ERA Real Estate Professionals is a licensed real estate brokerage and full service property management company. We act as the intermediary agent between owner and tenants. If you are looking for a company that can handle the daily problems of property management, our services are what you are looking for. Through phone calls, emails, letters, statements, and online services, we keep you informed of the status of your property. Our staff will help you maximize your investment income while minimizing your expenses and maintaining the occupancy of your property.
Our mission is to enhance the value and performance of each property in our portfolio by providing professional management services tailored to the goals and objectives of each owner. We strive to consistently exceed the expectations of both our clients and tenants.
There are only a few steps required to have your rental properties managed by ERA Real Estate Professionals:
We welcome the opportunity to discuss your personalized needs and review our solutions. When you call, one of our friendly property managers will spend as much time as required to determine if our packages are right for you. We can help right away as long as there is no current contract with another sales or property management company. Once we have answered all of your questions and have determined what services you need, we can move on to the next step.
A member of our team will drive by your property and may request to view the inside of the property. We will be courteous and unobtrusive in our visit, but it is important to evaluate your property to verify the services required and if the property can be added to our portfolio.
After visiting your property we will deliver to you a personalized proposal for our services. After your review we would like to sit down with you and answer any questions you may have. If you would like to utilize our services, you simply complete and sign the management agreement and disclosures, and return them to us along with any required startup fee. A property manager can then begin to gather information for your property's profile. After receiving the agreement, disclosures, startup fee, and property profile we will begin our management process by adding your property to our active portfolio.
Early Activities for Rental Properties
Monthly Fee: Our monthly management fee is due and payable on the 1st day of each month. It is automatically deducted from your account.
Management Fee ....................................... 10% of gross monthly collected rent
Minimum Management Fee (Vacant House) ..... $25 p/vacant month after 3rd month
Initial Set-up/Start-Up fee ........................... $350 due at signing (Mgt Agreement)
New Lease ................................................ $250 due at signing (New Lease)
Lease Extension or Renewal (Same Tenant)...... $250 due at signing (New Lease)
Finder's Commission to other Agents ............... Optional ($250 to $500)
Initial Maintenance Reserve:........................... $300 due at signing (Mgt Agreement)
Every transaction affecting your account balance is recorded and itemized. Our computerized accounting system enables you to see exactly what has transpired with your property on a monthly basis.
Copies of all work orders and receipts are kept on file throughout the year. We will be happy to provide duplicate copies of this information at the end of the year to help you with your tax preparations.
In addition to the monthly statements we also provide a complete account summary at the end of the year. This shows you each accounting transaction posted on your property during the year: i.e. total rent received, total mortgage payments made, total maintenance expenses, etc. These statements are specially designed to simplify the year-end tax preparation job for you or your accountant.
An initial reserve of $300.00 is required in order to start managing a property. The funds held will be used for deposits to turn on utilities (water, power, gas, etc.) and for advertising. When the funds are exhausted, we will contact you to replenish them. When the property is rented, a balance of $300 is required to be maintained for maintenance. Any maintenance or other expenses over the reserve ($300.00) will be made only with the approval of the owner unless it is an emergency.
Each tenant has their own way of locating rental homes in the Metro Jackson area, whether it be driving around the neighborhood, using a real estate agency, browsing the newspapers or local publications, or through the Internet. We will be found any of these ways. Rental signs are placed on the property (if allowed) and pictures of the exterior and interior are placed on our website, along with rental information. This is included with our services. Owners are responsible for paying for additional advertising. As the internet grows so do the costs, however, we try to keep advertising cost to a minimum. There is no additional charge to advertise on our website at www.JacksonERA.com, as this is included in your initial set-up fee. We obtain many tenant prospects through various advertising resources, property management/relocation services, and websites which can be easily found through most search engines.
To obtain additional exposure for your property these resources are at an additional cost and automatically billed with our services.
Your investment in these alternative advertising resources is a small investment considering the potential return.
Our agent will set up an appointment with you to get acquainted with your property. We strive to have excellent homes and would like to acquire them in excellent condition. An agent will review the condition of your property and may require the homeowner/investor to "fix up" the property to our needs and specifications. We do not want to be a "slum lord" and hope our homeowners and investors feel the same way.
