gross monthly collection
• 11 – 15 units: 4.75% of the gross monthly collection

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 accepted the first month’s rent and security deposit from the in-coming tenant.

Our services for leasing and managing the unit are:

• We advertise your unit through the internet,
• Conduct showings of the unit,
• Tenant 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 (provided by independent handymen and vendors at their cost),
• Send out a monthly statement showing the income and expenses
• If interior inspections are requested, these are 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 it]). 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 over-see start-up work (within the first 120 days) in excess or $300, there will be a charge of 15% of all start-up repair, maintenance, and cleaning expenses.

The other advertising expenses you should anticipate:
A one-time charge of $50 IF you ask us to enter the property into the Multiple Listing System.

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 to be offered minimal compensation, we would not expect that the manager would be making critical decisions such as tenant selection. 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 …

– As needed, find and train a part-time resident manager.

1. Collect the rents
2. Pay the bills
3. Arrange for all necessary repairs and maintenance,
4. 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.
5. Resolve tenant issues, such as “House Rules” violations.
6. Full month-to-date and year-to-date accounting of all income and expense items, as well as tenant status. Monthly reports are typically mailed by the 5th of the following month.
7. Property exterior inspections. These typically occur when maintenance issues are being addressed, but we also offer our clients another service: we pay extra each month to our preferred gardener to be our “eyes and ears” as he is at the properties each week. He has worked for us for 15 years, and knows what would concern us. He charges about the same as other gardeners.
8. Property interior inspections. If interior inspections are requested, these are best done by the handymen at their hourly rate (currently $32) 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.
9. “Mark-ups”. No, we never do. You pay exactly what the vendor charges.

As vacancies occur, we will …

Our Rental Department is open 7 days per week, closing only on major holidays. Working tenants appreciate our weekend hours.

We prepare an advertising “flyer” for each vacancy. As indicated above, we conduct the advertising, find a tenant, do all of the tenant screening (rental history, banking history, employment history, credit history, and now, Criminal Background History). We will then enter into a Rental Contract with the tenant(s) using a contract which we have been developing over the past 27 years to protect our clients. 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 are almost all of our advertising on the Internet. The sites are “free”, but they do require a quantity of tending. We charge (and pay the rental agent who does the work):

1. $15 per week while the property is vacant for maintaining the property on “West-Side Rentals”. This is a free internet service, but it does require monitoring several times each week to be sure that the ad has been kept “in the system”.
2. $15 per week while the property is vacant for maintaining the property on “Craig’s List”. This is also a “free” internet service, but does require monitoring several times each week.
3. The owner will also pay for the actual cost of the credit/rental/banking/employment/criminal history check (approximately $18.50 per adult) if the tenant has satisfactory history. If the tenant’s history is not as represented in the application, the applicant will be rejected, and the applicant will pay for the research.

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.

The monthly charge for on-going management of individual condominium units is 4% of the rent collected, assuming that the property can support an Onsite Manager who is capable of making tenant-selection decisions.

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 accepted the first month’s rent and security deposit from the in-coming tenant.

Our services for leasing and managing the unit are:

• We advertise your unit through the internet,
• Conduct showings of the unit,
• Tenant 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 (provided by independent handymen and vendors at their cost),
• Send out a monthly statement showing the income and expenses
• If interior inspections are requested, these are 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.

The other advertising expenses you should anticipate:
A one-time charge of $50 IF you ask us to enter the property into the Multiple Listing System.