Property Owner s Handbook For Residential Rental Property

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1 Property Owner s Handbook For Residential Rental Property Used in Conjunction with the Exclusive Leasing and Management Agreement 1

2 Welcome to Casey Realty Corporation Our goal is to ensure that every property owner/investor has a knowledgeable and honest professional to manage their valuable asset(s). Casey Realty Corporation believes in giving you a description of our services and procedures that you can use as a reference after your management agreement is signed. The Property Owner s Handbook is to help enhance the communication between you and your property manager and to detail the responsibilities of Casey Realty Corporation as we proceed with the leasing and/or management of your investment property. If this Handbook does not provide you answers you need, we are available to answer your questions or to address your concerns. 2

3 The following index outlines the benefits and services you can expect from Casey Realty Corporation. Our company overview...page 4 Where you can reach us...page 5 Why choose us?...page 6 Frequently asked questions: Tenant screening process...page 6 Preparing the property for Occupancy...Page 7 Owner s responsibilities..page 7 Marketing...Page 8 Rent collection...page 9 Lease compliance...page 9 Security deposit...page 9 Repairs & Maintenance..Page 10 Fees for leasing and/or management Page Procedures in this handbook are subject to change as we grow and develop our services. 3

4 Company Overview At Casey Realty Corporation it is our goal to maintain a high level of customer service. We focus on keeping abreast of our ever changing rental market. It is impossible to master the real estate sales market and the rental market. We pride ourselves on providing Property Management Only! Since we only do Property Management it allows us to customize our management packages to fit each owner s needs. Casey Realty Corporation pays close attention to detail in the everyday operation of the residential rental properties. We work to provide the best and most complete management services available to residential property owners. Our educated and well trained staff works closely with the owner to produce stellar returns on your assets. We differentiate ourselves from the competition with the high level of service provided to the property owner and our carefully selected customers, the residents. We use a very proactive management approach in reducing the property s operating expenses. We want you to know that not only is your asset in good hands but you as an owner/investor are just as important to us. We will always strive to exceed expectations from the owner/investor as well as the tenant. 4

5 Where Can You Reach Us? Casey Realty Corporation is located at: 4370 S. Tamiami Trail, Suite 102 Sarasota, Fl Phone Number- (800) Address- Website- 5

6 Why Choose Us? Casey Realty Corporation We have been in business for over 20 years Knowledge of local rental markets Our own accounting staff Licensed and Insured- Errors and Omissions as well as Liability Insurance Automated funds transferred to your account by the 15 th of each month Annual income and expense report with IRS form 1099 Prompt rent collection Inventory services available FREE- Market analysis In-depth tenant screening: Credit report, Eviction, Criminal Check & Income Verification All vendors are licensed and insured for your protection. Due to our large portfolio you get excellent prices and service for any maintenance and repairs. Reasonable rates- there are no hidden costs or transaction fees Friendly Expert Staff Property Management is our only Business Easy Communication- We are available by telephone, , fax, mail and personal appointments Coordination of property maintenance Regular property inspection Lease negotiation and execution Lease modifications and updates- including Renewals Lease termination and eviction Full Compliance with state and local landlord/tenant laws Full Compliance with Fair Housing laws and regulations Full Compliance with Fair Credit Reporting Law Full Compliance with Lead Paint Disclosure on all properties built prior to

7 Frequently Asked Questions Preparing the Property for Occupancy Question: What do I (owner/investor) need to do in order to get the property ready for a tenant? We will need to do the following: Signed Management Agreement 3 Sets of keys All garage and gate keys Review of things that may need to be fixed prior to tenant move in Proof of insurance for the property- Rental Dwelling/Dwelling fire policy, the limits should be in the amount of no less than $100,000 per person and $300,000 per occurrence. W-9 filled out ACH should you elect to do so Carpets should be professionally cleaned and in good condition with no odors Interior and exterior should be in clean condition Appliances and other systems should be clean and working condition Plumbing fixtures and plumbing should be working properly Electrical outlets and switches should be in good repair and have cover plates Smoke alarms must be properly installed and in working condition Light fixtures should have working light bulbs. Lawn should be free of debris, edged, trimmed, mowed and shrubs trimmed. Copies of all warranties, service contracts, and termite and/or pest control contracts need to be provided. Any Association Rules and Regulations and application forms provided as well or at least the HOA of the community if applicable. 7

