Real Estate Property Management:
Professional support for renting your home
The real estate industry is witnessing a new trend, partly because of the economy, partly because of advanced workplace technology, partly because â€śthe world has gotten smallerâ€ť and people increasingly mobile.
Today many individual home owners find themselves in transition â€“ looking to sell and relocate because of a job or downsizing for a lifestyle change. Often they want to hold on to their initial investment until they are settled or the market improves.
RE/MAX Executive Property Management can act as a full-service private property manager while the owner is elsewhere.
In this arrangement, the owner does not incur out-of-pocket expense for retaining RE/MAX or conducting routine repairs. Compensation and maintenance costs are simply deducted from the rent which RE/MAX collects, and the balance is deposited directly into the ownerâ€™s account.
Not only does this arrangement provide emotional support during stressful times, but it offers the legal expertise and logistical assistance to make sure things are done right.
Hereâ€™s how it works:
RE/MAX Executive Property Management usually steps in once a tenant is found. The team does a complete background check including credit ratings, criminal records if any, and past landlord relationships.
RE/MAX believes that the better the tenant, the better the experience, but recognizes that sometimes a tenant with excellent credit can be a careless renter, or a candidate who once had a credit glitch can be a caring and reliable tenant. The RE/MAX team uses their insight to help less-experienced home owners make the right choice.
Before renting the property, RE/MAX team goes through the house, room by room, creating a written and photographic report. Much like renting a car, the tenant then signs off on this â€śMove-In Reportâ€ť to verify the property condition. This serves as a basis for any future claims.
RE/MAX knows the legal requirements surrounding security deposits, something a private home owner may not be familiar with or have time to accommodate. Security deposits must be set aside in an interest-bearing account, and RE/MAX Executive Property Management handles this.
By having RE/MAX as the intermediary, a private home owner is insulated from tenant demands. Whereas the home owner may be physically removed from the property, the RE/MAX team is on call 24/7 and can quickly respond.
RE/MAX Executive Property Management also conducts a quarterly check-in to benchmark any property changes. These are noted and compared to the Move-In Report. RE/MAX believes that it is better to tackle a problem now than chase one later. Should there be a routine need, the Property Management team will assess it, fix it, and advise the tenant if it will affect their security deposit. Larger anticipated problems will be conveyed to the property owner.
Most private home rentals are implemented on an annual lease, although rentals for corporate use might be longer. The RE/MAX team helps complete the rental paperwork, explains the Zero Tolerance policy for late payments and collects the monthly rent.
Their management fee is calculated as a percent of the rent, set between a minimum amount and a cap. This is deducted from the monthly rent along with any maintenance costs (like snow plowing) that RE/MAX has covered. The remaining rental fee is then deposited directly into the home ownerâ€™s account and a report is issued to the home owner.
By choosing RE/MAX as a private property manager, home owners are assured the benefits of renting, without the stress and commitments.