HOW WE MANAGE YOUR PROPERTY
THE NORTHSTAR 5-POINT LEASING SYSTEM
1. INITIAL MEETING
Meet with You, the property owners to understand their needs and expectations from us.
Inspect the Property and make any necessary suggestions about repairs or upgrades to maximize its desirability.
Document all Details of the property with the owner.
Comprehensive photo documentation will be taken and made available to the owners on the online portal.
Make Unit Move In Ready by the available date.
Sign a Property Management Agreement which is agreeable to both parties.
2. SHOWING AND ADVERTISING
A Rental Advertisement and Listing will be prepared with important details on lease terms spelled out up front.
Media Advertisements will be posted on multiple media outlets including Zillow, Realtor.com, Century21.com. Trulia, HotPads, Tik Tok, Instagram, Twitter, Facebook, LinkedIn, Instagram, YouTube and more.
For Rent Signs will be placed on appropriate properties, and phone call we be answered promptly.
Professional Showings are arranged for qualified prospects and shown by expert property managers.
A Weekly Market Review will be created to ensure that your property is priced right and well positioned against the competition. The report includes all activity and feedback on your property as well as the market as a whole. Based on these reports, we will consult with owner about price adjustments
3. REVIEWING APPLICANTS
Consult and Screen Applicants based on our rental criteria. Carefully review the properties advertisement and all proposed lease terms.
Background Checks Document all Details are ordered for all applications, which include credit checks and criminal background searches, as well as for prior evictions and a reference from past landlords. Fair Housing Laws, as well as local laws are adhered to very closely for the protection of all parties.
4. PREPARE LEASE
Lease Preparation is one of the most important aspects of property management. We carefully prepare the lease based on our prior conversations with the property owners, and the advertisement that were prepared.
Schedule Move In and provide tenants with keys. Tenants are instructed to complete an assessment of the property condition and to notify us within two weeks of any defects found.
5. SERVICING YOUR INVESTEMENT
Once a unit is leased, our commitment then focuses on making your both investment financially successful, and a pleasure to own.
Most rents are due on the first of the month. Bills are paid from our office as funds are available on your account. Disbursement are made to homeowners before the 15th of each month, and statements are sent to homeowners along with each monthly payment.
Periodic Walk-through Inspections
- Once per year, during mid tenancy, we visit each rental unit and assess for any obvious damage or lease violation. We document each visit with photographs and post the inspection report to the owner’s portal.
- Properties are visited when it becomes necessary for a property manager to assess complex maintenance issues.
- Upon reports of lease violations, we often perform a walk-through inspection.
- We recommend a full home inspection every five years for long-term investments by a licensed home inspector. We can negotiate favorable pricing when property owners request an inspection.
Enforcement of Lease Provisions
- Timely payment of rent is critical to the success of your real estate investment. We follow the process for each municipality carefully and use reasonably priced outside services for delivery of notices and court appearances.
- Lease violations of all kinds occur from time to time, with some more serious than others. Our standard lease covers most of the anticipated concerns which landlord have. Violation notices are sent to tenants whenever appropriate.
- Evictions are thankfully quite rare as no one, landlord or tenant, wishes one to happen. If violation notices are not cured within the prescribed period of time, escalation to eviction is sometimes necessary. These can be a contentious situation so strict adherence to the law is important for the protection of all parties.
- Tenants can report maintenance issues to us by phone, email, or by reporting through the online portal.
- We know that homeowners do not like surprises. We will establish a threshold for when technicians will be sent to the property. In many cases, small repairs are scheduled for a service call, and the owner is notified via email. Homeowners are consulted for larger repairs.
- We only use licensed, bonded, and insured vendors.
- With each maintenance order received, we troubleshoot with a standard and systematic approach, which works to save owners a trip charge a small percentage of the time and to conveniently help tenants on the spot.
- Our in-house maintenance company, Northstar Property Maintenance LLC was created to allow us control and flexibility in coordinating repairs and unit turnovers.