At MANAGERENTHOUSES we maximize the value of your rent property in order to retain you as a long-term client. By adhering to a strict set of standards we’ve established a predictable business model with a successful lease rate of nearly 100%.
Owner Representation Standards
As your agent, MANAGERENTHOUSES represents your best interests. With the goal of creating a long-term mutually beneficial relationship we deliberately align our performance standards to property owners’ interests and pledge the following business practices:
- We do not own rent houses.
- We do not list rent houses for sale.
- We do not create internal markets for rent house exchanges.
- We do not own vendors or suppliers.
- We are not compensated while the property is vacant.
- Our incentive, as evidenced by the fee structure, is to create a long term quality lease.
- Our Management Agreement is subject to a 30-day easy-out no-fee-required cancellation notice.
Marketing Vacancy Standards
When your house is vacant the primary objective of MANAGERENTHOUSES is to rent it quickly with a quality lease.
- We set rents to current market conditions resulting in fewer, shorter vacancies.
- We establish a separate make-ready standard for each property, to align the rent with market conditions, reducing spending on unnecessary improvements.
- We show vacant properties only when they are in move-in condition. This speeds the days-to-occupancy process and improves the quality of the lease.
- We market each house individually, not with other properties, regardless of similarity and proximity.
- We make it easy to find our vacancies with highly-visible RENT signs, Multiple Listing Service (MLS) listings, internet, and neighborhood bulletin boards when appropriate.
- We do not cross-lease. Each prospective interview is limited to the specific property prompting the initial inquiry.
- Because statistics show that the average MLS Realtor handles only two lease transactions per year, we offer cooperating Realtors guidance in application processing and lease preparation.
- We work with relocation companies and we understand the periodic but steady nature of their client’s local employment. When needed we offer “diplomatic” lease clauses and facillitate the necessary transaction documentation for the employer.
- We schedule showings to maximize the use of natural daylight and virtually eliminate utility expenses.
Tenant Acceptance Standards
At MANAGERENTHOUSES we understand the urgency of each opportunity to rent a property and we process applications on the spot, offering immediate closings. We rent quickly but we maintain fixed baseline, no override, acceptance standards.
- Tenant must inspect the interior of the property before the rent application is processed; sight unseen leases are not allowed.
- Each applicant must have a credit score of 580 or higher.
- Applicant’s income must be four times rent, i.e., to qualify for a $1,500 per month rent the tenant must earn $72,000 per year minimum.
- We do not accept tenants who are convicted of manufacturing or distributing drugs.
- We do not accept smokers and maintain a strict no-smoking policy indoors and out.
- We do not accept cosigners or guarantors.
- We do not accept prepaid rents to approve unacceptable tenant application.
- We do not increase tenant deposits to approve unacceptable applications.
- We do not accept multi-families. We have a two-person roommate limit.
- Tenant Housing Assistance Programs (Section 8) are not accepted at any MANAGERENTHOUSES property.
- We do not accept pets over 30 pounds.
- We do not accept applicants who have breached leases elsewhere.
- Each tenant must be represented by their own Realtor.
Click here to view the HUD opinion letter .
Lease Agreement Standards
Tenants seek their own, often counterintuitive, risk reduction strategies. By establishing a strict and consistent lease agreement, MANAGERENTHOUSES has streamlined the process to benefit all parties involved.
- Lease alterations by tenants or their Realtors are not allowed.
- Leases are all one year in length.
- Because tenants accept high deposits to establish maximum personal liability limits, low deposits, typically $300, are used to remove tenant liability ceiling, and to help ensure tenant’s compliance throughout duration of the lease.
- There are no repair deductibles. Property owners pay for all ordinary repairs; tenants reimburse the cost of all repairs caused by personal negligence.
- Tenants remain responsible for the cost of landscaping, extermination, and pool maintenance.
- We have a standardized fully automated maintenance reporting system. Tenants must report the need for repairs online as soon as the need is observed.
- To prevent “hold rent payment disputes” after the distribution of rent proceeds, credit cards for rent payments are not accepted.
- Advance rent payments are allowed at a 3 month maximum.
- A tenant’s direct communication with the property owner is considered a lease violation.
- Lease renewals are automatically managed 90 days in advance at current market rental rates.
Lease Enforcement Standards
At MANAGERENTHOUSES we take lease agreements seriously. By creating an incentive for tenants to stay, and by keeping the amount of past-due rent at a minimum, we protect all leases.
- Tenants who are late with rent payments receive a Three-Day Vacate Notice on the first day following the expiration of the grace period.
- They receive a Forcible Detainer following the Three-Day Notice.
- They receive a Writ of Possession following the Forcible Detainer.
- For only the cost of the filing fee, MANAGERENTHOUSES attends court hearings related to delinquent rents and coordinates the Writ of Possession with the precinct constables.
- To cancel legal proceedings tenant must pay all past due rent, late fees, and legal fees.
- During the delinquency period MANAGERENTHOUSES inspects the property once a week to ensure continued tenant possession of property.
- MANAGERENTHOUSES is committed to work with Home Owners Associations and immediately enforces lease violations related to a tenant’s failure to abide by an HOA’a rules and regulations.
By standardizing its practices, MANAGERENTHOUSES maintains all its rent properties in a timely and efficient manner.
- Automated maintenance reports and vendor notifications align all parties’ interests while speeding service and reducing costs.
- Vendors are further incentivized by the long-term service opportunity of the MANAGERENTHOUSES portfolio.
- We have a preset $200 expense stop meaning you are never surprised by excessive expenditures.
- The criteria for each repair approval is based on cause, need, and cost.
- Our understanding of responsibilities under the lease agreement provide for low-cost emergency repair solutions.
- No reserve is required.
MANAGERENTHOUSES is committed to delivering consistent and accurate service.
- Statements are sent on or before the 15th of each month via U.S. Mail.
- Deposits are made beginning the 8th of every month by direct bank deposit. If the property owner prefers deposits will be mailed with monthly statement.
- JP Morgan CHASE BANK, N.A., is the Trust Account depository for all receipts collected for the Owner.
Communications With Property Owner
MANAGERENTHOUSES has established standardized practices for effective and efficient communications with the property owners.
- Email and phone are used to communicate when the property owner’s immediate input is needed.
- Monthly reports and accounting are sent via U.S. Mail.
What does the Property Owner remain responsible for?
- Property tax payments.
- Fire and liability insurance payments.
- Mortgage payments.
- HOA maintenance fees.
- Remodeling of property.
- Retaining confidence in MANAGERENTHOUSES.
MANAGERENTHOUSES employees may be provided, or may have access to, confidential proprietary information (relative to the properties we are retained to manage) that is neither in the public domain nor is specifically authorized to be released to any third party by our clients. Such information may include, but is not limited to, certain property characteristics, quantities or qualities that may or may not be detrimental to the client if such information is disclosed. Protection of this confidential information is critical to our ability to successfully carry out our duties as a property manager and to maintain trust between property manager and client. Accordingly, no MANAGERENTHOUSES employee, manager or officer may, without an order from a court of competent jurisdiction:
- Disclose information regarding a client and/or his/her property to any third party except as specifically authorized under the management agreement.
- Use any confidential or proprietary information pertaining to the client or property for any purpose other than for the benefit of the client.
- Disclose any information concerning a client or his/her property to any third party unless such disclosure is necessary for the furtherance of the management responsibilities specified in the management agreement.