New Client Expectations

No up Front Fees & No Obligation To Us Until Rented

We do not charge any setup fees, management fees while vacant or advertising fees. Our services are no obligation and zero cost until your property is rented. Once rented, we charge a $350 leasing fee. The leasing fee is only charged one time for a new tenant / turn over) and 7% of any rent we collect.  There are no hidden or additional costs.  

Establishing Your Rental Price

To help you with setting a price, we will provide a report anytime called a Rent Match Comparison. The Rent Match report not only displays our own leased property data, but it also displays data from many other companies and data sources we gather information from. This report shows recent rentals in the area, what they rented for and when, including how similar they are.

Typically, how high or low on the graph depends on how upgraded/condition of the property compared to the neighbors. We recommend establishing a price listed on the graph, however, you're welcome to list at any price you're comfortable with. Keep an eye on your weekly marketing reports, if traffic is light, you may want to reduce your price. Most properties have applications within 10 days and rent within 30 days of being listed if they are priced well and show well.

Important Info About Utilities

There is more information on how we manage utilities below, however, we want to keep one rule top of mind. Never contact a utility company to disconnect utility services for any reason unless we ask you to. We will require tenants to provide confirmation / proof they have transferred service when we execute a lease, so your account will close automatically. Disconnection of utilities can lead to new inspections by utility companies, maintenance to bring appliances up to code, reconnection fees and delays to restore service.

Utilities While the Property is Vacant

We recommend and require that all utilities are active and on while properties are vacant. It's important that services remain on to make sure all appliances, heating & cooling systems are working and there is water at the property. Utilities will be needed by vendors and we will want to make sure the home is move in ready at all times. Disconnecting utilities can cause property damage and/or the need for equipment to be brought up to code before utility companies will restore service.

During cold weather, we set thermostats to 50 degrees to prevent freezing and during the summer, we set thermostats to 80 degrees to make the home reasonably comfortable for viewers. Viewers that are uncomfortable during their stay may be deterred from applying for the property. There is always risk of high utility bills during hot summers and cold winters, even while the property is vacant. We ask homeowners to hold us harmless and not attempt to hold us responsible for any costs associated with their property, including higher than average utility charges during vacancy.

Utility Instructions While the Property is Occupied

At the conclusion of the current tenant occupancy, utilities will be transferred to utility accounts held by Brickleys to avoid shut-off during vacancy. Any utility charges to Property during vacancy will be paid using owner reserves. Owner specifically holds Brickleys harmless of any damages to property or costs incurred should utilities be shut off for any reason.

New Account Property Inspection

One of the first things we do for your property is perform a new account inspection, usually within 2 business days of us having keys. Once completed, we will send you a copy of the report, which will include any items we red flagged. Red flags are items that could potentially need addressed, however, it doesn't mean we are requesting you correct all red flags. You are welcome to just use the report as documentation of the condition at the time we took the property, we do not require your property to be perfect. If we recommend correcting any of the red flags, we will clearly state what items we are recommending correcting. At any time, you are welcome to request a free estimate for any items on the report, we are happy to coordinate the repairs for you.

When We Make Decisions For You

Our agreement is an Exclusive Agency Agreement. When you have an Exclusive Agent, we are a 3rd party assisting you with your property using our risk management tools and training in property management. It's important to understand the property / tenants and all records and paperwork belong to you. We are a 3rd party that is licensed to assist you. We are here to work with you as a team and make decisions on your behalf if you're unavailable or not interested in making a decision. We will make a decision on your behalf if there is an emergency, after 48 hours of you being notified (emailed) and after 48 hours of being notified of the cost of an estimate.

Most Important Risk Management Tools

Here at Brickleys we have some exceptional risk management tools that help you reduce the risk of your rental property significantly. Here is a short list of some of the most important ones: All 50 states criminal, civil, FBI, social security, rental history, credit and credit score check (you get to review this information and decide on approval based on your own risk tolerance) A very detailed and clearly defined lease to tenants and information tutorials that emphasise the seriousness of abiding by the lease terms.

