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Questions on services provided for property Mangment
Our recent Client from Australian last month ask some questions. Took his name out but here was his email and my property manager answers below....
Sent: Monday, November 28, 2011 6:00 PM
Subject: USA Properties
I'm interested in Atlanta and Charlotte. I'm trying to organize a trip to US early next year and would like some info about your business or contacts in relation to real estate. Being in Australia the property management is the most important issue for me, please send me some info and I'll have a look.
My name is Cherry Stegall, I work for Alex Franks. I handle the Property Management Department for him.
This is the way we handle our property management in the Charlotte area.
- A Property Management Agreement is created and signed by both the owner and the property manager.
- A property folder is created for the owners records...this folder will be a mirrored image of our folder here at the office, it will include a copy of the lease, rental application with all necessary documents. Any paperwork that is sent to the owner, we recommend they put it in their folder.
- If the property is vacant, I put the property on our available property list, we run ads in the local news paper as well put it on our website.
- Our Inspector goes to the property to inspect it to make sure it is in rent ready condition. If not, a detailed list will be sent to the owner for their approval of work along with the cost. Once the monies have been sent, the repairs are then completed and the property is then inspected. Before and after photos are sent to the owner for their records.
- If the property is occupied, I send the tenant a letter stating that we are now managing the property and that they need to sign a new lease with us.
- If the property is vacant, and a tenant has been approved to occupy the property, we receive a deposit for the property, this amount is 1 month's rent, we then send the deposit to the owner of the property to hold in trust.
- Our inspector and myself will meet the tenant at the property to do a detailed move in inspection, the inspector, tenant, and property manager will all sign the inspection form, this same inspection form is also used for the move out inspection.
- Once the inspection is completed, the lease is then completed and signed. At this time, we receive the 1st month's rent. The tenant is then given our tenant handbook.
- Our rent is due on the 1st of each month and considered late on the 3rd. If the tenant is late, they then pay a late fee of 10% of their monthly rent, the late fee is kept by the management company. If the tenant is not here by 5:00pm on the 5th, we file the eviction papers with the local Magistrates office. This is at no cost to the owner of the property.
- Rent payments are paid to the owner's on the 15th and the 30th of each month. If the date fall on a holiday or a weekend, it is paid on the next business date.
- We do quarterly inspections on each property, these inspections are videoed which is also sent to the owner. This ensures that the property is being taken care of.
I have attached Carolina Liquidator's Property Management Agreement, Tenant Handbook, Blank Lease, and our Turn Key Investing Under $85,000 for your review. I did not attach if any interest I will send in separate email...
Ritan Property Group In Atlanta, GA manages our properties in Georgia, I have attached their Management Agreement and sample lease as well for your review. Same thing I did not attach that...
Please let us know if you have any questions, comments, or concerns.
thats quite a comprehensive list of policies for the proprety management, which is needed especially for properties beign managed overseas!
Dont spend much time on this forum
Matt how are you you can follow my post on this forum Property investing .com I spend majority of my time their.
Originally Posted by mattinvestor
Feel free to email me with any question about property management
Hi alex.. oh really?
Yes I have spent some time over at propertyinvesting.com
What's your nickname over there? just in case i have any questions
I am one of the bigger posters on the propertyinvesting.com forum
Alex SC not hard to find. Look forward to any questions.
Yes I have seen you at propertyinvesting.com forum Alex SC. Good to see you here at this forum too.
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