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Property Management

Maximizing your Raleigh-Durham Real Estate Investments

 
As an RDU Broker, each associate on our team is focused on maximizing the income and property value of the local real estate investments that we manage on behalf of others, whether they are owned by individuals, corporations, or other institutions.

Every real estate investment is different, and each investor or group of investors may have different financial goals and needs. For this reason, we examine each scenario independently, tour the property, and consult with each property owner to identify the appropriate approach and develop a management plan that delivers the expected results.

If you’re considering a new investment, we’ll assist you in your search and provide vital analyses and metrics allowing you to make an informed decision when choosing your next real estate investment. We’ll provide you with a comparative market analysis (CMA) or broker’s price opinion (BPO). Once you’ve acquired your new real estate investment we’ll provide you with turn-key property management services as outlined below.

While we don’t accept every offer that comes across our desk, we do give every inquiry fair consideration. We care about our clients well enough to ensure that we have the distinct resources available to fulfill the expected goals of each client while continuing to perform with the superior standards that all of our professionals pledge to. With that in mind, we invite you to contact us today by phone at (919) 701-2937 or by e-mail at hello@rdubroker.com with your real estate needs for a free evaluation.

rdu broker investors

SINGLE-FAMILY DETACHED, CONDO, DUPLEX, TOWNHOUSE

MARKETING & ADVERTISING

  1. We recommend a rental rate based on market analyses.
  2. Your property is submitted to the local MLS to leverage other participating brokerages in the search for a qualified tenant.
  3. A professional “For Rent” sign is placed in the front yard.
  4. A directional “For Rent” sign is placed near main streets if the home is not located in a high-traffic area.
  5. Your property is listed on nearly 200 real estate search websites including Zillow, Trulia, Hotpads, Apartments.com, Craigslist, HomeFinder.com, Homes.com, and many more.
  6. An electronic lockbox is placed on the door to provide access for showings that utilizes bluetooth technology to capture potential quality tenants driving by. This lockbox also allows us to know who gains access to your property and when they have gained access.
  7. Your property is advertised on Social Media pages and groups that we have cultivated where users will like and share with their friends. These social media outlets target local users and do a very good job of attracting individuals and families relocating to the area. 1 post can be viewed by more than 100,000 users in a very short period of time. For properties that remain vacant for a designated threshold of time, we boost the social media posts to reach as many of the 600,000+ local social media users as possible through social media ad tools. We advertise your property on Facebook, Twitter, Instagram, Pinterest, Youtube, and LinkedIn.
  8. Your property is advertised to thousands of local e-mail subscribers that we engage regularly.

TENANT SCREENING & LEASING

All prospective tenants are required to submit a rental application. We encourage all applicants to submit certified funds in the amount of the first month’s rent with their rental application to attract tenants who are ready to proceed and in a financial position to move forward.

  1. We process tenant applications, and then make a recommendation to the landlord. The landlord reserves the right to approve or decline a prospective tenant based on our recommendation and the information provided from our findings during the tenant screening process.
  2. We perform a credit check, criminal background check, and sex offender check. We also acquire rental references, and verify identity and income.
  3. Credit History: We conduct a comprehensive review of each applicant’s credit history. Our top priority is to identify any unpaid landlord debt and utilities collections or other signs of utility service interruption. Additionally, we are looking for unpaid delinquencies under 3 years old and public judgments where adverse action may be brought against the prospective tenant and disrupt on-time rental payments. We also perform a civil database search to identify applicants with litigious backgrounds.
  4. Evictions: A national search for evictions is conducted. We are particularly interested in unpaid evictions and evictions under 3 years old. Where possible, we identify the cause of eviction. This usually requires contacting the landlord who filed for the eviction if possible.
  5. Rental History: During the background check, we identify all previous addresses available in public record. We contact all of the landlords for these properties, as well as the landlord contacts provided by the prospective tenants. We want to know that the tenants paid the rent on time, and left the home in good condition when they moved out. We also want to know if maintenance requests were in excess of a typical rental unit and what the circumstances are that surround that if so.
  6. Criminal Background: The criminal background check will reveal any misdemeanor or felony convictions as well as traffic violations. In most cases, we are not concerned with traffic violations, unless they are serious, such as a DUI. Violent crimes, larceny/theft crimes, and crimes associated with controlled substances are the most pertinent to a landlord, and what we look for to start.
  7. Income: We verify all income sources. Proof of income includes pay stubs, job offer letter, tax returns, bank statements, government agency award letters, court-ordered child support notice, retirement disclosures, leases on rental properties, W-2 forms, and others as required.
  8. Once an applicant is approved and an offer to rent the home is accepted, we will collect a security deposit, usually in the amount of one month’s rent. If a rent payment has not already been provided, we will also collect the first month’s rent. The tenant will sign our lease and any accompanying forms and we will accompany them to the home where we will provide some basic instructions on preserving the home’s condition and conduct a move-in inspection along with the tenant. Both the tenant and one of our associates will sign the move-in inspection and a copy will be provided to the tenant, while the original will remain with in our possession. The landlord will then receive a copy of the lease.