Quick escalation of any lease violations, including court hearings if necessary We report all tenants payments / activity in real time to Equifax and Rent Bureau 24/7 Maintenance line for emergencies or concerns We are experts on tenant landlord laws and fair housing A customer service approach that stops problems and complaints before they even start (Quality control & clear communication)

Keep Your Privacy & Anonymity Intact

The primary feature we provide is you get to be anonymous. We highly recommend keeping this protected at all times. If a tenant has both the owner and our contact information, it rarely goes well. If we attempt to enforce a lease, you may get a call with a story that may not be the entire truth. Also, if an issue comes up, you want them to contact us and allow us to handle it without you having to be involved. Your confidentiality and privacy is the most important rule in our office and we will protect your information unless someone presents a warrant.

Listing When Vacant

Homes must be clean, empty (all personal belongings removed), need no repairs, and be an exact representation of what tenants are going to get before we will begin showings. (Need help with this? Let us know.) Typically the leasing process is a fast one, applicants may want to move in the same day. It's important that the home is move in ready at the time they view the property.

AS-IS CONDITION DISCLOSURE

When a tenant is ready to move forward with a lease, one of the first things we have them sign is an as-is agreement regarding the homes cleanliness and cosmetic condition. It's important to set the expectation with tenants that the home will not have any additional cleaning services or cosmetic repairs and it will be in the same condition they saw it in. If tenants make requests for cleaning or cosmetic repairs, we will recommend providing them a move in credit so they can coordinate services that will meet their needs.

KEYS / REMOTES

Keys, remotes and access cards are included in tenants lease agreements and are required to be turned in within 24 hours of vacating. Any remotes or access cards not turned in will result in a charge of $100 per remote / card to the tenants final accounting.

HOA INSTRUCTIONS

Owner agrees to continue to pay any HOA (Homeowners Association) dues associated with Property and notify their HOA that the Property is being managed by Brickleys. Owner agrees to request their HOA to send any violation notices to Brickleys Property Solutions, 1820 E Ray Rd. Chandler, AZ 85225. Please notify the HOA we are your management company and are authorized to manage your account. It's important that any violation notices from the HOA come directly to our office, we want to enforce any violations as soon as possible.

STATEMENTS

The notice your monthly statements are available online will always be emailed to you by the 15th of each month. By default, you will receive a statement, cash flow statement, copy of any open work orders and copies of all invoices and/or pictures that go along with any work order.

YOUR PAYOUT

If you have an owner payout the day of statements, your payout notice will usually be sent around the same time your statements go out or whenever your funds clear. If a tenant pays late (on the 6th or after) your funds will be held until we get a clearing notice from the bank (usually about 10 days later). Anytime a payment is made to you, you will get an email right away. When you receive the notice, the funds are usually in your account the next business day.

ARIZONA TRANSACTION PRIVILEGE TAX (TPT)

The Arizona Department of Revenue (ADOR) imposes a tax on residential rental properties for the privilege of doing business in the state. This tax is called a transaction privilege tax (TPT) and the rate is a percentage of all income received for the rental property. Each city has the authority to set the rate charged and can change this rate at any time by city ordinance. Therefore, the rate varies by city and currently ranges from 1-4%.

RESERVES

We recommend and ask our owners to have a minimum balance with us of one months rent (reserve funds) so that we know that we have that amount set aside for any repairs, emergencies, utilities or the unexpected. There is a high risk of having a rental property operate with little to no additional funding. Each time we issue a payout, you will see that your balance will not fall below this minimum balance. We refund your reserve once your account is over with us, but until then, it gives us both peace of mind that there are those funds set aside for the unexpected.

LEASING FEE

While your property is vacant, we do not charge any management fees or advertising fees. However, when you lease your property to a new occupant, we do charge a one time $350 leasing fee. This fee covers the process it takes to turn over a property, from the move out inspection, to move out work coordination, pictures, video, advertising, showings, screenings etc.

ONLINE ACCOUNT

Feel free to login to your online account anytime. You can always find the owner login link just above our listings on our website. Your online account can be used to retrieve past tax documents, current and previous statements, copies of invoices and can be used to submit owner contributions using credit cards or checking accounts.

NO PUBLIC SALES LISTINGS WHILE OCCUPIED WITH A TENANT

We want you to be aware that with current tenant / landlord laws in Arizona, it is a violation of a tenant lease agreement if you place your home for sale while the tenant occupies the property. For this reason, you cannot list a property for sale while there is an active lease. Listing a property for sale during vacancy is permitted but the listing must be canceled or suspended during tenancy.

