In the event that you desire to rent/lease out your property, let us do the "landlording" for you.
Our clients are happy. Please read some client comments. All of the Forms noted are also located on our Forms Menu.
Rental Analysis
The first process would be to collect as much data about your property as we can. Not only do we speak with you, but we verify all data through previous a rental history, county records, and a personal inspection. We compare your property with similar rental properties within the market to see what your property will rent/lease for. The process followed in the evaluation is similar to any Appraisal process followed when an Appraiser evaluates a property. Of course, this service is made available to you should you desire to not have us Manage your property.
Leasing agency
Should you desire to not have us monthly manage/landlord your property, but desire our services to help you locate a tenant, fill out the lease, and then turn all over to you, we can help. Go to our forms menu where you will find the contract and information. Otherwise, please read the Property Management information below.
Management Agreement
Please
refer to our Management Agreement. This is important to not only define both of our responsibilities, but also may clarify any misunderstandings. We generally go for a year at a time. This makes the initial effort we put in to renting your property an incentive for us. We're in this for the "long haul". We'd like to be standing as long as your property does.
Advertising
When a property sits vacant none of us can "support a living". Consequently, we have attempted to target ways to bring prospective tenants to be interested in your property. They are as follows: existing tenants, signage, leasing agencies, flyers, newspapers, web page, and organizations. Often our own tenants call us to see what we have available. They may desire size, location, or rent variations. We also attempt to "rub off" other vacancies should a prospect not be interested in them.
Tenant Screening
Wouldn't it be nice to think we could take a pill and never have a headache? Our tenant screening process attempts to do this and although headaches still occur we try to keep them to a minimum. At the time a prospective tenant applies for a unit they leave a full security deposit and fill out a detailed Rental Application. The application contains: personal information, current employment, income, and rental/landlord information. All of this information is then verified. A credit report is ordered and then evaluated as to the applicants credit worthiness. One additional service that we provide, when possible, is to inspect the applicants current residence (the unit that they are moving from). We like to see how the unit is kept and if similar considerations will be given to your unit. Our nationwide directory of available Appraisers to most cities allows us (when possible) to check those prospects out of state. This does not cost you at all, and is explained further in our Fee section. When all of the data is verified we contact you if anything is in question, otherwise we then contract the prospective tenant for an appointment to fill out the lease and prepare them to move in.
Leases and Condition Reports
Please refer to our Lease Agreement. At the time a tenant/lessee moves in to your unit we fill out the appropriate lease and condition report. The lease should contain appropriate property information along with the terms and conditions. At this time a condition report is filled out that takes an inventory condition of the property. When a tenant moves in the future this document prepares a visual for us as to the condition of the unit when they moved in. This helps us know how much of their deposit is to be refunded.
Policies and Procedures
Once the tenant has moved in with all appropriate documentation and rent/deposits having been collected, there are several things we then do to ensure that rent is collected, deposited, and forwarded on to you. Five days previous to the rent being due, we send our tenants an invoice with the amount of rent due for the next month. They have from the 1st to the 5th of the month to pay the rent. On the 6th to the 9th late notices are sent with late fees being $10.00 plus $10.00 per day (this is forwarded on to you). On the 12th to the 15th, 3-day to pay or vacate notices are posted. After 3 working days the notice is then forwarded to the attorney for the eviction process. This is policy and happens each month if necessary.
Once rent has been collected and deposited, any expenses having been made are paid. The Procedures for dispersing your money to you can happen in several ways we can: forward it all to you, keep back a portion in your ledger, make bank deposits, or 1st or 2nd mortgage payments. Each month a itemized statement or ledger is forwarded on to you showing the transactions having occurred on your property.
Inspections
Inspections are made available to you upon request. These do not cost anything, but we do like our owners to stay involved with their properties by informing us when they would like them to be done. Inspections are helpful to determine how the property is being kept, and if any deferred maintenance is needed.
Maintenance
Possibly the most stressful part of managing/owning property are the times when unexpected problems happen with the property. Maintenance can be performed in 4 ways: Independent Contractor, Independent Maintenance Man/Company, In House Maintenance (through the Management Office), or Property Owner/Family Member. Respectively the cost using these would be more expensive using the Contractor and less on down to the Owner or Family Member. When any maintenance is performed several items should be considered such as: expertise/quality, cost, liability, dependability, and availability.
