Why should I hire a Property Management Company?
Maybe you have just inherited a property and don’t have the experience or you are a busy professional with no time. Maybe you are relocating or finally retiring. Perhaps you administer a trust and need a third party to handle the trust’s affairs. Whether you are a first-time property investor or an experienced apartment owner, MWRM can assist you with all your real estate needs. We have great success in making sure that properties are leased to qualified tenants and that they are properly maintained. MWRM approaches property management as an income-generating business. We are not doing our job if we do not keep your expenses low and your income high. To do this MWRM maintains a high standard of reliability and accountability, and gives owners the true peace of mind that comes with knowing that their property is in the best hands possible.
What size apartment buildings do you manage?
We are currently managing properties with 32 units to those having over 400 units.
Once I choose Midwest Realty Management, who do I talk to? Who handles the property? Who do residents call?
Communication is the key to a successful property management relationship. You are assigned an experienced Regional Manager familiar with the area in which your property is located. The Regional Manager is available via cell or email, and will be your day-to-day contact. Many questions can also be answered by our staff, including maintenance supervisors and senior staff members. Similarly, tenants have direct access to the Property Manager or an office assistant who is knowledgeable with the property. In addition, they can make maintenance requests on our website and pay online via direct debit or credit card (in process). You will also be able to access your financial information online through our website (in process).
What dictates the rent to charge when there are vacancies?
Your Property Supervisor will do a market survey of rents charged for similar rental units in your area. We are also leasing units on a daily basis, and are very familiar with the market and changing rents. Based on this information and consultation with you, the Property Supervisor will determine an asking rent that appears competitive.
In what manner do you advertise vacancies?
MWRM markets vacancies by whatever means that have proven effective, we start the marketing process as soon as we are advised of a vacancy. We place ads on our website as well as on Craig’s List, and Start Renting. We monitor these ads EVERY DAY until your vacancy is rented. Applicants are also able to apply directly through our website. We will also put eye catching “Now Renting” signs and banners on your property encouraging rental prospects driving by to stop in for a tour. In consultation with you, we can also enlist tenants to receive referral incentives.
What does your Tenant approval process consist of?
MWRM screens and approves the tenants, as our staff is trained in issues such as credit screening and fair housing. Our software has very strict parameters for determining credit worthiness. In addition, we check all applicants’ rental history and verify employment. We are very careful in choosing tenants, as we have to interact with them on a daily basis. In other words, it’s to both our advantage to choose carefully!
How are Security Deposits treated?
When a tenant vacates, we will provide all required accounting of the tenant’s security deposit within the time legally allotted. If there are damages they will be deducted from the security deposit. We are allowed by law to charge the resident’s deposit for rent, damages above normal wear and tear, and cleaning. We want you to know that we consider this an important time in the management cycle, and we will protect your interests.
How often would someone visit the property?
When a property first comes under MWRM, an interior and exterior inspection is scheduled as soon as possible to determine if there are any health and safety issues which need to be addressed. This includes such items as smoke detectors, water leaks, or trip hazards. Obviously, if there are vacancies, all vacant and ready units will be shown immediately. Once the property is full and the initial inspection has been done, the Property Supervisor will schedule regular drive-by and walk-through inspections not less than twice per month. All interiors of units are inspected a minimum of twice a year.
When and who collects rent?
Tenants can pay rent by either mailing or dropping it off at the office or paying through our website (in process) by the first of the month. After rent is received it will be deposited into a bank account. At this point all bills that MWRM is directed to be paid are paid. The remaining disbursements are made on the last day of the month and are mailed in check form with your monthly report.
When are 5-Day Notices served? Who handles evictions?
MWRM is very aggressive in rent collection. If rent has not been received from a tenant by the 1st day of the month, MWRM will serve a five day notice to pay rent or surrender the premises. We do our best to work with tenants to keep units occupied, but if a tenant has lost their job, or falls ill and can not pay rent, and chooses to stay in the residence, MWRM is highly experienced in dealing with evictions and will handle the process from start to finish. At that point our goal is to regain legal possession of the unit as quickly as possible.
What happens if there is an emergency after hours?
When you hire MWRM, we become responsible for your property 24 hours a day. We utilize an after hours answering service that can quickly address emergencies and have access to vendors who can respond in an emergency, no matter what the hour. In addition, our answering service personnel are trained to make immediate contact with both the Property Supervisor and Property Manager in emergency situations.
Am I able to use my own vendors?
MWRM often continues to use an owner’s regularly scheduled vendor as long as they are properly licensed and insured. While we are happy to use your own vendors, one important benefit of hiring MWRM, is that we have developed relationships with vendors, such as plumbers or electricians, who charge low rates and are reliable, because MWRM gives them a significant volume of business. You, as the owner, benefit from these vendors’ excellent service and prices.
How do you control expenses? Can I approve all work?
MWRM always attempts to improve your bottom line, and one way is to control expenses. For major repairs, such as re-piping or re-roofing, several bids are obtained, and MWRM will get your written approval. However, if there is an emergency, such as a burst water heater, or a government inspection requires certain work, or, a routine repair is requested, such as a leaking faucet, or broken toilet, then MWRM will go ahead with the work and keep you informed. Our vendors are reasonable and reliable; otherwise MWRM would not utilize their services. In addition, if it is discovered that a tenant caused the damage, we charge the tenant for reimbursement of the repair expense.
In what other ways can you save us money?
When you hire MWRM , you are avoiding costly mistakes from inexperience and lack of knowledge. MWRM is skilled in lease-ups, reducing tenant turnover, managing debt collection issues and minimizing the need to pay legal fees. In addition, MWRM’s experience in providing scheduled maintenance will reduce the need to replace costly assets that would otherwise deteriorate.
How often do I get a financial report and what does it include?
We are in the process of gearing up so our clients can access their financials directly through our website. You will eventually be able to see your General Ledger, which will be updated every day. That way you can keep track on a daily basis of when rents have come in, what bills have been paid, etc. For now, a detailed report is sent out by the fifth of every month, for the entire previous month. These reports are easy to read, and can be tailored to your specific needs. In each report, at a minimum we include an Executive Summary highlighting major issues, a Rent Roll, an Income & Expense Statement, and an Expense Register with reference of all bills paid. Reports are either mailed, emailed, or both, depending on your preference.
The property is owned by several partners. Can we receive separate disbursements?
Our software can easily disburse funds based on pre-assigned percentages. We can also send our monthly reports to more than one owner.
Will you assist in preparing an annual budget for the property?
MWRM at least thirty (30) days prior to the beginning of each calendar year, will prepare and submit for your review and approval, a budget for the property showing budgeted revenues, expenses and cash flow for such year, by month.
Why is liability insurance for the property needed?
You wouldn’t drive without car insurance, or go without health insurance. Similarly, as a landlord, you must have insurance to protect you from the unexpected. If you don’t have insurance in place, MWRM can provide you the names of several agents to contact and obtain proper coverage.
Are your management prices competitive?
Our management fees are very competitive and reflect our expertise and commitment to excellent service. We have found that poor management can have a very high cost. When ALL fees are considered, we are actually less expensive than most companies around.
If we hire Midwest Realty Management, will we be locked into a long term contract?
Our Management Agreement can be terminated at any time upon providing a 30 day written notice.
Why should I choose Midwest Realty Management?
When we say, Professional Property Management, we mean it! There is no better choice for your investment and peace of mind. Call (920) 426-2060 to sign up with Midwest Realty Management today!