Understanding Key Property Management Terms with Natalie from Real Property Management Select

At Real Property Management Select, we strive to make property management simple and clear. Our very own Natalie has taken a creative approach to explain common property management and real estate terms through an interactive video, where she pulls cards with key terms and breaks them down for you. In this blog, we’re covering a few of the terms discussed in the video to give you a sneak peek. Be sure to watch the full video for an in-depth explanation and stress-free property management tips!

1. Tenant Screening

Tenant screening is a vital part of ensuring reliable occupants. At Real Property Management Select, we require applicants to meet certain criteria:

– A minimum credit score of 650

– Income must be three times the rent (before taxes)

– A background check

– Previous landlord verification

Once an applicant meets these requirements, we offer them the opportunity to move in, typically requiring them to do so within two weeks.

2. Comparables (Comps)

Setting the right rental price for your property is essential to attracting the best tenants. Natalie explains that when we pull comps, we analyze properties similar to yours within the same market. We use tools like Zillow and Rentometer to get accurate data, focusing on recent rental trends in your area within the last six months. This ensures that your property is competitively priced.

3. Move-In and Move-Out Documentation

Before a tenant moves in, our team conducts a detailed inspection of the property, documenting the condition with pictures. The same process is repeated when they move out. This comparison helps us accurately assess any damages and appropriately handle the security deposit. It’s a thorough approach that ensures transparency and fairness.

4. Single-Family Residential

We specialize in managing single-family homes. While we also handle some multi-family properties, the majority of our focus is on single-family dwellings, ensuring personalized attention to each property. We do not rent out individual rooms, but rather manage entire properties.

5. Lease Renewal

As the end of a tenant’s lease approaches, we begin discussing options for renewal 60 to 90 days in advance. This gives you the opportunity to assess whether you’d like to renew the lease, increase rent, or switch to a month-to-month agreement. We call this our Annual Investment Review, where we evaluate the year and plan ahead based on the tenant’s performance and your investment goals.

6. Co-Signer

In cases where applicants may not meet all financial requirements, we do allow co-signers. These individuals must also meet our screening standards and are equally responsible for rent payments. This option helps potential tenants gain approval while ensuring rent payments are secure.

7. Section 8

Real Property Management Select welcomes Section 8 tenants, as long as they meet all qualifications. While Section 8 includes an additional inspection process, we’ve had success with these tenants and believe in providing equal opportunity housing. The program guarantees that a portion of the rent is paid directly to you, offering added financial security.

8. Notice to Quit

In cases of non-payment or lease violations, we issue a notice to quit. This legal notice gives tenants a set period of time to pay outstanding rent or rectify the violation. If they fail to comply, we can proceed with eviction. Common reasons for issuing a notice include unpaid rent or unauthorized pets, but we always aim to resolve issues promptly and professionally.

For stress-free property management, stay informed with Real Property Management Select. Watch the full video where Natalie dives deeper into these terms and explains how we make property management easy for you!