Should the property be vacant the home owner is required to pay for any maintenance to be performed in advance. Once the property is occupied, any costs that will exceed the incoming rent should be paid in advance.
Evictions
It would be nice if this practice were to never take place. It is difficult for both sides as well as expensive. There must be a violation of the rental agreement to allow you to proceed with an eviction. There is only one situation where no notice need be given to the renter. That is where a lease by its terms ends and no provision is made for the renter to hold-over or for the lease to renew automatically. At such time court action may be taken without further notice to the renter. However, it is always better to advise the tenant with a 30 day notice prior to the expiration of the lease, or with a 15 day notice should the tenant be on a month-to-month tenancy.
There are 3 types of evictions. A 3-Day Notice to Pay Rent of Vacate: this notice is used when the renter is behind on rent and can be served any time after the rent becomes due. The notice must give the renter the alternative of paying the rent or vacating the premises. A Nuisance Notice: this is used where there may be loud parties, property destruction, or unlawful activity. It may be when assignment or subletting is being done without the owner's consent. This is to be used in situcations where the renter really can't cure the problem or would start up again on another day. The 3 Day Notice to Perform Covenants of the Lease or Surrender the Leased Premises: This notice is used where the renter is violating the lease but could cure the problem. The renter has 3 days to either cure the problem or move out.
Anyone over the age of 21 years of age as designated by the owner or managing agent can serve the preliminary eviction notice. These notices can be served in 4 ways: 1) Delivering a copy to the renter personally. 2) Leaving a copy of the notice with someone over the age of 13 years and mailing a copy to the residence via regular mail addressed to the renter. 3) Posting the notice in a conspicuous place on the rented premises. 4) Sending a copy via certified mail addressed to the renter at the place of residence.
Fees
Fees are determined by our cost to do business. At the time of the signing of the Management Agreement, there is a $50.00 sign up fee. A rental commission from between 7 to 10 percent is charged on all rents collected. This percentage changes depending on the number of units you may have, or the amount of rent collected. You are not charged a fee when the unit is vacant. However, should there be excessive work needed to be done to evict a tenant, perform maintenance at the time we assume the management of your property, or costs to advertise your property, additional fees or commissions may be required. Each time a new tenant is put in the unit we collect from the prospective tenant, a "tenant initiation fee" of $200.00 to originate the process. This comes out of their deposit. We pay for the screening of the tenant, time in showing the vacancy, and filling out the lease. You as an owner do not pay us a fee each time it comes vacant. Additional costs you may have are: newspaper ads, maintenance, utilities, and evictions.
With single family detached homes, tenants pay all utilities including: gas, electricity, water, sewer, and garbage. The water and sewer stay in your name, but are forwarded to us. We review them to make sure they were paid from the previous month then forward them on to the tenant. On attached or duplex properties (those not separately metered), tenants generally pay only the gas and electricity. On these properties the water and sewer bills stay in your name, but are forwarded on to us. We pay them out of your rent proceeds. Remember, that during a vacancy you will have costs that the tenant normally would pay for if the property were occupied.
If the tenant remains in the property, eviction costs are paid by them. Any cost of posting an eviction notice comes from the late fees collected with the balance being passed on to you. The attorney will collect any further costs should additional eviction proceedures be necessary.
Should an eviction be required at the time your property is turned over to us, eviction costs must be paid in advance
Client Comments
"Parker Properties has been handling our several rental homes for many years. We appreciate the way they take care of the tasks and headaches of collection, maintenance, repair, and the liaison between the tenants and ourselves, especially as we live out of state." Dale & JoLyn Fitzerald
"I have relied on Parker Properties to handle every aspect of my real estate investments since 1986. Because I live out of state I must have a company that is of the highest ability and integrity. Brett Parker has never failed to handle all my transactions efficiently and with my best interest as his first priority" Greg Welch
"I currently own several rental units and pieces of undeveloped property in Salt Lake City and the surrounding area. Living in Hawaii, it is important that I have competent, reliable, and honest individuals overseeing them for me. Over the years I've put these assets in the hands of management companies that did not meet my requirements. Two years ago I gave Parker Properties a chance and have been completely satisfied with their service. The are easily reached, their computer generated monthly reports are received in a timely manner, they stay on top of ongoing repairs and maintenance, and their management fees are lower than I've ever paid. In short, they provide small company service with big company methods and planning."
Jaren Hancock