MAINTENANCE & TURNS

Once a comfortable threshold is determined by the landlord, we will seek approval for any maintenance work performed above that threshold. A typical threshold is $200. For maintenance emergencies, such as a water leak, if a prompt response is not provided by the landlord to approve the work, we may address the issue without approval to comply with regulation. Any maintenance work performed on the home as a result of tenant damage or tenant neglect will be charged to the tenant. When tenants take possession of a rental home, a move-in inspection is conducted. Likewise a move-out inspection is performed when they vacate the premises. Anything above and beyond normal wear and tear is charged to the former tenant and deducted from the security deposit. We have access to reliable vendors to prepare a rental home for the next tenant, but if our landlord prefers a vendor, we will work with that vendor as a courtesy. Typically, however, we are able to coordinate maintenance and turns at lower costs than most landlords. All maintenance costs pass-through directly to the landlord. We do not up-charge maintenance or turn costs and we do not charge any add-on fees whatsoever. All maintenance invoices are provided to the landlord.

RENT COLLECTIONS

We offer multiple ways for tenants to pay their rent. They may submit their rental payments by postal mail, in person, or online. They may pay with a credit card, a checking account, a cashier’s check, or a money order. We do not accept cash or personal checks. Rent is due on the 1st and late on the 2nd of each month. Tenants have until 11:59pm on the 5th to pay their rent without a late fee. Tenants who have not paid rent by the 5th receive a letter reminding them to pay their rent and advising them of the late fee assessed. They are also educated of the possible consequences of not paying promptly including eviction. If payment is not received by the 7th, we call the tenant on the phone and request prompt payment. If a tenant has not yet paid by the 10th, we visit them at their home in person. If they have not paid their rent by the 11th, we begin the eviction process. Because of the extensive tenant screening process, we rarely have the need to file for eviction, but circumstances to occur that present situations where we must do so. We value our tenants and we know them very well before making a recommendation to rent to them, which is one reason why we make every effort to collect the rent before starting the eviction process. Furthermore, an eviction typically increases liability and expenses for the landlord, so we strive take measures from the beginning to avoid this possible outcome. Rent payments are usually disbursed the month they are assessed, but not always the month they paid if rent payments are received late from the tenant.

ACCOUNTING & FINANCE

Accounting records are maintained for all financial and transactional activity conducted for each investment property that we manage. We oversee all financial activity including collection of rents, bank deposits, collect and disburse security deposits, owner distributions, payments to vendors (including mortgage and insurance payments in some cases), and any other financial activity for the rental property at the request of the landlord.

FINANCIAL & OPERATIONAL REPORTING

Monthly, Quarterly, and Annual reports are available to landlords. The following are some of the financial reports that are available to landlords:

  • Income Statement
  • Profit & Loss
  • Balance Sheet
  • Statement of Cash flows
  • Property Inspections
  • Budgets & Variances
  • Market Updates

EMERGENCY RESPONSE & RISK MANAGEMENT

The best approach to handling emergencies is by taking measures to prevent them from occurring. Many problems can be avoided by educating tenants on basic home maintenance and preservation, and how to respond to an emergency event. Combine this with routine property inspections, and you have the start of a winning plan for minimizing risk and avoiding disasters. However, sometimes this just isn’t enough. This is why we encourage all tenants to maintain renter’s insurance. We require tenants to disclose that they willingly opt out of renter’s insurance and understand the risks. We also provide emergency contact information to tenants and have vendors on standby in the event of an emergency.

CONSTRUCTION & REHAB

We can manage your construction or rehab project for you. An additional fee is required, and only licensed and insured vendors and contractors may be hired if we manage the project on your behalf. Permits are required when local building code or ordinance call for them, and safety is always the top priority.

COMMUNITY, MUNICIPALITY & GOVERNMENT LIAISON

On behalf of landlords, we coordinate on-site visits, inspections, meetings, and responses to municipality and government agencies. This could include city inspections, code violations such as lawn maintenance, HOA rules and restrictions, or a number of other possibilities.

PROPERTY INSPECTIONS

Property inspections are vital for the successful management of real estate. Willingness to conduct property inspections and enforce the terms of rental agreements makes the difference between a property manager and a house sitter. We are actively engaged in the perpetual management to ensure maximum results for the landlords that we represent.

EVICTIONS & DELINQUENCIES

Every situation is different, and response to delinquencies should be considered on a case-by-case basis. However, as a rule of thumb, failure to act promptly usually costs the landlord more in the long run. We recommend moving forward with the eviction process as early as the 11th day of the first month that a tenant becomes delinquent. The eviction process can take between 27 days and a few months depending on the situation. Eviction is a losing proposition for both the tenant and the landlord, which is why we take every precaution available before recommending a prospective tenant. Then, we remain pro-active in rent collections, giving every opportunity to each tenant to avoid an eviction. If an eviction is processed and possession is returned to the landlord, we will change the locks and begin marketing the home as soon as possible to minimize the loss of potential rental income.

MULTI-FAMILY & APARTMENTS

Multi-Family properties typically include properties with 2 or more residential units, and properties with 5 or more residential units may be considered Apartments. For multi-family properties with more than 20 units, we prefer to assume management following the development of a management plan that is compatible with the investor’s goals and lender requirements. Additionally, if the management plan calls for on-site personnel, we will place a qualified individuals to carry out the tasks outlined in the management plan.

Our turn-key property management service for multi-family properties includes all of the services provided under the single-family property management services, as well as anything outlined in the management plan.

OFFICE & RETAIL

Please contact us at (919) 701-2937 for more information on Office & Retail Property Management, Leasing, and Brokerage.