Property Management Information

The Morris Companies, LLC  goes to great length to insure our investors that our recommended Property Management Companies meet or exceeds the professional requirements needed in order to produce the bottom line results that should be reasonably expected from each client represented.

Our  Director of Property Management Services, is  your personal liaison with your property management company.  Insuring that your new investment property is leased quickly to qualified residents.

Please see the attached sample Management Agreement for single family homes used by companies who manage for our clients. Click here to view Management Agreement.

Listed below are some, but not all of the services that a Property Management Company should provide owners of single family investment homes, quadplexes, and rental condominium units:

1. Inspection and evaluation of property to determine maximum rent under current market conditions.

2. Collection of rents---inclusive of meticulous follow-through with late and final notices as necessary.

3. Handling of tenant concerns, conversations, correspondence and meetings as needed.

4. Handling of maintenance problems through in-house maintenance staff and sub-contractors.

5. Negotiation of fair and reasonable settlement for sub-contracted work.

6. Maintain detailed files on all tenants including changes and updates.

7. Maintain complete records including back-up documentation for both revenues and expenditures as well as, complete key files on each property.

8. Financial accounting and monitoring of individual tenant payments and balances.

9. Preparation and submittal of monthly owner's statement.

10. Lease renewals on a timely basis with rent increases (when market conditions warrant).

11. Coordination and follow-through of needed services by an attorney (i.e. warrants for unlawful detainment of property, judgments, writs of restitution, forcible evictions, etc.,).

12. Inspection of properties vacated and disposition of applicable security deposits.

13. Transfer of utilities to Management Company's account.

14. Itemized list of repairs (i.e. painting, cleaning, misc.) as needed to render vacant units market ready.

15. Coordination and supervision of market ready repairs at competitive and fair prices.

16. Placing of yard and directional signs to facilitate the leasing effort. As well as, take down and store once property is leased.

17. Responsibility for advertising: ad copy, coordination with newspaper and monitoring of papers for accuracy.

18. Place property on web site to facilitate additional marketing efforts.

19. Arrangements to make vacant units available to prospective tenants, including weekends and all but major holidays.

20. Detail Screening of prospective tenants using the resources of the Credit Bureau.

21. Entering into lease agreements as agents for the owner, using a lease that complies with the landlord tenant act of the state the property is located in.

22. Transfer of utilities out of Management Company's name when unit is leased.

23. Communication and correspondence with the owner to clarify any areas where the need for additional info is required.

The following is a list of items that every owner of investment property should reviw on an ongoing basis:

REVIEW ON AN ONGOING BASIS:

1. Lease Expiration Date of your current tenant.

2. Current Market Conditions in the neighborhood where your property is located.

3. What is the Vacancy status in your neighborhood?

4. Are rents stable or going up or down in your neighborhood?

5. Any changes in personnel within your management company who have been assigned to manage your property?

6. If tenant pays late, find out why payment was late. (There could be trouble in the camp).

7. Discuss marketing strategies with your property manager prior to current lease expiration date.

8. Check newspaper ads and internet to be sure property is being marketed during the vacancy period.

9. During vacancy period, call weekly and inquire about the prior weeks activities on your property.

10. If property does not lease within a reasonable period of time, discuss with your property manager what adjustments could be made in order to attract a qualified tenant.

To help keep all of our investor owners informed, the following is a list of questions that you should ask prospective property management companies that you are considering to manage your property.

SAMPLE QUESTIONS TO ASK OF YOUR PROPERTY MANAGER

1. How long have you been managing single family homes ?

2. How many homes are you currently managing ?

3. How do you advertise for tenants when my property becomes vacant? Who pays for the Ads?

4. How do you handle routine maintenance calls ?

5. Do you have an in house maintenance staff or do you use all subcontractors?

6. What is your rent collection policy ?

7. What is the normal term of your lease agreement ?

8. If the tenant fails to pay their rent, do you handle all legal actions ?

9. Do you supply me a monthly financial report? What day of the month should I receive this report ?

10. When do I receive my net proceeds check each month ? Does the checks come with the financial report ?

Finally, every owner should keep, and file all owners reports on your property. In addition, all information from your property management company, insurance company, and mortgage should also be kept with your property records.