For Landlords and Property Owners
When you hire RENTEX to manage your property under a “Full Service Management” Agreement, we will provide the following:
DUTIES PERFORMED BY AGENCY
- Advertise property in appropriate publications.
- Schedule appointments for prospective tenants to view property.
- Screen prospective tenants.
If client desires to rent property, Rentex has the client fill out an application. This application is processed through a private credit clearing company that checks the credit history, list all previous known addresses of clients, checks to see if clients have any civil judgment against them and does a debt to income ratio. Rentex does employment verification. If credit history, etc. is satisfactory, Rentex obtains a security deposit from clients which, is held in a non-interest bearing account. Rentex does not release security deposits to owners when providing full management services. A lease, which can be customized to fit property owner’s needs, is prepared for client’s signature.
Once client takes possession of property, any issues regarding the property are directed to Rentex. If any repairs are needed to the property the owner is contacted prior to scheduling the repair. In the case of an emergency, Rentex will authorize the repair and contact the owners as quickly as possible. Property owners may specify certain persons they wish contacted in the event any repairs are needed, or Rentex will use those persons we have on call. All maintenance personnel (electricians, plumbers, painters and maintenance men) are local vendors, are licensed and insured, references are available.
Each month the owner will receive a cash flow statement showing income and disbursements. Your rental proceeds can be mailed to you directly, deposited in your bank or we can make your mortgage payments. At the end of the year we will furnish owners with a #1099 form for filing with the Internal Revenue Service which shows all rental income received and an itemized breakdown of all transactions on your account during the year.
Prior to lease expiration, the property owner will be contacted to determine if they wish Rentex to proceed with a lease renewal. If current tenants wish to renew their lease, a Lease Addendum is then prepared for their signature. There is no fee for this service as it is part of the Full Management service. It tenant does not wish to renew lease, we, with owner’s permission, will begin to advertise and show the property approximately thirty days prior to tenant’s vacating. When tenants vacate the property, Rentex does an inspection of the property prior to releasing the security deposit.
Unfortunately, under the laws of the State of Maine, Rentex is not allowed to represent owners in matters involving small claims or eviction. Property owners are required to represent themselves or hire an attorney.
FEE FOR FULL SERVICE MANAGEMENT: Half of one month’s rent as a finder’s fee and ten (10%) percent of the monthly rent as a management fee, thereafter.