REI WEALTH MONTHLY Issue 31 - Page 88

NEW PROPERTY MANAGEMENT BUSINESS MODEL GARY GEIST Property Leasing Questions 1) Can you have a copy of their Tenant Application for review? a. What type of personal references are asked for? b. Are credit references requested? c. Are the names and telephone number of past landlords requested? d. Is there a place to list previous evictions? 2) What type of Lease do you require? (1 year, 2 year, etc.) 3) Do you rent to Section 8 Housing? 4) What type of deposits do you require? 5) When do tenants get the keys to the property? (Must be after utilities are in tenant's name) 6) What proof do you require to show utilities have been transferred to the Tenant? 7) What type of tenant screening process do you use? a. Criminal background check b. Court records check for evictions/judgments? c. Credit check? d. Is it a national based screening process? 8) What is your late fee policy? 9) What is your pet policy? 10) What is your process when tenants are late with their payments? 11) What internal program(s) do you have to get tenants caught up on their rent? 12) How do you handle evictions? 13) What do you do with the judgments against the tenant after eviction? 14) What debt collection service do you use? 15) How successful is the debt collection service you use? 16) How often do you evaluate current market rents? 17) How do you handle rent increases/decreases? Property Maintenance Questions 1) Who manages your maintenance department? 2) What is their experience and background? 3) What certifications do you have on staff? 4) Can your company pull permits at the county offices? 5) Who are your major suppliers? Do you have accounts with these suppliers? 6) How often do you inspect the properties you manage? 7) How often do you perform drive bys of the properties you manage? 8) How do you find out about code violations? 9) How do you handle code violations? 10) How do you maintain the utilities on vacant properties in the Winter? 11) Describe your "Winterization Program" and how is it implemented? 12) What is you goal for down time on Flips between tenants? 13) Can I tour some properties you have ready to show to tenants? a. Properties that are owned by the management company b. Properties owned by your clients 14) What is the dollar amount you spend on Flips before you call the Investor? 15) How many bids do you get for major projects? 16) Do you send cost estimates to the Investor for approval before starting Flips?