Steps & Processes
Equipped with approximately 20 years of experience as a renter, a rental property owner-operator and a property management services provider, Ideal Property Investments infuses the proper Steps & Processes for a Tried & True client experience by aligning admirable investors with reputable tenants. For your convenience, we have provided a brief outline of such Steps & Processes, below, as well as the respective forms linked by (page number):
A. AGREEMENT: Congratulations! By signing this Property Management Agreement (P.4-9), you’ve officially taken the first step towards renting your property! At this time, it’s imperative you understand the importance of obtaining the correct type of Insurance (P.10) as well as understanding your Tax Benefit (P.11).
B. ADVERTISING: We have yet to meet a property we can’t rent! By actively marketing on a myriad of Websites (P.12), we’re blessed to brag of our 100% success rate! We expect yours to be no different! One favor, though – would you please help us advertise your property as accurately as possible by completing the Property Information (P.3) page? Thanks much!
C. APPLICATION: We partner with AppFolio (http://www.appfolio.com) who performs all of our Tenant Screening Reports (P.13). Because of their dedication to thoroughly investigating your applicants, we’re able to help you make an informed decision on whether to accept, or deny, any prospective tenant. Either way, rest knowing it is ultimately your decision.
D. ACCEPTANCE: Once you’ve decided to accept your applicant, we will draft a Lease Agreement for your Tenant(s) to sign. Upon retrieving their signature(s), we will countersign, then send to you for your signature. We find it’s best to all be on the same page – – literally! The Tenant(s) will provide their security deposit, at this time, as well.
E. INSPECTION: Now that your property is 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. Given not every city mandates a rental license, we will investigate to confirm whether a rental license is necessary. If necessary we will assist you in filing an application. If not necessary, we will still proceed as if it is and 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: It’s time for us to move-in your Tenant(s)! Happy Day! Prior to providing them with the keys, we ensure they are properly insured and utilities have been transferred into their name(s). Once confirmed, we conduct a PreOccupancy Inspection, supplemented with video, to educate them 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: Now that all are nestled into their new home, we begin our management process! The first month’s rent has been received and it is time for Month-End (P.14) processing. We highly recommend you enroll in Direct Deposit (P.15), which enables us to auto-deposit rents into your bank account by the 5th of each month, or next business day, given the 5th lies on a weekend or Holiday. Financial statements will accompany payment initiation, of which you’ll be able to access via your own, personally secured, portal, as provided by AppFolio. Logon access will be sent to you upon finalizing this contract.
H. UTILITIES/UPKEEP/OTHER: As time passes, we ensure the tenants are up-keeping your property, paying their utilities, and all other necessary items of business to ensure a successful rental! Please know, unless there is a major issue, we will not contact you, rather just cure the situation and monitor it accordingly.
I. MAINTENANCE: Upon encountering a maintenance issue, we first attempt to work with the tenants to resolve; however, if unsuccessful, we’ll alert 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 rent the following month.
J. YEAR-END: Once December 31st arrives, it’s time to buckle-down and tend to taxes. We complete all local, state, and federal requirements by completing your 1099 and your tenants CRP. All forms are mailed on, or before, January 31st. Due to this requirement, it’s necessary you complete the W-9 (P.16) within your Lease Management Agreement.
K – Z. REPEAT: Time to do it all over again – Lease Renewal Agreements, Inspections, and More! Let’s discuss! Thank you for taking the time to educate yourself of our policies and procedures. Although we attempt to be thorough in our details and explanations, we understand we may have missed something; therefore, please contact Kelli @ 612.290.6107 or firstname.lastname@example.org with additional comments, questions, and/or concerns.