Property Management
Property Management
Solution #1
Have you ever had a bad tenant or heard of someone who has? We can help cut the risk of placing an undesirable tenant in your valuable investment to a great degree by:
Maximize Your Rental Income Preparation of Property Rent Collection Procedures Property Inspections Maintenance & Repairs 24 Hour Emergency Service Accounting Services Ensure Legal Compliance MAXIMIZE YOUR RENTAL INCOME
We perform a detailed, comprehensive rental market analysis, which assures you that the price we recommend for your property is competitive and that it will obtain the maximum yield from your investment.~ top of page ~
PREPARATION OF PROPERTY
Before putting your home on the market, we will inspect the property and make recommendations on any improvements that would enhance the value as well as the marketability of your home. Not only does the home need to meet certain housing standards, but also a home in good condition will attract quality tenants that will appreciate your home and consequently leave it in good condition when they vacate. We are capable of providing renovating or remodeling services on request.
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North Star Realty Property Management (NSRPM) collects the rental payments from your tenant. Collected funds are normally dispersed within 24 to 48 hours of receipt. If a tenant becomes delinquent, we follow a strict procedure, which includes personal contact with the tenant, legal notice of contract breach, and ultimately a court hearing, judgment and eviction, if necessary. If it becomes clear that the tenant is unable or unwilling to pay the rent, we get them out of your home as quickly as the law permits so that we may find a new tenant and restore the income stream. ~ top of page ~
PROPERTY INSPECTIONS
We stay fully focused on maintaining the overall condition of your property to keep the property value current with the market. At the beginning of each new tenancy, a comprehensive written report is completed which provides NSRPM and the tenants with a documented summary of the condition of your home. The tenants are instructed, as required in the lease, to report to NSRPM, any other problems within two weeks of occupancy. We then contact the Homeowners Association, if applicable, to inform them that we are managing the property so that they can report to us any violations or changes in community rules and regulations. We also ask our vendors who respond to our maintenance requests, to report anything during their visit at the property that may require attention or further investigation. About three months before the lease expiration, we conduct a cursory inspection to assess the condition of the property so that we can determine what work may be necessary to re-market the property. Finally, after the tenant vacates, we do another detailed inspection to determine if there are any damages that the tenant is responsible for. This schedule ensures the continued marketability of your property and keeps you apprised of its condition.
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Our experience has taught us that owners want their properties maintained, but don't want to pay for it! Naturally, we have to perform a balancing act. We make every effort to prevent small problems from becoming bigger ones. Our prompt response to any problems that may arise keeps tenants happy and encourages them to inform us of these problems in a timely manner. Our standard management agreement includes emergency service consent as well as authorization of non-emergency repairs up to $200. For repairs estimated to cost more than $200, no work is initiated without your express approval. Our vendors are licensed, bonded and insured. In addition, the volume of work we provide them assures us of priority response and very competitive prices.
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24 HOUR EMERGENCY SERVICE
After hours, tenants are instructed to leave their message on a special voice mailbox. Our computerized phone system will page our on-call manager. This system is available 24-hours-a-day, 365-days-a-year.
We use good judgment and restraint because not every tenant request needs immediate attention. One of the most effective techniques we employ is a common sense approach. Many tenants can (and are willing to) resolve their problems with just a little guidance. Often times, we can have the situation resolved with a phone call, eliminating any inconvenience to the tenants and at no cost to the owner. Otherwise, we call on our vendors to repair the service request.~ top of page ~
ACCOUNTING SERVICES
As tenant rental payments are received, we immediately credit the owner's account. From this account, all disbursements are made. If you desire, and at no extra charge to you, we will make any or all recurring payments for you such as your mortgage, HOA or condo fee, insurance, service contracts, etc. Owner's payments can be mailed directly to the owner or to the owner's bank, usually within 24 hours from receipt of funds. On a monthly basis, account statements along with copies of all bills are mailed to all owners.
Security Deposit accounting is also handled under our Property Management Program.
Year-end statements and IRS 1099 reporting are provided as well.~ top of page ~
ENSURE LEGAL COMPLIANCE
To protect you and your property, we will make sure that your property complies with all legal requirements for rental purposes. For example, in the state of Maryland, there are Lead Paint requirements pertaining to rentals and very specific laws on Security Deposits. In Montgomery County, there are Rental Licensing requirements as well as Landlord-Tenant regulations. For more specific information on these subjects, click on the “FYI” button.~ top of page ~
Solution #2
Maintenance
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Bob Hall North Star Realty Bob@bobhall.biz Office: [847] 934-4414 x 201 Fax: (847) 934-4471 210 North Hicks Place Palatine, Illinois 60067 |
