We tailor our management style to your property and requests. This is a general outline of how we manage our properties.
Initial evaluation consists of determining what you want out of your property, setting the standards for your property, and how to fulfill that goal while maximizing your profits and investments, for example, if you want to maintain the property as is with quality and reliable residents or if you want make upgrades to the property and units while gradually increasing your rents.
On a regular basis we conduct market surveys or your neighborhood/market to ensure that you are getting the highest rent that your market allows. At the end of each year we send out documentation of your properties occupancy, vacancy, and income trends for the year.
When advertising your property we use signage and brochures at the property, list available homes and units on our website, use various print media, and the internet.
Every applicant has a thorough credit check run (the report combines the three major credit companies, i.e., TransUnion, Experion, and Equifax and compiles a credit analysis, which also includes any evictions) The criminal background includes a statewide search for any and all convictions, deferments, and a nationwide search of the terrorists, sex offenders, and the most wanted database.
All of our lease packages will include our standard lease that has been thoroughly reviewed by our creditable attorney. Drug and Crime Free Lease Addendum, Move-in and Move-out inspection form/conditions, and any other forms/addendums that may be required for a particular property, e.g., Lead Based Paint Addendum. All documents, rules and regulations, and deposit requirements are clearly explained to all residents and the time of the lease signing.
We collect all rent monies on the 5th day of each month or sooner. Between the 6th and 9th we send out notices and act in a timely manner in accordance with City, County, State, and Federal laws.
At the end of each month we send a detailed income and expense statement outlining the month’s transactions. At the end of each calendar year, we send out a consolidated statement, itemizing the year's income and expense transactions by category, which makes easier tax preparation.
On a regular basis we inspect the property; we check for cleanliness, mechanical and structural issues, and safety, such as changing smoke detector batteries annually and keeping a log, having fire extinguishers annually serviced. Residents are charged for any damages incurred back rent owed. We have an established relationship with a collection agency and an eviction law firm that handles all of our cases that require legal action.
Before a tenant moves in, we do a walk-through of available space and complete any necessary work to get the space rented or any renovations that you would like to have. After a tenant moves out, we do a walk through of the unit and charge the tenant for any necessary cleaning charges or additional damages to the unit that were not pre-existing, and any back rent or charges that are due. We send any deposit refunds and statements to former residents with in 60 days of their move out.
To maintain your property and investment in the best condition possible, we have established relationships with vendors in all trades. We also have an in house maintenance staff to handle regular and daily maintenance issues. This would include but not limited to minor plumbing and electrical issues, painting, drywall repair, gutter and fencings, and cleaning of homes, units, common areas, and grounds.
For all maintenance emergencies we have someone available 24 hours a day, 7 days a week. We act with due diligence and take the necessary action to maintain and remedy the situation. For any major work that is $500 or more we will contact you on the next business day with the options.
©2008 Madison & Company | phone: 303.771.3850 | fax: 720.836.6596