It is a lot simpler than you may think. The first step would be to contact us for an over the phone or in-person consultation.
Prior to advertising we will prepare the premises for professional presentation and take high-quality images. We will then advertise the vacancy on our vacancy flyer at our office, on our website, Craigslist and up to 30 additional internet listing services. If permitted, we may also place a for rent sign up in front of the property. In addition, we work with local real estate professionals who we are in constant communication with.
There is no way to predict how long a property will remain on the market, even in the best market conditions. However, we do work diligently to rent the property as quickly as possible. The most important objective is to find a quality tenant as bad tenants will only create more expense and another unwanted vacancy. We will do our best to find the best tenant possible in the quickest amount of time.
Once a tenant completes an application, we will do a credit check, criminal background check, verify employment or source of income and get current and previous rental references. We have disciplined qualifying standards that meet legal standards and work diligently to find the best tenants possible. With over 20 years of screening experience, we have found a formula that works well for our clients.
We collect a security deposit equal to or slightly greater than the rental amount when a tenant signs a lease. If you have approved pets for your property we take an additional pet deposit. We take $250 for a cat and $400 for a dog. If there is a combination, for example, a cat and a dog or two cats we typically take $600. We hold the security/pet deposit in our deposits trust account at our local bank.
Tenants may submit a maintenance request through their online portal or call our 24/7 emergency maintenance line.
Our goal is to preserve the value of your property while it is rented and keep maintenance expenses as low as possible. The tenant will have some responsibilities to maintain the property, but some expenses will fall to the owner.
Maintenance Reserve – We generally maintain maintenance/cap ex reserves at a property or owner porftolio level. The amounts vary based upon discussion between Marstrand and the owner client. We will notify you of any and all maintenance requests above a certain pre-agreed upon threshhold unless the request is deemed to be an Emergency Repair.
Emergency Repairs – Emergency repairs are defined as any condition that would affect the health or safety of the Tenant or something that is causing damage to the property. Emergency repairs are typically fires, floods, no hot water, and water leaks, but could also include repairs to the HVAC in the summer when outside temperatures are greater than 95 and in the winter when outside temperatures are below 40. We will take immediate action to address emergency repairs as soon as they are reported in order to protect the Tenant and your property.
Yes! We can coordinate any 'make ready' items that are needed to get the property on the market or get ready for a new tenant. No size project is out of our wheelhouse.
We take great care to screen all tenants thoroughly in order to avoid any rent payment or collection issues. However, sometimes life events happen that are completely unexpected that can cause a tenant to be late on their payments (job loss, injury, death of a family member, divorce, etc). We have a systematic approach to collections that often leads to a quick resolution for the owner and tenant.
Unless the lease specifies otherwise, all rents are due on the 1st of each month. We allow the tenant until the 3rd to pay. We start our collection process on the 4th of each month with phone calls, emails and text messages to the tenant. If we have not received their rent or an agreed payment plan by the 5th, then we start the eviction process. Evictions for non-payment of rent may be filed by Marstrand or by owners/owner counsel at the election of the owner.
As an owner, expect to receive your proceeds electronically in your bank account of choice by the 15th of every month. Variables will be (1) when your tenant pays the rent, and (2) how long your bank takes to process and post the deposit to your account. Want to sleep better at nite? Recommend having at least one month's mortgage payment in reserve. We understand and are sensitive to the fact that it is important that you receive your proceeds as soon as possible.
You will receive a monthly statement. Expect to receive your monthly statement by the 15th of each month. When your monthly statement is ready, it will be delivered by email.
Additionally, the Internal Revenue Service (IRS) requires we provide you with an annual 1099 documenting the amount of rent we have collected for your rental home. Expect to receive your 1099 in the mail on or before February 1st.