Owners

Accounting Services

FirstService Residential Realty handles all the bookkeeping and necessary administrative services on your behalf. These include:

• The collection of all rents and security deposits
• The issuance of late notices and follow-up contact to ensure timely collection
• Oversight of eviction process if the tenant defaults on the lease
• The production of a monthly, itemized statement of all financial transactions

Owner Distribution

FirstService Residential Realty understands the importance of ensuring the owner is paid their distribution in a timely and efficient manner. Monthly distributions are deposited directly into owner accounts.

Collection of Rent

Rent is due on the first day of the month and considered late after the third. NO personal checks will be accepted for late payments. Any tenant who has not paid rent will receive a 5-day Pay or Quit Notice. Once the notice expires the owner is contacted to discuss eviction.

Deposits

Deposits are collected at the time the tenant is approved. The security deposit will typically be equal to one month’s rent. Additional deposits may be required based on rental history, credit score and pets. All deposits must be paid by secure funds – either cashier’s check or money order.

Tenants forfeit deposits for breaking a lease or causing damage. If a tenant causes more damage than the security deposit can cover, the account will be sent to a collection agency. There are no up-front costs for using the collection services.

Evictions

FirstService Residential Realty will do its best to work with the tenant in an attempt to secure payment. Evictions are processed timely and renters not paying will typically be evicted on or before the end of the month.

FirstService Residential Realty’s rates are very competitive. A fee is charged for marketing and at successful tenant placement. Thereafter, a monthly management fee applies. Our goal is to keep your property occupied and generating revenue; therefore, no management fee is charged during any vacancy period.

The following is a summary of the fees assessed and the deposit requirements:

• Setup Fee – A $250 setup fee is required to establish your account. This fee covers the property inspection and evaluation, digital photos, website setup, data entry into the property management software system and tracking of keys, remotes, etc.
• Operating Reserve – A $250 deposit is required and will be held as a balance left in an account to cover costs of small repairs and maintenance.
• Management Fee – Our standard management fee is 8% of the monthly rent collected with a $65 minimum fee.
• Leasing Fee – A leasing fee of $250 or 25% of the first month’s rent, whichever is greater, is charged for each new tenant found.
• Advertising Fee – An advertising fee of $150 will be charged at the time of tenant placement.
  

Maintaining the value of the properties FSRR manages is an important component of our services. FSRR conducts an initial inspection on each home and we  perform semi-annual additional inspections  or upon evidence the tenant may be in violation of their lease. Photos are taken at each inspection to document the results and a written report is mailed to the owner.

FirstService Residential Realty also performs comprehensive move-in and move-out inspections at the beginning and end of all leases. Photographs, inspection forms and other documentation are used to track the condition of a home throughout the lifecycle of a lease.

FirstService Residential Realty has an approved vendor list of outside contractors who have the appropriate insurance, are licensed and have proven to exceed expectations in their work. Repairs and maintenance due to normal wear and tear will be charged to the owner’s account. We will notify the owner in advance of any repair exceeding $250 unless the repair is an emergency.

Tenant responsibilities include payment or performance of the following:

• General repairs that cost less than $50.
• Change HVAC filters every 30 days.
• Tenants are responsible for window breakage and screen repair.

Although FirstService Residential Realty’s fiduciary responsibility and most important relationship is with you the investor or owner, we also take the tenant relationship seriously. After all, they are your customer. FSRR’s staff is trained to handle tenant related issues and strives to ensure the tenant is having a pleasurable rental experience.

We gather as much data as possible to properly assess the quality and character of a tenant. The information obtained includes:

• An application completed by each tenant that includes employment history and other relevant information.
• Previous landlords may be contacted to ensure that potential tenants can afford the home they would like to rent and that their previous rent was paid on a timely basis.
• All tenants will be screened utilizing a comprehensive nationwide database of landlord-tenant records. This system integrates the nation’s three largest credit bureaus, information collected from over 2200 courthouses and the consumer’s application into a score that indicates the relative degree of risk of each applicant.

Determining a fair and competitive rental rate for your property is important in attracting a tenant. FirstService Residential Realty analyzes the area where the property is located and inspects it to determine the appropriate rental rate. Comparable rents will be used from the Multiple Listing Service (MLS). Factors that affect rental rates include square footage, number of bedrooms and bathrooms, and other amenities. This process is typically reviewed at the end of a lease or before a lease renewal is sent.

Several methods are used to attract qualified tenants to the property. We customize each advertising program to the property type as well as the potential market. At a minimum, the following methods will be utilized:

• A rental listing will be added to the Multiple Listing Service (MLS) presenting the property to thousands of real estate agents and allows access to the public through www.Realtor.com.
• A listing is included on a variety of websites such as Rentals.com and other high ranking real estate websites found on Google, Yahoo and Bing.
• A list of available listings are pulled real-time from our property management software and are posted on our website.
• Yard signs are placed in strategic locations (where allowed) to attract attention to the property.