Property Management

Our Management division is built upon the foundation of resident service, sound planning and responsive follow-through. Our success is measured by how well we understand and meet the needs of both the property owners and residents in the community we serve.

We believe that properties should be maintained in top condition, and that owners should be entitled to the best rents the market will allow and a maximum return on their investment.

We handle all aspects of the management of your property, including:

Property Evaluation Vacancies Tenant Selection Security Deposits Rent Collection

Accounting Services Property Inspections Maintenance Services Eviction Services Emergencies

 

"Reduce the Churn Factor" by keeping the complex clean, include all carports, common areas, walkways and garbage areas.

Property Evaluation

We will assess your property, and make recommendations to help you obtain the best rental income, and attract and retain the best qualified tenants.

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Vacancies

Vacancies are expensive for both of us. We make every effort to keep our vacancies to a minimum. Our aggressive marketing plan allows your property to be presented to the largest possible market in the shortest possible time. With over 20 years of building relationships we now have a vast and comprehensive network of contacts to help fill vacancies.

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Tenant Selection

We want good tenants just as much as you do! We pride ourselves in the quality of tenants we are able to attract. Preferred Property Management views resident selection as our most important function. Years of experience in dealing with tenant screening virtually insures a hassle free experience. Our extensive tenant screening and credit investigations help ensure this.

Applicants are required to complete a detailed rental application, meet minimum income requirements, rental background, credit requirements and provide references. We run a total credit check on all prospective tenants. In addition, we report any delinquencies to the credit bureaus! This has proven to be extremely effective in stopping late rents.

Once a tenant's application has been approved, appointments are made to approve the actual lease agreement. We review the lease thoroughly with the tenant. This gives us a chance to answer any questions and to carefully explain the tenant's responsibilities as well as our company's policies, and rules. This attention to the tenants' needs greatly reduces misunderstandings and eliminates many potential problems before they are problems.

Once again, we want good tenants just as much as you do! We pride ourselves in the quality of tenants we are able to attract.

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Security Deposits

For additional protection, appropriate security deposits are always collected upon completion of rental applicants by a prospective tenant. Amount of deposits are based on the monthly rental rate and the credit worthiness of the tenant. Applicants with pets are required to pay an additional pet deposit, if the owner approves a pet.

All deposits are maintained in a trust account as required by state real estate regulations until they are either refunded to the tenant upon the successful check-out inspection or are forfeited to cover damages caused by lease violations.

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"Being in the rental business is not for everyone, and there is a certain amount of risk involved when renting out your home."

Rental Collections

All rent is due on the 1st of each month and is considered late if received after the 5th of the month. Late notices are sent on the 8th and removal proceedings are initiated if the tenant does not make immediate arrangements for rent payment. We feel that the collection of rent is the second most important function of managing your property.

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Accounting Services

Every transaction affecting your account balance is recorded and explained in detail. Our computerized accounting system enables you to see exactly what has transpired with your property on a monthly basis.

In addition to the monthly statements we also provide a complete account summary at the end of the year. This shows you each accounting transaction posted on your property during the year; i.e., total rent received, total mortgage payments made, total maintenance expenses, etc. These statements are specially designed to simplify the year-end tax preparation job for you and your accountant.

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Property Inspections

Our main job is to protect your investment property. We do this in two different ways. First we make frequent drive-by inspection tours of your property. In addition, we make regular preventive maintenance inspections of the interior of the property. It is stated in the tenants lease agreement that we have the right to make routine announced inspections. Tenants are always notified in writing of pending property inspections.

Preferred Property Management conducts routine inspections, and tenants who are doing a good job received a letter thanking them for their time and the care taken in maintaining their home. Tenants who are doing a poor job are also notified, and then we follow-up with a second inspection ten (10) days after the tenant has received the failure report. If the tenant has not shown good faith by providing property maintenance or making requested repairs we will begin proceedings to correct the problem at the tenant's expense.

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"The Myth is that Self management is less expensive than professional management." "The Truth is that more often than not, the net result is much greater with a professional company managing your property."

Maintenance Services

Timely and competent maintenance is the key to protecting your investment. Our goal is to provide you with this important service at a reasonable price using only qualified personnel.

All repairs and maintenance services are performed by our handyman staff, outside vendors, and contractors. Each has been selected because of their ability to provide the best possible service at the best price.

You reserve the right to schedule and control any or all repair and maintenance responsibilities, if you desire.

Routine repair and maintenance will be performed as needed and will be based on urgency and importance. For any major job, we usually obtain written estimates from three different companies, notify you, and obtain your approval before we proceed.

We ensure the quality of the work performed by making spot checks and follow-up inspections. You are further protected because each job is fully documented in writing and supported with receipts.

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Eviction Proceedings

Unfortunately, even families that are well qualified can encounter serious situations (loss of employment and divorce are the most common). In some cases financial instability problems are unavoidable. When a family does not pay rent and does not move, our only recourse is to take legal action.

Typically, the paper work is transferred to an attorney's office, the tenant is served the legal papers and our office will appear on behalf of the owner to present evidence. The matter is usually an issue of unpaid rent and/or property damage, if presented properly, the judge normally finds in favor of the landlord. The total eviction cost varies and we generally expect the process to take about three weeks after we transfer the paper work to an attorney.

Should an eviction process need to be implemented we will discuss the matter in full detail with you and make the process as easy and pain free as possible.

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Emergencies

We have someone on-call 24 hours a day 7 days a week, to check messages and call out emergencies to our maintenance team or contract vendors.

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Management Fees

At Preferred Property Management there are no up-front fees. We charge a flat percentage of the gross rent collected monthly, the fee depends on how many units are under management. We only get paid once we perform the job we have been hired to do! Preferred Property Management pays for all advertising.

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