Property Management
ORIENTATION TO MANAGEMENT
Attracting Qualified Tenants:
Advertising is often placed in The Classifieds, MLS, online advertising, etc. In addition, tenants are attracted through the Multiple Listing Services and the Internet. Approximately more than half of our properties are rented through a time-developed networking of online Advertising through our system which is more so exclusive which is the way we operate.
Performing Background Checks of Tenants:
One of the most valuable services performed is checking tenant's backgrounds. We run Credit, verification of employment, criminal check, and Eviction history. Staff members will verify employment by and/or submit a form for verification of employment, or consecutive check stubs, or for self-employment.
Inspecting the property:
To protect the owner's investment, 1st BMG REALTY, L.L.C. arranges inspections of the property before and after the tenant moves in and out. In addition, inspections are made during tenancy as needed. Tenant completes a move-in move-out form to insure a proper record of the property's condition.
Arranging Maintenance & Repairs:To keep owner maintenance cost to a minimum, 1st BMG REALTY, L.L.C. provides insured vendors at reduced rates. In addition, licensed contractors are called to make repairs on major air conditioning, heating, electrical, and plumbing repairs. In connection with supervision and directing outside as well as inside supervision contractors there will be a charge of the total cost of maintenance/repairs for the supervision. The charge will be deducted as an expense although you will be notified anytime unexpected maintenance/repairs are needed.
Negotiating Rental Rates:
Rent rates are negotiated to the highest possible level depending on market conditions, quality of the tenant, length of leases, type of property, and the time of year. Although a tenant may offer a certain rent rate, staff often must negotiate a higher rate due to the circumstances. Setting proper rental rates and maintaining a strong marketing effort has allowed us to exceed a 95% occupancy rate!
Insuring Legal Documents & Advice:
Leases and other documents used adhere to clearly explain landlord rights and tenant responsibilities. Any Legal advice would have to be made through a License attorney. Although complete background checks are made, occasionally tenant problems arise that may require rental owner to hire a licensed attorney. We are not attorneys nor do we provide legal advice.
Collecting Rent & Deposits:
Rents are sent to the property owner monthly unless an expense prevents mailing all funds. Property owners are advised to keep a $250.00 minimum reserve fund for expenses in the trust account. Tenants who have not paid their rent are sent a late notice, and given a final eviction warning through the process. Although evictions are rare, 1st BMG REALTY, L.L.C. will normally arrange the removal of a tenant from the property in about 30 days (Eviction at owner Expense) should the rent not be paid in a timely manner. Re-Instatements are allowed at a Fee at Tenants expense approved by management/owner.
Providing Monthly Accounting:
Property owner checks, Rent Roll and computer-generated statements are mailed prior to the end of the following month of any collected income. Typically, between the 12th thru 15th pending any weekends or holidays otherwise the next business day ahead. An annual end-of-year accounting is provided to each property owner for tax reporting as well as any 1099's. Property owners should check with their accountant to verify the tax advantages when owning rental property. Monthly rental sales tax reports are arranged for property owners, as most cities in Louisiana require them to be submitted. In addition, other required reports are prepared for government agencies that may exist.
Enjoying Reasonable Fees:
1st BMG REALTY, L.L.C. offers full management services for 10% to 15% of monies collected from income payable monthly or Flat fee depending on amount of Units and buildings OR percentage of collected income, whichever is greater. Most management companies fall in this same fee range depending on the type of property managed, market conditions and area. However, the difference in property management firms is often the quality of services. 1st BMG REALTY, L.L.C. company goal is to provide outstanding service so that any fees paid by the property owner are normally saved by avoiding longer vacancy times, excess repair costs, and tenants who have not been checked out completely. In order to avoid any of these “extra” fees, the property owner is asked to keep the property under management on an annual basis. Contact us @ 504-271-3621 for a free quote on full management, or on an alternative service plan!
Conducting a Free Rental Analysis:
A Rental Analysis helps determine what the property will rent for on a long or short term basis.
The analysis normally consists of visiting the property features, evaluating the property and its
neighborhood. Recommendations are provided regarding repairs, appearance, marketing ideas
and rent range. A free Rental Analysis can be arranged by contacting us. Property owners
are under no obligation to begin management services after Rental Analysis is provided.
Starting Property Management Services:
A Rental Analysis is not always necessary to begin management, however, it can often answer many questions. Normally, everything that is needed to begin managing an owner's property can be accomplished in an hour at the property site or at our office. After a rental analysis and/or discussion is completed, management can begin immediately once a management or listing agreement is signed. The property owner usually provides a reserve for our trust account when management begins but is not necessary. An initial Property Management Start-up Fee may be Charged per building, depending on unit count as well as complexity (Collected at signing).
Other Services (Leasing without Mgmt. inquire within for pricing fees): We also offer services to private individuals and corporations of renting their Residential properties to multi-units, Condominiums, Luxury Residential & Condominiums, also assisting large complexes that need assistance in renting and leasing units when there staff is short- handed or down. Commercial services may differ from the above rate depending on evaluation and complexity.