Hi, this is Warren Phipps with Mountain Park Real Estate. I’m here to talk to you about the steps a management company takes when they look at your property for its potential as an executive rental.
The first step is to assess the property for suitability. We look at the area and its amenities. Residents who are looking to pay higher rents want nice schools nearby, shopping, and those sorts of things. We do a 30,000 foot overview of the property and the area, and then assess its suitability for our tenants.
We then go to the property and have the owner give us a tour. Nobody knows the property like the owner does. The best part is we do a complete walk through. This allows the owner to show us the best features of the property as we assess its suitability.
Next we figure what the rental rate should be. We lease a lot of executive rentals, so we have a lot of experience. We look at the comparables currently on the market to find the maximum rental rate you can charge. We work for the owners (not the tenants) and it’s our job to get you as much money as possible.
As soon as we come up with a management agreement with terms you’re comfortable with, we have you sign it and then we can begin marketing the property. Our marketing includes both Internet and print marketing. We market directly to corporations and relocation companies.
We then have the potential tenant fill out an application which we use for screening and credit checks. We also contact their employer and assess what their income is to ensure they will be a good tenant for your property.
At that point, we negotiate their lease. Most executive rental tenants will be given a budget by their company. We will negotiate a lease that’s within their budget and hopefully within the rental range the owner is looking for.
We then facilitate the move-in for the tenant. We do a walkthrough of the property. We also make sure we make a record of the property so that when the tenant moves out, any damages can be taken from the security deposit.
This is Warren Phipps with Mountain Park Real Estate. For more information, please contact us.