Our monthly management fee includes all of the following services:
- Collection of rents
- Serving of appropriate notices
- Accurate accounting of monies collected
- Handling tenant complaints and requests24-hours a day
- Coordinating all preventative and necessary maintenance
- Paying bills associated with the property
- Detailed record keeping and documentation
- Provide detailed monthly report and proceeds
- Provide year end totals/reports and 1099ís for tax purposes
- Meet with legal counsel and process evictions
- Appear in small claims court on behalf of owner
Overview Of Our Services
- Getting Started
- Marketing Your Property
- Showing Your Property and Screening Your Tenants
- Leasing the Property
- Move-in's/Move-out's and Inspections
- Collection of Rents
- Financial Statements
If you are not currently under contract with another property management or real estate company we can begin right away. If you are currently under contract you will need to terminate their services according to your agreement with them. We will be happy to pick up the keys, security deposits and necessary documents from the discontinued company. You will then need to provide us a completed and signed >property management agreement. Once all forms are received we will get started immediately. You will also need to forward coupon books to make mortgage payments, homeowners association payments if any and other copies of invoices to be paid monthly. We will also need a copy of your landlord tenant insurance policy for our records.
If your property is already occupied, we will simply contact the tenant via mail about our management takeover. They will be informed of our policies on payment and tenancy if there are no discrepancies between their current contact and ours. If contractually allowable and enforceable we will have them sign one of our leases at takeover to ensure that our tenant policies and procedures are met. If it cannot be done because they are still under terms of an existing contract, we will do it as soon as legally possible.
"Saturation Marketing" is our goal for your vacant property in all potential appropriate tenant markets. We penetrate these markets with local newspaper advertising, property signage, and placement in our 24-hour detailed message voicemail system. The property will also be available with photos to view here on our website. With each of these integrated systems referring to the others, maximum exposure will be obtained for your vacant property. All of this advertising is part of our comprehensive services at no cost with the exception of classified advertising in the Sacramento Bee. We do however maintain a "rate holder" with the Sacramento Bee, which keeps our cost for advertising approximately 40% less than the general public would have to pay for a similar ad. We pass all of these savings onto you.
Prospective tenants will be informed of requirements to rent your property prior to us scheduling a time for them to view it. If they meet the minimum requirements, usually three times the monthly rent in gross household income, excellent prior rental history and reasonably good credit, we will schedule a showing time that is convenient. We do show properties during the week and on weekends. We will contact you weekly with updates and results of the showings. If we are not receiving adequate inquiries or if applications are not being submitted for your property we will discuss with you adjustments necessary to either the price or the property condition to secure a tenant. Our application processing is extremely thorough. The foundation for successful rental property ownership starts with placing quality tenants from the very start. Once prospective tenants have filled out an application, we do an extensive background investigation that includes, credit report review, employment verification, rental history and verification as well as criminal background checks.
We have instant access to major credit reporting agencies, eviction research companies and county tax assessor rolls that allows us to cross reference owners that are listed on the applications as references. All of these systems ensure that the tenant documentation provided to us is truthful and accurate. Once we have performed these background checks and feel an applicant is acceptable for the property we will contact you for final approval. Lexington Properties is a fair housing advocate and does not discriminate against any applicant or tenant based on race, creed, color, religion, national origin, handicap or familial status.
Once an applicant has been approved they are required to sign a lease and pay in certified funds a security deposit within 24 hours. Our lease is a comprehensive 6-page contract with additional addendums for lawn care, pets and mandatory disclosures as necessary. As most owners will agree we prefer securing tenants to a one-year lease unless there are circumstances that would make it a disadvantage for you the owner. Tenants must pay in addition to the deposit a first full month rent in certified funds prior to taking possession. If they are taking possession on a day other than the first of the month, their second month will be the prorated amount.
Prior to a tenant taking possession, your property manager completes a move-in inspection. This includes digital photo documentation of the interior and exterior, as well as a detailed 2 page written documentation. The tenant must sign and agree to the condition of the property before keys will be presented to them. When a tenantís occupancy terminates, a move-out inspection will be performed in the same manner. The photos and written documentation from the move-in inspection will then be compared to that from the move-out and deductions from the tenants security deposit will be made accordingly. In addition to drive by inspections being done during the term of the lease a complete interior inspection will be done each and every year. Inspections may also be done on request.
Collecting rent in a timely manner is of utmost importance to us. Our contracts generally state that rent is due on the 1st of the month and late if not received in our office by 5:00 PM the night of the 5th. Tenants will be notified on the 6th of the month via telephone that rent has not been received and a late fee has been incurred. Any tenants that have not paid by this time will receive a Three Day Notice to Pay Rent or Quit. We will use due diligence in collecting both the rent and the late fee. If it appears that we may have a tenant unable or unwilling to pay, we will contact you and keep you abreast of the situation.
We understand your need as a landlord to be kept abreast of property conditions both physically and financially. We will to contact you as per your instructions to us in the start up package when it appears a maintenance item cost will exceed your authorized amount. In cases of emergency maintenance we will use our best judgment and handle the situations accordingly. Emergency maintenance includes but is not limited to, loss of heat, water damage, main drain stoppage or electrical problems. In regards to general maintenance, we take all measures possible to keep your costs to a minimum. We will try to troubleshoot a repair with a tenant before ever sending a vendor to the premises. If a problem cannot be solved by these means, we will then contact the appropriate vendor and schedule for the repair to be completed. If any repair or group of repairs exceeds our agreed upon repair expenditure amount, we will contact you for approval before proceeding. We do use both licensed and insured independent contractors and in-house maintenance personnel. All work is screened for quality of work and reasonable pricing.
Our desire is to create a clear audit trail of all funds pertaining to each property. All funds are held in a California State Trust account per California law. An operating statement will be sent by the 9th of each and every month on each property. Our statements are easy to read and understand. This will simplify your tax reporting as your monthly statement and year-end totals report will clearly list all income and expenses for your properties. Our service includes paying expenses you have on the property such as mortgage payments, homeownerís association payments, insurance, and maintenance/repair bills when applicable. Copies of all invoices paid will be attached to the monthly statement in the order they appear on the report. Occasionally a statement will be will be mailed after the 9th of the month, and only in the case that rent has yet not been received.