“If I had known that hiring LATTA Real Estate Services, Inc. as my property manager would not only eliminate the headaches and hassles of owning investment real estate but would at the same time increase my bottom line profits, I would have made the move to LATTA years ago” - J Hoyt, a satisfied client
After all, you made your investment in rental real estate for the potential profits and returns – not for the “headaches and hassles” of chasing down unpaid rents, courtroom battles, handling midnight maintenance emergencies, and spending most of your free time “managing” your investment. Doesn’t it make sense to hire a team of experienced property management professionals to handle the problems, while you enjoy the real benefits of investment real estate ownership?
Property Management Services
At LATTA Real Estate Services, Inc. our philosophy is to strive to keep long term tenants, maintain property integrity, control expenses and maximize profits. Tenants stay longer in well maintained properties, minimizing the large losses incurred by most property owners in make-ready expenses and vacancy losses. Well maintained properties maximize property values and appreciation, should you eventually decide to sell.
To achieve these objectives, LATTA Real Estate Services, Inc. offers the following professional services in every property management package:
• PROPERTY & MARKET ANALYSIS – After inspecting your property, our staff will counsel you on any suggested improvements and will discuss current market conditions and comparable property rental rates to help establish the maximum rents attainable for your property.
• MARKETING & PROMOTION – Your property is promoted in the rental marketplace through a variety of methods including print advertising, yard signs, rental listing services, numerous internet rental sites and of course, the LATTA Real Estate Services, Inc web site.
• PRESENTATION – Our leasing staff is available weekdays, evenings and weekends to show your property to interested prospects. Prospective tenants are interviewed prior to showings to insure they meet basic criteria needed to rent your property. Because their income is 100% commission based, our leasing agents are eager to show your property and “get the application”.
• TENANT SCREENING – Qualified and reliable tenants are as important to us as property managers as they are to you as an investor-owner. Each adult applicant is comprehensively screened through a national credit check, review of local court records, employment verification, and current and prior landlord references.
• LEASE DOCUMENTS – Upon approval, a deposit is collected to “hold” the property until the move-in date. Our lease agreement (developed over the last 15 years, approved by legal counsel and recognized by the courts) is prepared together with an outline of our policies and procedures, for execution by the tenant-applicant. Additional documentation such as “Lead Based Paint Disclosures” or any other documentation required by law is included in the lease package.
• MOVE-IN PROCEDURES – Our maintenance staff completes a thorough inspection of your property prior to the move-in date to verify and document condition. In addition, we ask the tenant to provide a list of any noted exceptions within 3 days after taking possession. This documentation is later used at the future move-out inspection to verify original condition.
• RENT COLLECTION – Rents are due on the 1st of each month and delinquent after the 5th, when a 10% late charge is assessed. Final notices are delivered to tenants who remain unpaid by the 10th of each month and if necessary, eviction is filed if still unpaid on the 15th. Each tenant is provided pre-addressed payment envelopes at the time of lease signing. Payments are accepted by mail, in person or after-hours by drop slot. We also offer tenants the ability to pay by credit card or ACH debit to their checking account.
• MONTHLY REPORTS & DISBURSEMENTS – Owner’s statements detailing all financial activity during the preceding 30 day period are available in several formats, and are prepared and emailed on the first regular business day after the 10th of each month. Copies of all paid bills, invoices and completed maintenance service orders are scanned and stored on our servers, with specific copies available upon your request. Owner disbursement checks are transferred electronically to your bank account or if you prefer mailed by regular USPS mail.
• MAINTENANCE & REPAIRS – Our goal is to maintain all our properties accordance with current neighborhood standards, for the benefit of the owner and the tenant. Because we maintain an in-house maintenance staff, we are able to provide immediate response to emergency situations and prompt scheduling of non-emergency maintenance or repair needs. Our entire staff of maintenance personnel is trained and experienced in completing work assignments in a professional yet cost-effective manner, and we employ licensed outside contractors for major electrical, plumbing and HVAC repairs when needed or if more cost effective.
• INSPECTIONS – Periodic drive-bys are made to insure proper maintenance and care of property exteriors. In addition, our maintenance staff is knowledgeable about tenant lease responsibilities and trained to observe internal conditions and report all problems or inconsistencies to our management staff. Tenants are advised of any needed corrective action.
• TENANCY RENEWALS – Approximately 45 days prior to lease expiration or annual anniversary date, LATTA Real Estate Services, Inc. offers each tenant renewal options available for the coming year. The rate offered takes into account a number of factors including current market conditions and the quality of the tenant. Our best tenants are offered the best available renewal rates which are normally just below current market rates, to show our appreciation for their tenancy and encourage them to stay “on-board”.
• EVICTIONS & COLLECTIONS – When necessary evictions are handled by an attorney we have used for 15 years, noted for his expertise in landlord-tenant law. Once the file is turned over to the attorney, tenants are sometimes offered an opportunity to “re-instate” their tenancy by payment of all past due rents together with any attorney fees and court costs, together with correction of any non-compliance issues related to their lease or tenancy agreement. Otherwise, we will proceed to obtain a court judgment for the amount of the rent, court costs and attorney fees, together with an order restoring possession of the property to us. In addition, all delinquent accounts from past tenants are reported to the credit bureau and placed for collection if we are unsuccessful in negotiating a satisfactory settlement within 90 days after tenancy termination.
• MOVE-OUT PROCEDURES – When a tenancy ends, each tenant is provided with detailed guidelines outlining our expectations for the condition of the property at the time of the “move-out” inspection. A member of our staff will conduct that inspection, making note of any maintenance or repairs that will be required to make the unit ready for the next tenant. After comparing the move-out inspection report to the original move-in inspection report, any items of tenant damage, abuse or neglect will be noted as chargeable against the tenant’s security deposit.
After seeing everything that our property management package can do for you, does it really make sense to continue to endure the “headaches and hassles”? Contact a Property Manager to get started with LATTA Real Estate Services, Inc. right away.