APPRAISALS FOR REFINANCING

If you are having your property refinanced, we are happy to provide notice to the tenants and meet your appraiser at the property so they have access. Just have the appraisal get in contact with us and we'll take it from there.

FACTS ABOUT PROPERTY MANAGEMENT

For some, the motivation to hire a management company is the idea of transferring their liability and risk (associated with owning a rental property) onto that company. It is true, a good management company can dramatically reduce your risk and liability, however, a management company cannot eliminate or assume your risk and liability completely. As the legal owner of the property, the ultimate responsibility and risk is yours.

Our service is to professionally assist with the entire process of renting out your property. Through extensive industry experience, we help reduce your overall risk, avoid common mistakes, and maximize the opportunities of the rental market. Some of the key things we do to accomplish this are: perform thorough screening of all applicants, educate tenants before they sign a lease, and guide them carefully during the lease signing, move-in, and move-out processes. In addition, we enforce the lease provisions using the guidelines given to us by Arizona Statute.

On average, tenants who pass our screening process (and have a good history profile) perform very well and rarely lead to significant problems. We strongly encourage our owners to review the information we collect on applicants, including screening reports, and be involved in selecting applicants that meet their personal risk tolerance level.

However, the truth is, even if a tenant appears low risk, it is still possible the tenant could damage the property or stop paying their rent. In either case, dealing with these occurrences is part of the service we offer. We will work diligently to turn your property quickly should it stop producing income for any reason.

Most real estate professionals will tell you owning a home requires 1%-2% of the home's value each year in upkeep costs. That cost varies depending on your property's age and complexity, but the key is you should expect such costs as long as you own the property; regardless if you're living in it or a tenant is. Always have reserve funds available for repairs, maintenance and unexpected property needs, including the potential for tenant caused damage.

It is important to have the correct expectations when hiring a management company and understand exactly what you are getting. The mindset we believe will best serve you is to view your rental property as a business; not a personal belonging. Many aspects of the rental business can be emotionally taxing if you keep a personal (sentimental) attachment to your property. As the property manager, we always view your property as a business and will use every bit of expertise and knowledge to get maximum positive results for you over time. Rental property can be a very powerful wealth building platform, however, having unreasonable expectations, or not preparing yourself properly, can quickly sour the experience.

Ultimately, we ask that you trust our experience, training and skills to take care of your property. Accept that there is risk in having a rental property and things may not always go as expected. Also know that you have professionals who can work through almost any circumstance for you. We appreciate the opportunity to have you as a client and hope to share success with you for years to come!

HOW WE SHOW PROPERTIES

Brickleys Property Solution showing system is designed to offer our customers maximum convenience while providing an effective and efficient way to show properties 7 days a week. Our showing system was implemented in November 2011 and has provided over a dozen successful viewings every day since then with very few problems. Brickleys uses custom programmed lockboxes to restrict access to a property by allowing a customer a 2 hour time window to view a property. For example, a customer selects a property, submits the viewing request information online and goes through an advanced ID verification system. Once completed, our system will record when they plan to visit. At the property, the viewer has to text a serial number located at the property to register they have arrived. Customers are allowed to choose any available 2 hour window, not reserved by another customer, within 7 days, between 8:00am and 8:00pm. While at the property, we are in communication with them and request feedback. If interested, we make sure they have an application link sent to them immediately following their viewing. Owners receive weekly reports (every Monday night) detailing the interest and feedback on their property.

HOW WE ADVERTISE / WEEKLY MARKETING REPORT

We currently advertise in the top 99% of places that the public uses to search for rental property. We also assist with relocation for hospitals, the Air Force Base, government employees and law enforcement. When your property is listed, you will receive a report every monday night that will detail how much interest your property has received and what the feedback has been. Due to high demand most homes that are priced appropriately and showing well should have applications in and/or have been leased within 30 days of coming on the market.

APPLICATIONS SUBMITTED FOR YOUR PROPERTY

It is not uncommon for us to receive a large amount of applications on a property. However, just because an application has been submitted, doesn't mean the applicants will be able to finish the initial process.

Before we send any applicants over to you, we will be asking for the following first.

