Marketing and Pre-screening Tenants
We market the unit for rent and once we pre-screen a tenant on the phone then we will set up a showing. At that point the prospect must fill out an application and pay the application fee. We run a credit, criminal background and a recent eviction check. We also look at their debt-to-income ratio which is also a very important criterion.
Application Review and Security Deposit Collection
Once our leasing agent feels they are an applicant that needs further review then we scrutinize the application before we proceed. If at that point we feel one could be or are the right prospect we then go to the owner who finalizes the approval. We then will collect a security deposit in the form of a certified check or a money order and inform the tenant if they choose not to sign the lease before moving in then the deposit is nonrefundable.
Preparing For Move In
We then prepare the lease and move in check list, ask for utility company account numbers to confirm that they have the utilities switched into their name and collect the first month’s rent or prorated rent and deposit into our operating account. We also carefully review the lease with the tenant prior to signatures. This is a very important step that most landlords neglect. We carefully explain the lease to make sure that the tenant understands their rights and ours and what we can and will do if they are not paying the rent or are in breach of the lease in any way.
The fee for property management can be between 6% and 15% of the gross monthly rent collected depending on the account, location of the property, number of units and the average rent collected per unit.
Experienced in Pittsburgh Property Management
We were established in 2002 and we do our best to make sure you are satisfied with our service. We at Mace just want our owners to know that we can’t turn a bad investment into a good investment but we can and hope to be able to help the investment run at its maximum potential. We will also provide a reference list from current and past clients upon request.
Once the tenant is in place they will pay their rent by the Fifth or be charged a late fee of $50 of which we pass on to you. Some companies actually keep this extra amount but we chose not to. We do bend this rule for good tenants or ones that have a very good track record with us.
Monthly Rent Collection and Repairs
Once we collect the rent we then pay any repair costs for the month if any and at the end of the month we disburse your funds. All of your accounting statements will be on your owner portal for review at any time. We handle any emergency repairs 24 hours a day.
We have our own Company, rent Ready Rehab LLC which has a robust repair staff and sub-contractors that we have used for years and they all have very competitive rates, are trustworthy and value our business. We pass on any volume discounts to you the client.
If an eviction is needed we post appropriate notices, attend hearings if needed at the magistrate level where we usually, 95% of the time, win on the first try. Tenants will appeal very rarely. There is NO FEE for this service other than the court costs to file on your behalf.
For tenant appeals that go further than the magistrate level then we have our attorneys handle the situation from there out. Once the attorneys get involved the cost is passed on to you from that point on.
Being a Landlord
We must explain that when you become a landlord, things can and will go wrong. You are dealing with people and where they live so it is much more involved than just collecting rent, fixing toilets, and evicting tenants. It is always best to prepare for the worst and hope for the best. Educate yourself on the tenants’ laws and rights before investing in residential properties because there is no for sure thing no matter who is managing the property.