Check with past landlords
This is usually the slowest part of the process because former landlords are not always quick to respond. Part of the process of checking with past landlords is verifying that the phone number provided is actually the landlord's phone. Then we need to verify that the person who claims to be the landlord actually owns the property that the applicant claimed to have rented. Once we've done all this, we talk to the landlord and ask them a series of questions about the applicant. Landlords can be very informative, especially in off-the-record conversations. This is an important window into understanding what sort of applicant we are dealing with.
Our Five Step Process
Property Management Basics
If you have never had a property manager before, you are probably curious and would like to learn about the roles and functions of property managers and what type of impact having one designated to you will have on you business affairs. The scope of a property manager is wide, and a property manager strives to:
- Collect rental fees. Each sum of money received is placed in an escrow account. Funds are disbursed for the payment of bills, income to the landlord, and the property management company fees.
- Maintain accurate records of funds, receipts, and expenditures; and regularly furnish these records to respective landlords.
- Handle all matters with HOA/COA.
- Manage all tenant relations which include maintenance requests and late fee notices. Deal with a laundry list of tenant problems such as unauthorized guests, unauthorized pets, parking issues, tenant cleanliness, noise violations, neighbor complaints, and the list goes on. We also manage the process of prosecuting actions to evict tenants on an as-needed basis.
- Ensure compliance with state laws, local ordinances, licensing requirements, association rules, Fair Housing laws, insurance requirements, and IRS requirements.
- Manage and dispatch handymen when necessary.
- Inspect the property periodically: at the time of move-in, move-out, and frequently during tenancy.
Generally, money does not flow from the landlord to the property manager or from the tenant to the landlord; but it flows from the tenant to the property manager to the landlord. Fees and commissions are withheld upon collection of rental fees.
Our agreements are standardized and its duration is a one-year period; however, either party may terminate the agreement at the end of a 30-day notice.
If you are interested in learning more, you may want to find out what differentiates Nesbitt Realty from other property managers.