Fees, RENTAL Process and procedures
Thank you for considering Ideal Property Investments, a full-service real estate property management brokerage where savvy investors are aligned with quality tenants. Take some time to familiarize yourself with our fees and business processes and procedures.
Finder’s Fee: 1 month’s rent ($600 collected up front)
Management Fee: $120 per property unit per month (multi-unit discounts available)
Lease Renewal Fee: $300 per property unit per lease
Process and procedures
A. AGREEMENT: By signing this Property Management Agreement, you’ve officially taken the first step toward renting your property. At this time, it’s imperative you understand the importance of obtaining the correct type of insurance as well as understanding your tax benefits.
B. ADVERTISING: By actively marketing on a number of websites, we have a 100% success rate in renting properties. To help us advertise your property as accurately as possible, it’s important to complete the Property Information Form.
C. APPLICATION: We partner with AppFolio to perform all of our Tenant Screening Reports. Because of their dedication to thoroughly investigating applicants, you can make an informed decision on whether to accept or deny any prospective tenant.
D. ACCEPTANCE: Once you accept your applicant, we will draft a Lease Agreement for your tenant(s) to sign. After receiving their signature(s), we will countersign, then send to you for your signature. The tenant(s) will also provide their security deposit at this time.
E. INSPECTION: Now that it’s rented, we must ensure your property is up to code and meets your city or local authority’s rental licensing rules, regulations and/or ordinances. We will determine whether a rental license is necessary and assist you in filing an application. If a rental license is not required, we will still adhere to the City of Minneapolis Rental Licensing Regulations Requirements. Although we understand your rental property may not be located within the City of Minneapolis, we believe they have a reputable outline of what’s necessary to ensure your home is a safe haven and not a liability trap. We expect you will work with us to guarantee your property will be ready for occupancy by allowing us to perform any repairs necessary to confirm rental-readiness. NOTE: Please read more on this topic under Section I. Maintenance below.
F. OCCUPANCY: Prior to providing your tenant(s) with the keys, we make sure that they are properly insured, and the utilities have been transferred into their name(s). Once confirmed, we conduct a Pre-Occupancy Inspection, supplemented with video, to educate the tenant(s) about the property. This allows us to develop a relationship with them that sets the tone for a successful owner-tenant-management association.
G. MANAGE: The first month’s rent has been received, and it’s time for month-end processing. We highly recommend you enroll in direct deposit, which enables us to auto-deposit rents into your bank account by the 5th of each month (or next business day if the 5th is a weekend or holiday). Financial statements will accompany payment initiation. You will be able to access your financial statements via your personally secured portal provided by AppFolio. Access will be sent to you after finalizing the contract.
H. UTILITIES/UPKEEP/OTHER: Throughout the lease, we ensure the tenants are keeping up your property, paying their utilities, and performing all other necessary items of business to safeguard a successful rental. Unless there is a major issue, we will not contact you.
I. MAINTENANCE: When there is a maintenance issue, we first attempt to work with the tenants to resolve it. If needed, we’ll contact our subcontractor to investigate the problem. Unless the repair expense exceeds our Property Management Agreement threshold, you will not be contacted (unless you request otherwise), and expenses will be deducted from the rent you receive the following month.
J. YEAR-END: We complete all local, state and federal requirements by completing your 1099 and your tenant CRP. All forms are emailed to you on or before January 31. Due to this requirement, it’s necessary that you complete the W-9 within your Lease Management Agreement.
If you have any questions or concerns, please don’t hesitate to contact us any time.