1. All adults over 18 complete an application

2. All adults provide us valid ID's and income verification.

3. We need to verify they have viewed the property and accept its current condition "as-is".

HOW LEASE TERMS WORK

We recommend asking for a lease term of 12 months or more. This allows you to market your home toward families that intend to stay for at least a year. If you market your home for a term of less than 12 months, you run a much greater risk of getting a tenant that will move out in less than a year. When tenants agree to an initial term (such as 12 months) we are asking them to complete at least 12 months, then their lease will continue month to month (unless you require a term extension at that time).

HOW LEASES END

Lease agreements only end if the tenant or the landlord provide notice to vacate. If the lease term is over, leases always defer back to month to month. Even though the state law requires a 30 day notice, the true meaning is one full rental period notice. Always remember that notice always takes effect for the following month in which it is given. For example, if notice is provided by either party on January 15th, all of February is the last month for the tenants, they have to vacate by the last day of February.

REACHING OUT TO OWNERS & TENANTS WHEN A LEASE TERM IS EXPIRING

Keep a look out for a notice from us about 45 days before the lease term is coming to an end on your property. We will send you current market data and provide a recommendation for the rate we recommend charging the tenant if they want to renew their term. We may also provide a recommendation for an increased rate for continuing month to month. It is recommended to increase rents for any month to month agreement to give tenants an incentive to sign a longer term agreement and to offset the risk of a tenant being on month to month. You are always welcome to submit a request to us at anytime if you want to extend any offer to a tenant to extend their lease. Lease extension can be done at anytime, no matter how much longer a tenant's current term has.

TENANT CANCELLATION FEES FOR NOT COMPLETING THEIR LEASE TERM

If a tenant cannot complete an initial term they agreed to, the maximum state penalty for terminating a lease early is one months rent. For example, if a tenant is paying $1,500 / month and they have to terminate early, we charge them a cancellation fee of $1,500 that is due with their last month's rent.

SERVICEMEMBERS CIVIL RELIEF ACT

This Act is a Federal law that allows persons in the military to exit lease agreements with no early termination fees. They are still required to provide one full rental periods notice, but if they provide military orders that they are required to move, the one month early termination fee has to be waived.

MANAGEMENT AGREEMENT TERM

Our management agreement term is month to month. You can cancel our management agreement anytime immediately if your property is vacant, or with a 30 day notice if your property is occupied. If you cancel while your property is vacant, there is no charge. If you cancel while your property has an active lease or is occupied, we charge a $500 cancellation fee. Cancellation of your management agreement does not cancel active leases, it only cancels the management agreement between us and you.

MANAGEMENT FEE

Our management fee is always a percentage of rent collected. We do not charge a management fee on utilities or other types of income tenants pay.

ACCOUNTING / CLEARING TIME

When we receive a payment, funds are generally cleared after 10 days. Even though the bank makes funds available to us the next business day, the funds are not verified until about 10 days later. If a tenant pays late (on the 6th or after) your funds will be held until we get a clearing notice from the bank. We payout any available funds the moment they clear. Anytime a payment is made to you, you will get an email right away. When you receive the notice of payment, the funds are usually in your account the next business day.

MAINTENANCE & REPAIR / WORK ORDER COORDINATION

With Corporate Support, we do have a 24 hour maintenance support line where tenants can talk to a live person 24/7. They can also submit and manage work orders online. Our first objective with any work order is to try and close it out at no cost to you. If we can help the tenant repair something small over the phone, or remind them if the maintenance item is a tenant responsibility, we'll do our best to only open up valid and reasonable work orders for your property. Once a work order is opened, we will send you an email notification. Once you get the notification, within 48 hours, you are welcome to ask a question, take over the work order, ask us to proceed or ignore us all together. If we don't hear from you within 48 hours, we'll proceed with any reasonable work order request.

CAN WE HOLD TENANTS LIABLE FOR REPAIRS THEY CAUSE?

When tenants report work orders to us, our first objective is to gather as much information we can so we can determine what, who, how, when, where and to what extent. If a vendor is sent to the property, we also ask vendors to provide us a professional opinion about how an item was damaged and if there is evidence it was due to misuse or neglect. If there is reasonable evidence that an item was caused by a tenant, we would bill them the entire cost of the repair. However, in the absence of evidence, the cost of the repair defers to the property owner.

