Lease & Rental Procedures
Our goal is to lease your property quickly with quality tenants!
Once you have invested in a rental property, the responsibility of maintaining and running the property can quickly become overwhelming. For many landlords, the logical solution is to hire a property management company to oversee their rental property. Hiring Select Homes Property Management will result in more free time and less worry for you as an investment property owner.
The following are general guidelines we use when managing a property.
ADVERTISING
- A For Rent sign is posted in front of the property. (optional)
- The property is listed on our tenant-friendly website.
- Advertise on MLS (Multiple Listing Service) and many other internet websites.
TENANT QUALIFICATION
- Prior to showings, prospective tenants are pre-qualified over the telephone and an appointment to show the property is made.
- If interested, their Application to Rent is processed and verified.
- Comprehensive tenant screening is performed on all applicants over the age of 18.
SECURITY DEPOSIT
- The amount of at least one-month’s rent is deposited into a non-interest bearing account.
- Additional security deposit is collected if the residence is furnished or if the tenant has a pet, pool, or a waterbed.
RENT COLLECTION
- Rent is collected on the first of each month. A late fee is assessed on all late payments.
PROPERTY INSPECTIONS
- Interior inspections may be performed with proper notification to the Tenant.
- Exterior drive-by inspections are more frequent.
- Safety and maintenance inspections are performed annually.
REPAIRS & MAINTENANCE
- Hire, oversee & approve all work orders on the property.
- Licensed, bonded and insured contractors and vendors are used.
PAYMENTS
- Payments related to the rental property, including utility billings, maintenance invoices (gardening, pool services, etc.), and homeowner’s dues, can be paid in accordance with the owner’s instructions.
STATEMENTS & DEPOSITS
- A detailed income and expense report for monthly and year-to-date totals is provided on a monthly basis.
- An end-of-year summary is provided at the end of each fiscal year.
- A 1099-MISC form is provided by end of January for the previous year.
- Rental income can be sent via ACH* (Automated Clearing House) or by using bank bill payment service mailed to the owner.
- * There is a $2 convenience fee for receiving rental income via ACH.