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Navigating Property Management

Thursday, August 6, 2020   /   by AJ Shepard

Navigating Property Management



Nicole Corwin:

So we're going to talk about navigating property management. The key topics we're going to be discussing are, well, why use a property management company, the benefits and the highlights of a property management contract.

Nicole Corwin:

Okay. So key aspects of using a property management company. Four main parts, tenant placement. So instead of a homeowner just posting on Craigslist, a property management company is an expert at finding and screening tenants for the property. We have a four part screening process, and we really try and get the best tenants possible for the properties.

Nicole Corwin:

Maintenance requests. Instead of a tenant calling the home owner and saying, "Hey, come and fix our light bulb or our leaky toilet," those property owners can rest easy knowing that we have an on-staff crew that's able to quickly take care of the issues. All of our maintenance requests are done via AppFolio. And so we have written record of all of that as well, which is super handy to be able to look back on. We also take care of rent collection. So we'll collect all the rent so that the owners don't have to sit there and uncomfortably ask tenants to pay them. We also deal with all of the late payments and evictions. And then we ensure that our properties that we manage are in compliance with all of the codes and the laws and all of our documentation is legal, super important stuff.

Nicole Corwin:

We do have a Better Tenant Guarantee. So if we place a tenant in your rental and they break the lease in their first rental term, we will secure the next tenant at no cost to the property owner.

Nicole Corwin:

And some of our other guarantees, we've got a Rental Guarantee and a Payment Guarantee. If we don't secure a qualified tenant within 21 days of marketing the rental, we'll waive the first month's management fee. We run very accurate rental comps for each property. And so we believe that getting tenants in is going to be something that we should be able to do within that 21 day timeframe. And then if a tenant does not pay their rent, the property owner doesn't us. We only get paid when the property owner gets paid. So that way they're not out copious amounts of management fees with no rent coming in. That's if a property is vacant as well as occupied.

Nicole Corwin:

And here is our timeline of a management contract. So once a property owner reaches out to us and says, "Hey, I'd like to start the process," we send over a contract via DocuSign, and then they're able to sign that. It's a pretty seamless, easygoing process. Once that contract is signed, a welcome packet is sent via email and the owner fills out the property intake questionnaire on the packet. It's super important that that intake questionnaire is filled out. That's where we get a lot of the information to onboard the property into our system, which is step four. And we can begin the marketing of the property. And then once the property has been marketed, then we get applications. We screen our applications and we get leases.

Nicole Corwin:

And then step six, the property owner gets to sit back and relax, enjoying their passive income. Deposits are directly made into their account on the 15th of the month. And they get to enjoy it.

Nicole Corwin:

Reviews are always super important. We've got a lot of happy customers of Uptown Properties. Here are three. We have Matthew Miller, Jaypee Punzal and Allen.

Nicole Corwin:

Technicalities. So we've got a Fee Guarantee. If you can find a lower fee in writing to manage the property, we'll match it. As long as they don't charge any additional fees, we're guaranteed to match it. Our monthly management fee is 6.5%. We have a lease up fee of half of the first month's rent. We do charge an initial deposit of $750, $250 of that goes to the reserve account for the property. And then the remainder of the $500 is subtracted from that lease up fee once that comes in. We have a lease renewal fee, it's $95. And that just takes care of getting all of the paperwork together and hopefully less turnover keeping that same tenant in the property. We do an annual inspection of the property inside and out. It's $75 for that. And then we charge a technology fee of $59.

Nicole Corwin:

Where are my pictures? There we go. We have optional programs. So if somebody wants a little bit more in depth management for their property, they're able to pick and choose from these add-on programs. We have a Preventative Maintenance Program, a Pet Program, Furnace Filter Program, Premium Marketing Platform. We do additional inspections upon request, an Eviction Protection Program. And all of our showings are done via a lock box placed on the property. But if the owner would like in-person showings done, we do charge $50 per showing.

Nicole Corwin:

So the first step in getting that property on the market is making sure that it's rent ready. We make sure that we have that property information questionnaire. We need the keys and the deposit and the property must meet code, city and safety requirements and be presented in good repair and cleanliness. We do have a full rent ready checklist that has detailed items on it. We send that out to the property owners once the contract is signed and they can go through and make sure their property is ready to go.

Nicole Corwin:

So we have 100 plus owners using our property management services. They're able to relax and receive that passive income. And we're always looking to add more.

Nicole Corwin:

Any questions?

Speaker 2:

I don't think I have any questions. Does anybody else?

Speaker 4:

Good job, Nicole.

Nicole Corwin:

Thanks.

Uptown Properties
Chris Shepard
3526 SW Troy
Portland, OR 97219
503-941-0276
Fairway Independent Mortgage Corporation
Mike Maier
5410 SW Macadam Ave, Ste 100
Portland, OR 97239
503-545-9879

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