WORK IN EXCESS OF $250 REQUIRES A WRITTEN ESTIMATE

If a vendor is dispatched to a property for a non-emergency. Our vendors have written agreements with us that require they get prior approval for any work that will exceed $250 by submitting an estimate. Once we receive any estimates, we will submit them for your review and allow you 48 hours to make a decision. Again, if we don't hear from you within 48 hours, we'll proceed however we feel is reasonable.

VENDOR AGREEMENTS

In order for us to dispatch a vendor to a property, we must have a vendor agreement with them. Our vendor agreement makes sure vendors are licensed, insured, wear uniforms, have marked vehicles, don't go outside of their expertise, meet customer service standards and have a good quality control process. We request vendors take before and after pictures, provide estimates in all cases in which work is going to exceed $250 and provide enough details on the invoice that it makes sense.

WE DO NOT MARKUP WORK ORDERS OR RECEIVE ANY COMPENSATION ON WORK ORDERS

All vendors that we hire are 3rd party vendors that have signed a vendor agreement with us. We do not make any compensation on any work completed on your property. We believe us making money on repairs on your property is a conflict of interest

TYPICAL RATES FOR VENDORS

Vendor rates can vary by area and trade specialty, however a general guideline is that vendors usually charge between $100 and $150 / hour. Our goal is to keep vendors on our preferred vendor list that provide excellent work quality and reasonable rates. Good quality vendors are not found easily and require some experience with us before we can determine if they are a good fit.

We caution trying to use vendors that charge very discounted rates, they are usually not worth using. Having vendors that are hard to get a hold of or that we have to send out frequently for warranty are high risk vendors to use. Discount vendors are also frequently guilty of not keeping up with their insurance, licensing and training requirements. However, if you have worked with a good quality vendor with reasonable rates, please ask them to come see us. We have no problem expanding our vendor network to those that are professional and reasonable. The vendors we use are usually not the cheapest or the most expensive, they are a balance between cost and quality.

USING YOUR OWN VENDORS FOR REPAIRS

At any time, you are welcome to take over a work order and use whomever you want to conduct repairs. However, if the vendor you use is not on our approved vendor list, you would need to coordinate the work with them and the tenant directly. We highly recommend that if you do take over a work order that you direct any person going to the property to not disclose your information to the tenant.

We also recommend having your vendor contact the tenant right away to schedule an appointment that works for both of them. Always remind them to call when they're on their way and to not enter the property without the tenant's permission. Your vendor is also welcome to contact us if they need our assistance contacting the tenant or if they have any questions.

QUALITY CONTROL OF WORK ORDERS

Our vendor agreements ask vendors to have a quality control procedure. We ask that vendors do not invoice us unless the work is completed and has been quality controlled. Whenever appropriate, we also will check vendor work after invoicing to make sure it is complete and take pictures of any completed work. Once quality controlled, if we do find any work under warranty, we will promptly open a work order and request vendors complete warranty requests as soon as possible.

EMERGENCIES

As your Agent, you give us the authority to respond to and make decisions regarding emergencies without notifying you first. You may not be aware of an emergency until the next business day. Examples of emergencies are:

• Anything that threatens the structural integrity of the building

• Anything that causes, has already caused, or could cause severe damage to property or surrounding structures.

• Inoperable air conditioning in hot weather.

• Inoperable heater in cold weather.

• Inoperable water heater.

Many emergency repairs might be covered by your insurance policy. We always recommend filing an insurance claim if damages are excessive.

FREE RECOVER POSSESSION / DAMAGES / LEGAL SERVICES

Included in our management fee, we provide free legal services in case we need to take your tenant to court. We will Institute and prosecute actions to the extent permitted by law and remove tenants and recover possession of the Property or recover rent and, when expedient, settle, compromise and release such actions.

HOLD HARMLESS CLAUSE

Our agreements require that Owners shall hold Broker, Broker's employees, subcontractors, sub agents or representatives harmless from all damage, suits and costs incurred in connection with the management of the Property. Owner shall indemnify, defend and save Broker harmless from liability from injuries suffered by any person as a result of Owner's negligence, to the extent permitted by law. For example, if your tenants stop paying their rent, you would not ask us to reimburse you or if your property required maintenance, you would not ask us to pay for the repairs.

