At LATTA Real Estate Services, Inc., our philosophy is to strive to seek and keep good long-term tenants, maintain property integrity, control expenses and maximize profits. Tenants stay longer in properties that are well maintained, minimizing the significant expenses incurred in make ready efforts and vacancy losses each time a tenant vacates a property. And well-maintained properties maximize property values and appreciation, should you eventually decide to sell or trade your investment property.
Our complete property management package provides you the following services:
- PROPERTY & MARKET ANALYSIS – After inspecting your property, our staff will counsel you on any needed repairs or suggested improvements. They will discuss current market conditions and comparable property rental rates to assist in establishing the maximum rent attainable for your property.
- MARKETING & PROMOTION – Your property is promoted in the rental marketplace through placement of a professional “For Rent” sign at the property, and advertising on popular internet sites such as Zillow, Trulia, Hotpads and of course on this website.
- PRESENTATION & SHOWINGS – We maintain a full leasing staff who are available weekdays, evenings and weekends to show your property to interested prospects who are pre-screened prior to showing appointments to insure they meet the basic criteria needed to apply to rent your property. Because their income is commission based, our leasing staff is 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 AmRent, which provides us a complete credit report and fraud search. In addition, we check court records for past evictions, verify employment history and check current and prior landlord references.
- LEASE DOCUMENTS – Upon approval of a prospect’s application, a deposit is collected to “hold” the property until the scheduled move-in date. Our comprehensive lease agreement (approved by legal counsel and proven through the courts) is prepared together with an outline of our policies and procedures, for execution by the prospect-applicant. Other documentation such as “Lead Paint Disclosures” and any other documents required by government authorities are 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, the tenant is instructed to provide a list of any noted deficiencies within 3 days after taking possession. This documentation is used by our staff inspector to verify original conditions at the move-out inspection when the tenant eventually moves out.
- RENT COLLECTION – Rents are due on the 1st of each month and delinquent if not paid by the 5th, at which time we impose a 10% late fee on any unpaid balance owing. Final notices are given to tenants on the 11th of each month. Our normal policy is to file eviction with the courts on the 15th, if the tenant has not made any attempt to contact us to make alternate arrangements. Tenants are provided a web portal through this website, where they can pay their rent by check, savings or credit card draft. In addition, they are provided a CashPay account that allows them to pay their rent in cash at any Wal-Mart Customer Service center.
- MONTHLY REPORTS & DISTRIBUTIONS – Owner’s disbursements and statements detailing all financial activity during the preceding 30-day period are generated on the first business day after the 10th of each month. Copies of all invoices are stored on our company server, and a Dropbox link is provided to each owner which allows the owner to view and/or download copies for their records. In addition, each owner is provided an “Owner Web Access Portal” where an owner can view a multitude of reports, view the status of his account and make owner investments to the owner’s trust account balance at any time.
- MAINTENANCE & REPAIRS – Our goal is to maintain your property in accordance with current neighborhood standards, for the benefit of both the owner and the tenant. Because we have an experienced in-house maintenance staff, we are able to provide rapid responses in emergency situations and prompt scheduling of non-emergency & routine repairs and maintenance in a professional and cost-effective manner. We also have a list of licensed and insured outside contractors for major electrical, plumbing, roofing, HVAC and other services when needed or if more cost-effective than using our in-house crew.
- QUALITY CONTROL INSPECTIONS – We conduct extensively detailed annual Quality Control inspection Reports with photos on occupied properties, to verify tenant compliance with all lease terms regarding occupancy and care of the property. A copy of the report is provided to keep the owner apprised of any needed maintenance or repairs.
- TENANCY RENEWALS – Approximately 45 days prior to lease expiration or annual anniversary date, we offer each tenant renewal options available for the coming year. The rate(s) offered take into account current market conditions and the track record of the current tenant in paying rent timely and caring for the property. Excellent tenants are offered the best available renewal rates (normally $10-$15 below the current market rate), to show appreciation for their business and to encourage them to “stay on board”.
- EVICTIONS – When necessary, evictions are handled by an attorney we have used for many years, noted for his expertise in landlord-tenant law. At the court hearing, the attorney will seek a judgment on the owner’s behalf for all amounts owed by the tenant, including attorney fees and court costs. Tenants are usually given the opportunity to “reinstate” their tenancy by correction of any non-compliance issues related to their lease, together with payment of a reinstatement fee and all past due rent, late fees, miscellaneous charges, attorney fees & court costs. We offer our owners a plan to cover the expenses incurred if a legal eviction must be initiated – the “Eviction Protection Plan”.
- MOVE-OUT PROCEDURES & INSPECTIONS – When a tenant gives notice to vacate, they are provided with a list of our expectations for the condition of the property at the time when they surrender possession. They are notified of the date and time of the inspection and given the opportunity to be present. Our inspector prepares a thorough and detailed Move-Out Inspection Report with photos, comparing the current condition to any notes provided by the tenant at move-in. Any items of damage, abuse or neglect are chargeable back against the tenant’s account and deposit(s). Our owners are provided a copy of the report, which lists the needed repairs along with general estimates of anticipated costs to get the property ready for new tenants.
- COLLECTIONS ON PAST TENANTS – We don’t simply forget what is owed you by past tenants, so we attempt collection of outstanding balances owed by past tenants for a period of 60 days after they vacate. If we are unsuccessful, we transfer those accounts to Rent Recovery Systems for collection.
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 late or unpaid rents, courtroom battles, midnight maintenance emergencies and spending most of your precious free time “managing” your investment. Doesn’t it make sense to hire a team of experienced property management professionals to handle the workload, while you enjoy the real benefits of real estate investment ownership?