PROPERTY MANAGEMENT SERVICE
It’s not necessary to utilize our Leasing Assistance Service to take advantage of our Property Management Service; however, it can often be the best route in ensuring a smooth tenancy. Either way, we will take on the day-to-day chores of managing your rental property, so you can save time and money while enjoying the income and tax benefits of owning a successful investment property.
Management Fee Explained
We offer full service property management with no additional hidden fees. Our fees are fair, competitive, worth the investment, and tax deductable!
The fee for our property management service is as follows:
- Management Fee:
Eight percent (8%) of the gross rental income received on all rental agreements, or $100.00 per month, whichever is greater.
ex: $(monthly rental amount) x 8% = $(management fee) or $100 per month, whichever is greater.
- First Month Management Fee:
The first month of management is FREE should you decided to utilize our Leasing Assistance Service! *Not valid with any other discounts or re-renting commission income.
- Start Up Fee:
FREE of charge. We pay the costs to provide you with an owner portal, direct deposit, tenant portal, etc.
- Lease Extension Fee:
FREE of charge. We will draft a Lease Extension Contract should your tenant decided to renew their lease.
- Vacant Management Fee:
FREE of charge during times of vacancy that does not require management services.
- Maintenance Fee:
FREE of charge. Due to the volume of work we provide contractors, they offer us savings that we forward to you.
- No Hidden Fees:
We offer our FULL property management service for the fees explaned above.
The majority of skilled management companies fall in this similar fee range. Be careful of unusually low fees. It may be tempting, but the amount you pay will dictate the quality of service that you receive. Low fees are in place for one of two reasons: 1. Either the company is making money in other ways, such as marking-up the costs of maintenance or receiving “kickbacks”, concentrating on property sales rather than your rental, or charging owners for every service completed via an a la carte service; or, 2. You are getting less experience, knowledge, and service, phone calls that are not returned, tenants who are not screened properly, inspections that are not happening frequently enough, and accounting that is wrong. Inferior service is a higher risk for your property. Never will the saying “you get what you pay for” be more true.
Our goal is to provide outstanding service, so fees paid by you are saved, such as avoiding longer vacancy periods, excess repair costs, tenants who have not been thoroughly checked and costly legal problems. Contrary to other management firms, we does NOT charge a Start Up Fee, Realtor Referral Fee, Lease Extension Fee, Flat Fee when the property is vacant, or Maintenance Fee to arrange maintenance. If you decide to sell your home, no sales commission is charged; unless, you decide to sell your home to the tenant we placed with our leasing services.
Insuring Legal Documents & Advice
Our lease was developed and copyrighted by the North Carolina Association of Realtors. We also have developed and copyrighted addendums which are attached to and made part of the lease. Our addendums protect your interests and clearly explain the tenant’s obligations, our policies, and our expectations. Many property owners are unaware of the requirements and latest local, state and federal legislation that apply to renting and maintaining properties. We stay on top of changes in the law and provide you and the tenant with the appropriate required documents and notifications. We are experienced and knowledgeable in respect to tenant and landlord requirements and responsibilities, and make certain that laws are followed. Property owners who are not familiar with the state and federal rules and regulations regarding property management put themselves, their property, and finances at risk by not understanding these requirements. One lawsuit avoided can pay for many years of property management fees.
Inspecting the Property
We arrange inspections of the property before and after tenancy to document the property’s condition. Copies of the inspection are given to you and tenant. Inspections are performed during the tenancy if needed. The inspection is used as part of our security deposit process in determining whether a deposit is returned to the tenant or to the property owner. Determining valid security deposit deductions, itemizing deductions and the cost of damage can be complex. In many cases tenants challenge these findings. With the support of Bev Roberts Rentals, you can avoid this awkward position.
Collecting Rents & Deposits
Rent is issued to you on a monthly basis, unless an expense prevents issuing these funds. In order to avoid violating trust accounting laws, we must wait 10 business days for rent checks to clear before we can issue you payment. Owner checks are issued on the 15th of each month or the first business day after the 15th. All property owners must keep a $300 reserve fund in escrow for expenses associated with the operation of the property. Tenant security deposits are held in our trust account until the tenant vacates the property. We closely follow the rent collection procedures allowed under North Carolina Landlord-Tenant Laws. While our Rental Application process is very thorough, rent collection challenges will always be a part of property management; however, we are experts in the field. We strive to collect rent on time every month to maintain consistent cash-flow, and we make certain tenants are aware this is not negotiable.