INSURANCE

Once you lease your property you'll want to make sure you switch your insurance to a rental dwelling policy. However, we don't recommend making any changes to your insurance policy until you have a signed lease agreement. Speak with your insurance carrier about the coverage you have with a rental dwelling policy and make sure your policy is sufficient for your risk management tolerance. The lease we use for your property will require tenants to carry their own insurance for themselves and their personal belongings. Your policy will likely not cover the tenants or their personal property.

LEAD-BASED PAINT DISCLOSURES

Federal EPA requirements require that we provide EPA provided disclosures and pamphlets to tenants for all properties that may pose a lead based paint health risk. This is usually properties constructed in or before 1978. However, we provide the disclosures with every lease no matter when the home was constructed to make sure this requirement is never missed.

COMPLIANCE WITH LAWS

Always keep in mind that we are here to guide you and help you understand how to best navigate all laws we have to abide by when leasing a property. The most common laws we have to comply with are; Federal fair housing, EPA, Consumer protection bureau, Fair credit reporting act, federal civil rights laws, state civil rights laws, and state landlord / tenant laws.

MOVE OUT INSPECTIONS

Once keys have been surrendered by your tenants, we consider the lease officially over. Within a couple of business days, we will coordinate a move out inspection, which includes a written report pictures and video. Once completed, you will be emailed a copy of the report along with our assessment of tenant liability vrs. normal wear & tear.

WHAT IF TENANTS DO NOT MOVE OUT ONTIME

When a tenant fails to vacate a property ontime, we consider their status in Holdover. Our lease agreement requires tenants pay a penalty for any days they are in Holdover equal to 3x their normal rental rate. This is usually a good incentive for them to vacate as soon as they possibly can.

SECURITY DEPOSIT ACCOUNTING & REFUNDS

Charges to a tenant's security deposit is the most common dispute that comes up after a tenant vacates. For this reason, we have developed policies and procedures to help align ourselves with what court rulings have determined is fair and reasonable when it comes to charges to a tenants deposit.

Overall, we are required to account for length of stay, subtract normal wear and tear and depreciate carpet and paint on a 7 year scale. For example, if carpet or paint was new when moved in and the tenant stayed 3 1/2 years, we can only charge for 1/2 of carpet replacement or painting if necessary. On average, we are typically more lenient to a tenant than not and do not necessarily charge for every item we find. This includes scratches and scuffs, minor cleaning, light bulbs, battery replacement and any expected wear on the property.

YARD & PROPERTY MAINTENANCE WHILE VACANT

We want you to know that we don't automatically provide yard or maintenance services between tenancies unless it has been setup with a vendor through us. Yard care is considered to include but not limited to weeding of planters, trimming and edging of grass and planters, pruning and trimming of all shrubs and trees, application of weed control and fertilizer on grass, setting of any automatic timers for sprinkler/irrigation system, or the removal of debris or animal feces or snow.

We will be providing move out inspection reports and vacancy reports in order to keep you aware of any items that may need to be addressed by the vendor while your property is vacant.

TENANT YARD MAINTENANCE

Our lease agreements require tenants to perform basic yard maintenance during their lease. Basic yard maintenance includes, but may not be limited to: cutting grass, pulling weeds, watering vegetation and picking up trash, and any HOA specific regulations. We are not able to hold tenants responsible for dead vegetation where the cause is unable to be determined. Any landscape maintenance above basic, such as removing large tree branches or cutting back a large tree or bush would be considered property owner responsibility.

TENANT OCCUPIED INSPECTIONS

Once a property is occupied, Brickleys will conduct inspections by owner request or under appropriate circumstances. Inspections are free of charge. Such circumstances can be, but are not limited to: unpaid rent, HOA violation(s), neighbor report, municipality violation, tenant request, or report from vendor or law enforcement.

Our goal is to preserve the tenants' comfort and privacy in the home; Frequent and unwarranted inspections can lead to an upset tenant who may terminate their lease due to unjustified disturbances and a violation of privacy. To promote long term tenancy, Brickleys recommends careful consideration when deciding how often inspections are conducted.

