What to expect from Metropolitan Real Estate Management, LLC
As a growing and successful property management company we work tirelessly for you and your property. As you have seen, there are many areas of property management and all of them are very important. It is never as simple as moving in the first caller, collecting the rent, and taking a vacation. Below you will find several examples of what you can expect as a valued client of ours.
- Rent is due on the first of each month. After the close of business on the 4th rent is considered late. A 10% LATE FEE is added to the current rent.
- If rent has not been collected by the 6-7th of the month a formal letter, call, visit, and/or email is sent to the tenant demanding rent be paid or eviction proceedings will commence. The vast majority of the time tenants call to make payments.
- Our management fees and any other approved expenses (leasing fee, maintenance issues, etc.) are deducted from the rent collected.
- Your payments will be sent between the 15th and 19th of each month. We offer a very convenient automatic deposit at no extra charge as well as mailing if you choose.
- Monthly statements mailed or emailed and available through your owner’s portal for review at any time. Your owner’s portal will have records of all information related to your property.
- Year-end consolidated statements for tax and performance reviews will make for very easy tax reporting for your accountant.
- Evictions are handled on a case-by- case basis. You may be as involved as you wish. We will give our opinion of the situation and work very hard to quickly resolve any eviction issue. They are very rare. But they can and do happen.
- Extensive advertising, properties are shown by licensed Realtors and Leasing Agents, full and detailed 10 point application process to ensure qualified tenants are placed, and complete communication with you.
- We handle the lease signing, including any special agreements you may wish to add to our already very strong lease, collect pet fees, security deposits, ensure property utilities are switched to tenant, etc.
- Move-in and move-out documentation for clear and accurate tenant deposit dispositions recording property condition when tenant receives the property and when they move out.
- The tenant will now communicate with us regarding all issues including maintenance issues, payments, move-out dates, etc. leaving you without the constant hassle of issues and calls.
- Our management fees are decided on a client-by-client basis. For residential units they may range from 6-10% and multi-unit complexes from 4-6% (Depending on portfolio size).
- Our leasing fees are also decided on a client-by-client basis and will range from 50-75% of the first months rent (Depending on portfolio size). These fees are lower than our competitors, who typically charge 100% of the first month’s rent or more.
- Random property inspections to ensure the tenant is treating the property as they should.
- Our management and leasing fees are a deductible expense for you vs. not being able to deduct if done on owner’s time. We lease properties very quickly reducing the time properties sit vacant.
- Our experienced team is available at any time for all questions you may have or development of a specific property investment strategy.