Highlights of our superior residential property management services include: competitive rates with no hidden fees or mark up of vendor’s invoices, total home rehab coordination and supervision from start to finish, in-depth tenant screening, monthly electronic direct deposit to your bank account, and web-based access to lease documents and financial statements through your owner web-based portal.
Barrett Property Management, Inc. focuses on the QUALITY of the services we deliver to our clients. Although our rates are competitive, we do not deeply discount our services. Beware of companies that may offer prices that are too good to be true!
ABOUT PROPERTY MANAGEMENT FEES: “Typical fees are 7 to 10 percent of the monthly rent for management and 70 to 100 percent of one month’s rent for leasing. Be aware that companies that charge lower fees may make up for it by adding fees to contractor’s invoices and charging additional fees for services you assume are included, costing you more in the long run. Also check to see if the company collects fees when the property is vacant or only when rent is being paid.” ~ARLnow.com
Residential Placement-Only Services:
What are “Placement-Only” services regarding property management? Simply put, the property manager is hired by the investment property owner to find, screen, and place a tenant in a rental. Ongoing property management after that is turned over to the investment property owner. Read below to find out more about our Placement-Only services.
- Cost: Call to inquire.
- The Residential Placement-Only Services include the following:
- Evaluation of the property including a “meet and greet” with the property owner(s) and a preliminary interior inspection to determine the property condition and assess if any cleaning or repairs are necessary.
- An evaluation the current market rents of comparable properties to arrive at a suggested rental rate range.
- Preparation of a maintenance plan to include immediate action, preventative maintenance, recurring maintenance (landscaping professional, pool professional, etc.), and future maintenance.
- For your Grass Valley and surrounding area property management needs, we have numerous Industry Partners that we work with to make this step in the process smoother.
- We also offer total home rehab coordination and supervision from start to finish. Ask us for reference regarding this OR read this blog post about these services.
- Distribution of “Mechanical” & “Cleaning” checklists to the property owner(s) to ensure property is in compliance with laws and ready for a tenant.
- We will advertise your property through various local avenues including the following:
- Our Grass Valley, Nevada City, Colfax and Auburn, CA property management website: www.BarrettPM.com
- Zillow Rentals
- The Union and/or Auburn Journal Newspaper -upon request only (additional cost to owner)
- Agent Referrals (Via weekly local Nevada County Association of Realtor’s MLS meetings)
- Yard Signs
- We are available 7 days a week via appointment to show property to perspective tenants. A photo ID is required at the appointment.
- Our in-depth tenant screening includes the following process and minimum qualifications:
- Any person over the age of 18 must complete a rental application. The application fee is $25 per person (and $25 additional for each co-signer).
- Gross income must be equal to or greater than 3 times the amount of the rental rate. This is verified through pay stubs, profit & loss statements, and/or income tax returns.
- Although we like to see good credit, we do not require a perfect credit history. We take the entire credit report and history into account and compare it to current accounts/status.
- Applicants must have good rental history with a minimum of 5 years. This is verified through prior landlords/references.
- All interior portions of residences and any other buildings are NON-SMOKING.
- A prospective tenant must view the inside of the property BEFORE rental rates will be discussed.
- After the screening process is complete and a tenant is selected, the following will be completed:
- Verification of funds for first months rent and security deposit. These funds must be paid by cash, cashiers check or money order. Monthly rent thereafter can be paid with a personal check.
- Execution of the lease agreement and additional funds (50% of deposit) required within 2 business days following approval. Property will remain on the market and continue to be shown until lease is signed. $200 of these funds are non-refundable. These (good faith) funds represent tenant’s intent to accept occupancy. Refusal to accept occupancy will result in the forfeiture of $200 good faith funds. However, if tenant accepts occupancy, all of these funds will go towards the security deposit.
- Balance of Security Deposit and first month’s rent are to be paid by cash, cashier’s check, or money order before keys are provided.
- All utility and garbage accounts, where applicable, must be transferred into the residents’ name as of the date of possession.
- Move-in/condition and inventory report completed by property manager including photos.
Residential Placement & Management Services:
Our Residential Management Services continue on after a tenant is placed. Read below to find out more about our Residential Management Services.
- Cost: Call to inquire.
- Placement & Management Services include everything listed in Placement-Only services PLUS the following management services (Please keep in mind that all of these services are optional. We can do as little or as much as you need/want):
- Property emergencies, maintenance requests, and tenant issues:
- We are available 24/7 for property emergencies, maintenance requests, and to handle tenant issues.
- Any requests under $250 will be taken care of as soon as possible. The property owner will also be notified as soon as possible. Any requests quoted at more than $250 will require owner authorization as long as it is not an emergency. PLEASE NOTE: Barrett Property Management, Inc. does NOT mark up vendor’s invoices like most other companies do. The invoice from the vendor is the amount you pay.
- Coordination and supervision of all maintenance repairs from start to finish at no additional mark-up of contractor’s invoice. If you have your own vendors that you use, we’re happy to use them as well!
- Periodic drive-by inspections of the property to ensure tenant is in compliance with the lease.
- Schedule interior inspections when necessary, generally every 6 months.
- Rent Collection:
- Collect monthly rental payments and deposit into Barrett Property Management’s trust account.
- Electronic monthly disbursement to property owner after all expenses are paid on or before the 10th of each month.
- Enforce strict rules if rent is late. If applicable, 3 day notices will be served and referred to our lawyer, Elen Pass Brandt, for eviction.
- Included in Management Services, we will pay the following bills for you (if you choose) as long as invoices are provided to us and the funds are available in your trust account:
- Mortgage Payment
- Property Taxes
- Property Insurance
- Recurring Monthly Maintenance (i.e.: Pest Control, Landscaping, Pool Services, etc.)
- Homeowners association dues, if applicable
- Utilities, if paid by the property owner
- Property Owner’s Statements and Accounting:
- Monthly computerized report of all income and expenses for the property (Produced on or before the 10th each month and accessed via your Owner Online Portal).
- Web based access to financial statements.
- Year end summary statement for tax purposes showing and categorizing all yearly income and expenses.
- Annual 1099 form for rental proceeds.
- 7% withholding for out-of-state owners.