NORMAL WEAR & TEAR

Always remember that there is an expectation that there will be some wear on your property that you cannot pass on to a tenant. Normal wear-and-tear means the deterioration that occurs based on the use for which the rental unit is intended and without negligence, carelessness, accident, misuse, or abuse of the Premises or contents by the tenants, their family, or their guests.

We consider the following normal wear & tear; nail holes used to hang anything on the wall; scuffs and scrapes on any surface; painting needed due to scuffs, scrapes and/or nail holes; traffic wear in carpet; worn toilet seats; re-keying or replacement of worn locks; some cleaning; window blinds replacements due to sun damage; paint peeling or flaking; caulking repair;or any other preventive maintenance.

PETS

Always remember that the most expensive cost on a rental property is vacancy, not pets. The average homeowner is very reluctant to accept applicants with pets, however, with good risk management, pets can make you some significant extra income since pet owners are usually willing to pay a premium to keep their animals. In any case, If you are presented with a pet you are just not comfortable with, it is ok to turn away the applicant as long as their animal is not protected under fair housing laws for disabled or emotional support persons.

However, if you do want to approve applicants with pets, you have the option of charging non-refundable pet fees, asking for more deposit, increasing the rent, or all of the above. Making extra income on your property typically offsets the risk animals present.

SMOKING

We inform all staff, tenants and vendors, smoking is not permitted in any of our managed properties. Smoking is also considered a substantial lease violation and is sometimes an evictable offense.

SWIMMING POOLS, HOT TUBS & SPECIAL AMENITIES

Due to case law involving owners attempting to charge tenants for damages to special amenities they could not prove, any swimming pool, hot tub or special amenities must be maintained for the tenant at owners cost. We do not hold tenants liable for pool equipment, chemicals, damage from improper maintenance and/or cleaning services for swimming pools or hot tubs unless there is clear evidence they intentionally or negligently damage the equipment. It is normal for pool and hot tub equipment to malfunction or need replacement on a regular basis from normal use.

PRICE RECOMMENDATIONS

Always remember that your highest cost on a rental is vacancy. It is always important to offer your property at a reasonable price and do what you can to help your property show well. There is no guarantee a Property will rent at the initial recommended price or a price of similar properties on the market. If marketing reports show low activity, we recommend reducing the list price. Most properties have applications within 10 days and are leased within 30 days.

PUBLIC DOMAIN OF PROPERTY LISTINGS

We want you to know that we have limited control over how our advertising is used by 3rd parties online. We are not able to control distribution, reproduction or archiving of property listing media by third parties even though we own all media and advertising content created by us. Rental property listings are frequently stolen and used for fraud and misrepresentation. We provide educational material frequently to the public to avoid scams, but we have no control over the content being published.

MEDIATION SERVICES

If a dispute ever arises between us that we cannot solve together, we ask you to agree to submit the dispute to formal mediation. We can provide free independent mediation services through the local Board of Realtors or through the Better Business Bureau.

TAX DOCUMENTS

In January of each year we will send you an electronic 1099 for the previous year. We ask that you consent to receive only an electronic 1099 unless you ask for a printed copy. Around the same time your electronic 1099 is sent, we will also provide you with a cash flow statement to show income and expenses for the entire year. Once published, all tax documents will be available in your online account indefinitely.

BENEFITS OF OWNING A RENTAL PROPERTY

Even though many investors feel the financial crunch in the beginning, there is a reason to hold out and keep your property long term. Many properties appreciate in value reasonably well over time. In some locations, appreciation can be as high as 60% to 100% in as little as 5-10 years. Combine that with the tax benefits and good risk management, you're looking at a home run of a business. Chances are you will gain considerable wealth if you hold your rental property for long enough, which is why we are all in this business.

WHEN YOU SHOULD NOT OWN A RENTAL PROPERTY

Owning rental property is one of the primary ways that wealth is built in our country and the reason we are in business. However, the #1 reason that people don't want to own a rental is because of stories regarding the risks of owning a rental and/or having limited funds to operate the rental. When risks involving rental property are not managed well and/or you have very limited resources, it's not recommended to continue with ownership of a rental property. However, if you can establish reasonable reserve funds and manage your risk well, owning a rental property has exceptional long term wealth building benefits.