Our mission is to obtain the highest qualified tenants. Our tenant profile is based on credit, employment, background check, and rental or ownership history. Through the credit bureaus' database, credit may be pulled within a couple of minutes to assure applicant has a history of paying bills on time. Verifying employment assures the owner that the tenant has a means of paying the rent, while checking rental/ownership history assures the owner that the tenant will maintain the property. A background and criminal check will give an owner valuable information about an individual's history. Owners are notified of an approved or rejected applicant. Tenants who have filed bankruptcies will be considered on a case by case basis while those who have been evicted will not be considered. ERA Real Estate Professionals 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.
ERA Real Estate Professionals has its own leasing agreement adapted for our area. One year leases are provided to the tenants unless directed otherwise by the owner. Tenants are required to come to our office to sign and to hear an explanation of the lease to reduce any misunderstandings and to ask questions regarding the contract. All tenants are issued a Tenant Handbook. This starts off the tenant/agent/landlord relationship on the right foot, which is very important to us. All move-in funds must be paid via certified funds, ie. cash, cashiers check, or money order. If a tenant bounces a check, they will not be able to write checks after that.
The majority of tenants have pets. We prefer to allow pets in all of our properties, otherwise tenants tend to sneak domestic animals into the property, which means the owner has no pet deposit to cover damages. We would rather have a pet deposit on hand. If the damage caused by the animal exceeds the pet deposit, we will hold funds from the security deposit. You are in no way required to accept pets. This is completely at the discretion of the owner and we will do our best to meet that need. Any unlisted pets found on the premises may cause forfeiture of the security deposit and possible eviction.
For your added protection, we require a deposit equal to the rental rate at the time of move-in. The funds are held in a non-interest bearing account until the tenant has vacated the property. All security deposits are required to be in the form of cash, cashiers check, or money order upon initial move-in. Security deposits are refundable, which encourages tenants to leave the property in good and habitable condition, rather than making additional repairs and/or cleaning the property for a turnaround. Complete instructions are given in the lease as well as the termination letter that is sent to them 60 days before they move out. A move-in inspection report is given to tenants at the time they sign the lease and must be returned to us within 15 days after move-in. We compare the move-in condition report upon move-out to determine the cost necessary to rectify any damages to the property.
In the event that there are funds due to the account from the tenant after they have moved out, and if they do not satisfy the account, derogatory remarks along with the value that was lost is reported to the credit agency. A collection on the credit report from a real estate company can hinder the tenant from re-renting through another property management company, securing a mortgage, etc.
Rent is due on the first and is considered late thereafter. A late fee of 10% of the rent is applied on the 4th. We charge an additional $10.00 per day from the first of the month on the 7th day of non-payment. Eviction process starts on the 10th. Tenants "bouncing" a check will not be able to write checks for a rolling 12 month period after good payment history has been established and only certified funds will be accepted for payment. Owner draw payments will be issued on the 10th of the month and sent regular mail to the address on file.
Good Owner/Investor/Tenants are the key to successful rental property management. We would like to satisfy our owners as well as the tenants and keep them happy by asking them to cooperate with the needs of the other party. Owners are required to keep their home in excellent condition, and tenants are required to maintain that condition.
We understand your need as a landlord to be kept abreast of property condition both physically and financially. We try to contact you for approval for any maintenance work estimating more than $300.00 per item. However there are some cases where we use our best judgment on repairs without your authorization for emergency maintenance. Emergency maintenance includes but is not limited to loss of air or heat, water damage, main drain stoppage or electrical problems. Most emergency repairs can be fixed at the time of the service call. We use preferred vendors for most service calls due to the discounted pricing they give to our owners. There are times when we use other vendors due to scheduling, staffing, or stock availability. All vendors are required to be licensed, insured, and/or bonded. Prompt attention on the owners' behalf to maintenance issues keeps tenants happy and prevents minor problems turning into high dollar expenses.
Prior to move-in our property manager will perform a comprehensive inspection complete with pictures to document the condition of the property. At the time of lease signing, the tenants are given a "Move-In/Move-Out" inspection report which must be completed and returned within 15 days. Tenants mark what is damaged, scratched, stained, dented, etc. at the time they move in. We will use this report upon move-out to compare and estimate any damages.
To enhance our services we include a quarterly inspection of both the interior and exterior of the homes we manage. Tenants are given advanced notification of an inspection and are required to give access to our managers. If problems due exist, a picture will be taken and the tenant will be given a specific time frame to correct or repair the problem as noted in the tenant handbook. These inspections are very important and can help identify routine maintenance needed, ie. exterior paint, roof repairs, deck repairs, etc. Inspections may also be done upon request.