How much do you charge?
Management fee: 10% of collected rent
Leasing fee: 50% of one month rent
Optional Annual Maintenance Survey: $175
Optional Annual Lease Renewal Package: $250
What are my upfront costs?
Reserve - $200
Black Light Test - $50
Advertising - $150
What maintenance is required prior to a new tenant move in?**Items 1-4 must be completed by an AMI vendor.**
- Lock Re-Key. Install deadbolts if needed on exterior doors.
- Check, replace (or add additional) Smoke and Carbon Monoxide detectors (if replacement/addition of detectors is not needed, only batteries will be replaced)
- Black light test
- Check all windows open, close and lock
- Light bulbs are all in working order
- Professional truck mounted steam cleaning of carpeting
- Interior cleaning (if needed)
- Additional items may need to be addressed and will be communicated to the property owner after a maintenance walk through of the property.
- Any habitability issues will need to be addressed per Colorado law and the property will need to meet all Federal, State and local regulations.
What is the Reserve?The reserve funds are kept in the escrow account as a cushion for unexpected repairs or overages and is either accounted for or returned to you once management ends.
What services are included in the Management fee?Accounting
- Rent collection
- Invoice payment
- Utility payment (tracking water/sewer bill to prevent lien against property)
- Monthly statements
- Verifying and confirming vendor insurance information
- Year End Statements/Package
- Create, establish, maintain and terminate tenancies with tenants
- Coordinate and mediate maintenance requests
- Execute and enforce lease agreement
- Collect, account for and disperse security deposit
- Mediate disputes
- Billing, collection and overseeing eviction
- Coordinate lawn & exterior maintenance
- Interior maintenance – coordinating repairs required to maintain habitability.
- Interior minor remodeling – coordinating minor painting, carpet replacement, vinyl flooring replacement and window covering installation.
What services are included in the Leasing fee?
- Interior and exterior photos to include area parks and amenities as needed
- Place sign
- Property Flyers
- Place all marketing ads with photos and virtual tours (tours are only available on vacant properties and when deemed necessary)
- Coordinate and pre-screen all showings at the property
- Process applications to include credit reports, criminal and eviction reports, landlord references, employment/income verification
- Negotiate, draft and sign lease agreement including all required disclosures and addendums
- Collect security deposit and first month’s rent prior to tenant move in.
- Coordinate and confirm completion of property make ready to include lock rekey, check or replace smoke/CO detector, window locks, light bulbs, professional carpet clean, activate property condition report, create and follow up needed repair list.
- Begin interior and exterior Property Condition Report and Move In Condition Report (which includes photos for AMI’s records).
What services are included in the Optional Annual Lease Renewal fee?
- Reminder notification 60 days before the lease expires
- Recommendations regarding rent changes and current rental market
- Lease renewal package presented to tenant 40 days prior to lease expiration date
- Negotiation of lease length, terms, rental rate and follow-up
What services are included in the Optional Annual Maintenance Survey fee?
- Detailed property condition report listing any damage or wear & tear
- Photos of the interior and exterior of the property
- Preventative maintenance suggestions
- Property improvement suggestions
How much should I set aside for property maintenance?It depends on the age and condition of the investment property, but a general rule of thumb is 10-12% of the income should be set aside for maintenance.
What is the black light test for?Urine glows in black light. The black light test is very useful when charging for pet contamination.
Can I save a portion of the rental proceeds to pay for future maintenance needs?Yes, contact our bookkeeper to set it up.
When will the rent be deposited in my account?On or about the 15th day of each month, the management fee, new tenant leasing fee and outstanding invoices will be deducted from the first rental payment.
I haven’t paid my mortgage, what happens if my bank forecloses?Assured Management will not manage rental properties in foreclosure. As soon as we are aware the property is in foreclosure AMI will freeze all owner related funds to the property and will not make any further disbursements to you. You will have 30 days to correct and make all obligations current. Should you fail to stop the foreclosure process AMI will release the tenants from their rental agreement and all future rental payments. Additionally AMI will refund the security deposit to the tenant and deduct from any owner funds on hand all amounts due to the company, vendors or the tenant including but not limited to any refund to the tenant of prorated rents or expenses and all management fees and other fees as described in the management agreement.
I have more questions, who do I contact?
- For questions about new account set up, bookkeeping, rent payments, on line accounts, owner statements Barbara@assuredrpm.com
- For questions about maintenance or maintenance surveys Maintenance@assuredrpm.com
- For questions about Sales, Leasing, Referrals, lease renewals, available rental showings Leasing@assuredrpm.com
- For questions about legal issues or general inquiries email@example.com