What are the advantages of having a professional Property Management Company?
The first question you must ask yourself is how much your time is worth. You most likely spend several hours a month dealing with your renters, or their requests. You are on call 24 hours a day. With a Property Management Company, you can enjoy your time and let them handle the problems. A property management company can help you: Market your rental property to minimize vacancies and maximize income; Fill vacancies with the best possible tenants; Maintain and keep your rental property in good condition; Track income and expenses to determine profitability; Negotiate rental agreements; Collect rent and track tenant deposits; Comply with federal, state and local laws; Respond to tenant requests and deal with problem tenants.
What are your fees?
K and R Properties charges between 5% – 10% of the monthly rent collected. The rate is subject to many different factors, some of which are: Number of units we manage for you. Location of property. Overall condition of the property. Number of services we perform. We have no additional fees. No rental, no commission. If you don’t make money, neither do we.
Who does the tenant call for repairs and emergencies?
The tenant will always call their Property Manager K and R Properties directly to arrange for repairs and emergencies. The tenant will not have any contact with you and will not in most cases know who you are. K and R Properties is on call 24/7 for emergency repairs.
How is the rent collected and how do I pay for your fees?
Rents are due in the K and R Properties office on the 1st of every month. The tenants drop off or mail in their rent to K and R Properties unless there is an onsite manager (for a complex over 16 units) in which case they give their rent to the onsite manager and he/she will deliver the checks to K and R Properties. At the end of the month in which the rent was collected, a check for the rent (minus K and R Properties fee and any other expenses) is mail to the property owner along with monthly reports.
Who does the rental property repairs?
K and R Properties has arrangements with a wide variety of quality, independent contractors. Contractor rates are set by the contractor not K and R Properties. K and R Properties take zero (0) commission from the contractors.
Who pays for repairs?
K and R Properties’ maintenance contractors are trained to identify problems caused by normal wear and tear (the owner pays) versus damage caused by tenant abuse or neglect (the tenant pays). If the tenant pays K and R Properties sends the bill and invoice to the tenant. If the owner pays K and R Properties (in most cases) takes the repair charge out of the collected rent and pays the vendor, unless otherwise requested by the owner.
Will I receive monthly statements?
Yes. Not only will you receive computerized monthly statements, but you will receive a Unit Transaction Listing detailing activity at your property during the past month.
How do you find prospective tenants?
Advertising is done in several free papers, rental services, and internet sites like Craiglist.com first. If after a short period of time the property is not rented or there is little or no interest in the free advertisements we will then list the property in the appropriate local newspapers. Your vacant property is always listed on our own website at no charge. Our website averages about 7000 hits per day.