Providing Monthly Accounting
We have state-of-the-art property management software that allows us to handle all the accounting needs associated with a property more accurately and efficiently. We have the capability of accepting rent payments online and depositing those payments directly into your account. Under your instruction, we can make payments on your behalf: mortgage, insurance, HOA dues, etc. We will provide you with an itemized monthly statement explaining all income and expenses. We also provide original copies of all invoices for expenses associated with the management and operation of your home. At the end of the year, we generate an annual statement and 1099-Misc for you for tax reporting.
Assisting with Evictions
Although evictions are rare, we will arrange the removal of a tenant from your home. We follow a strict procedures which include legal notices and personal contact with the tenant, filing relevant paperwork, and ultimately a court hearing, judgment and eviction. Our attorneys represent you in court and we coordinate with law enforcement to execute the lock-out. We takes all possible steps to resolve any issues without legal action. However, we have a qualified and skilled team of lawyers on hand if legal action becomes necessary. Eviction fees are charged to you, but are then charged back to the tenant for reimbursement. If a tenant vacates owing money, we will file a report against the tenant’s credit with the Credit Bureaus.
Retaining Security Deposit & Disbursing Upon Lease End
We have an established trust account in a North Carolina bank per the Tenant Security Deposit Act. When a tenant vacates your home, we will provide them with an itemized statement showing any deductions from the Security Deposit and return any unused portion in the permitted amount of time. Although rare, we have the capability to file a report with the Credit Bureau if a tenant vacates owing money. If a Security Deposit isn’t processed or managed according to the Act, the tenant may sue for return of the deposit. If the tenant can show that the landlord’s retention of the deposit was in bad faith, the court may award the tenant a statutory penalty of up to three times the amount of the deposit.
Conducting All Communication with the Tenant
We manage all questions, complaints, enhance issues, and emergencies that may arise. We maintain an on-call service 24 hours a day, 7 days a week. Additionally, we are the buffer between you and the tenant, as we stand firm in the face of adversity and enforce the rules of the lease. Tenants realize that we, unlike the landlord, are only doing our job and are obligated to enforce the lease terms. We can provide you the freedom from having to maintain contact with a tenant days, nights, weekends, and holidays. Managing a property is a 24 hour commitment and can become overwhelming if not handled properly.
Arranging Maintenance & Repairs
We maintain relationships with various licensed and insured contractors who provide top rate maintenance services at reduced rates. Due to the volume of work we provide our contractors, they provide savings to us that we pass along to you. We’ve already tested their reputation and dependability, so you can be assured that they will complete a quality job without supervision. We schedule small repairs using the your reserve funds in escrow, so you don’t have to be bothered with minor nuisances and the tenant sees quick results. After our contractor completes the work, we handle the billing process. Unlike most property management firms, we do NOT charge a Maintenance Supervision Fee, Procurement Fee, or “Kickbacks”.
24 Hour Emergency On-Call Service
We maintain an on-call service 24 hours a day, 7 days a week, so all incoming calls are directed to a LIVE AGENT. This service give you and the tenant confidence that we are available days, nights, weekends, and holidays when emergencies arise.
Assisting with Lease Renewals
We prefer that good tenants renew their leases. This saves you a lot of money in vacancy and turnover costs. We will notify you and your tenant 90 days prior to the lease expiration date. Under your instruction, we will offer your tenant the opportunity to renew their lease.
If the tenant chooses to extend the lease: Depending on the market, property, and your wishes, we may raise the rent or modify the contract terms at this time. We will compose a lease extension contract for you and the tenant to sign. Since you’re utilizing using our property management service, the Lease Extension is free of charge!
If the tenant chooses to vacate at lease end: We are notified 60 days in advance if the tenant is planning to vacate, so we can begin remarketing your property for rent as soon as possible. This helps greatly reduce vacancy periods. It is our goal to keep your investment property rented and profitable. We strive to minimize transition time between tenants.
Handling the Transition Between Tenancies
If the tenant chooses to vacate your home at lease end, we will acquire a Listing Agreement from you. You home will be shown to potential renters during this last 60 days of the current lease. Your current tenant will be required to allow agents access to show the property with proper notification. In addition, we will arrange an inspection of your home at lease end to document the property’s condition. The inspection is used as part of our security deposit process in determining whether a deposit is returned to the tenant or to you.