8 Frequently Asked Questions Marketing Question: How will you market the rental property? The property will be listed in the local multiple listings service There will be a sign placed in your yard with our name and number on it (if applicable) The property will be listed on the internet through the following websites : o Google o Yahoo Real Estate o Direct Homes.com o Oodle o Front Door o Homes.com o Hotpads.com o Postlets o Craigslist o Pennysaverusa.com o Realestateground.com o Americanclassifieds.com o Lovemyzip.com o Propertyshark.com o MLS This is just to name a few of the syndications the property listing will go out to over the internet. 8

9 Frequently Asked Questions Continued Tenants, Leasing and Rent Question: How long will it take to lease the property? There are several factors that affect the leasing of a rental property. Supply, demand, price, location and condition, we can not control the supply and demand however, we can do a market analysis so that the property is listed in the appropriate price range. The condition of the home will be reviewed with you and the property manager should there be any repairs or issues that may need to be taken care of prior to showing the property. We do not like to put any expectations on time frames as we can never control the market, or people; however we do our best to get the property leased within days. Question: What is the process once you receive a qualified tenant? Once the tenant clears all screening we require the prospective tenant to give us a nonrefundable deposit to take the property off the market. The deposit is usually equal to one month s rent and upon signing of the lease and receiving first month s rent the deposit turns into their rental deposit which will be held in a non- interest barring Escrow Account. Once all funds are received and move- in date is set the tenant and property manager will do a move-in form. This form will protect you the owner/investor as well as the tenant should there be any damages or future damages. Question: What happens if the tenant fails to pay their rent? All rent is due on the 1 st of each month, rent is considered late on the 2 nd. Late notices are generally sent out on the 5 th of the month. The notice requires them to pay their rent within a specific number of business days after the date it was delivered. If rent is not received by the expiration of the late notice, we then have our attorney file for eviction against the tenant. This normally takes 2-4 weeks and costs the owner $300-$600 in legal fees. We do everything in our power to prevent this additional cost by our stringent screening process prior to tenancy. 9

10 Frequently Asked Questions Continued Tenants, Leasing and Rent Question: What repairs are the tenants responsible for? All tenants are responsible for keeping their unit in good repair. AC filters need to be changed on a monthly basis. Smoke detectors are to be checked and batteries changed regularly. Clogged toilets, drains, jammed garbage disposals, abuse, misuse or neglect of the property are the tenant s responsibility. Owners are responsible if plumbing issues are a result in a crushed pipe or roots in the line. Pest control is a tenant s responsibility. The lawn and pool care are negotiated on a case by case basis when applicable. Question: What happens when a tenant moves out? Tenants are required to give 30 day notice should their lease be up for renewal. Once receiving the notice to vacate, we begin to market the property immediately. The property manager will do a move-out form and walk through with the tenant prior to vacating the premises. The appropriate claims against the security deposit are imposed should there be any damages. We then would recommend to the owner any necessary repairs and with approval and funds begin working on making the property ready for re-rental. We always suggest this to be a good time to make any major or minor improvements. Question: If there are repairs needed how are they handled? We always inform our owners of any repairs needed and send them quotes for any such repairs and ask for your approval before proceeding on anything that this not an emergency maintenance issue or over $200. There are two options for paying for repairs we can simply deduct from rental income or you can pay the vendor directly. In the case of maintenance emergency we have a 24/7 number where a live person answers the phone and will delegate the emergency to the property manager. 10

11 Full Service Property Management Management services include: Rental collection Bill payments Semi annual inspections Estimates for major repairs Handling of all maintenance calls 24 hour answering service Detailed monthly statement Advertising Showing of the property Tenant screening Drawing up of the leases Collection of deposits, first rental payment, and moving the tenant into the property We charge a monthly fee of 7% for these services 11

12 Lease Only Option Services include: This option includes all advertising Showing of the property Tenant screening Drawing up of the leases Collection of deposits and first rental payment, and moving the tenant into the property. At that point the tenant begins dealing with you the owner for the remainder of the lease. The charge for this service is 8% of the annual lease, which equals one months rent. 12

13 Casey Realty Corporation appreciates the opportunity to help provide Excellent property management to you. We trust that our Owner s handbook has answered the questions you have about property management and the services our company performs. We are experts in the management field and our entire team is dedicated to giving you the best, experienced, dedicated and dependable service you expect and deserve. Thank you for considering Casey Realty Corporation. We look forward to bringing in the most potential revenue on your asset and providing you with exceptional property management service. Please give us a call at (800) or us at info@caseymanagement.com, we would be happy to get you a Management Agreement and start marketing your property today! Thank you 13