Renting or leasing your property can provide substantial income producing benefits to you, but only if your property is properly managed. Rental Source’s highly trained personnel give you the freedom to enjoy larger profits from your investment while you hand the burden of management to a professional. When your leasing, maintenance and loss prevention are professionally managed, your property retains its value and returns its maximum profit with very little effort from you. Rental Source Property Management, LLC will handle all your rental needs including the following:
Our marketing efforts will include a featured page on this website, a listing on the MLS for other realtors to see, high online presence in Craigslist, Sublet, AdsInUSA, PostLets, Facebook, and others, we put a sign in the yard, and send out flyers to our contacts with relocation companies. Your listing will be directed to many renters that have signed up with our company and that have described their perfect rental home they are looking for, in the area they need, and the price range they desire. There are well over 400 renters in this database at any given time, updated daily. No one benefits from vacancies, including our company. In light of that fact, while other management companies often continue to charge owners management fees on vacant properties, Rental Source DOES NOT! (The one exception is if we are managing projects or renovations while it is vacant)
We, here at Rental Source Inc, consider tenant selection a key ingredient in successful residential property management. We are confident that our method will find the tenants you want. Our agents lease only to qualified applicants and are encouraged to sign the right applicant, not the first applicant! The landlord will always be the ultimate decision maker. We require a detailed written application and a copy of each applicant’s driver’s license from each adult to occupy the home over the age of 18. No applicant will be approved until all questions are answered to our satisfaction. We run their credit report, criminal history, civil history, verify employment and residential history, and figure their debt to income ratio. We have certain criteria we go by to approve or disapprove every applicant so that discrimination is not a factor. Click here to see a list of the standard criteria we go by to approve or disapprove.
Lease Execution and Move Outs
Rental Source Property Management, LLC protects you and your property through the constant review of our lease and addendum. The lease that is used has been drawn up and is consistently revised by the attorneys with the St. Louis Association of Realtors
office. These documents are “Landlord” oriented and afford you protections many others do not. Our staff will be there for the signing of the lease and to walk thru the unit with your new tenant. We will come again for another walk thru shortly after the tenant moves in.
After the tenant moves out we will walk through the unit assessing what needs to bedone to re-rent, we will fill out a detailed summary of what needs to be covered by the security deposit and release it at that time. We will then get your unit ready to re-rent in a timely fashion.
Rental payments and non-payments
Rental Source Property Management, LLC will collect the rent and handle delivering notices. Evictions are handled by an attorney of your choice and we help along the way from beginning to end, including appearing in court on the owner’s behalf. You need never make contact with the tenant. We act as your liason.
Accounting & Reporting
Rental Source Property Management, LLC maintains complete computerized records on each property. You are provided with a monthly Cash Flow Statement and additional customized reports are available for your specific needs. Monthly services include rent collection, payment of all or a portion of property operating expenses, monthly disbursement and financial reports. 1099’s are issued to you at the end of the year for the rents that we have collected on your behalf.
Repairs & Maintenance
Normal non-emergency maintenance repairs are scheduled with the tenant during regular business hours and are affected as soon as possible, at the convenience of the tenant. For emergency situations, where there may be eminent danger to life and/or property, tenants are given Rental Source’s 24 hour,7 day a week emergency contact number. Rental SourceProperty Management, LLC recognizes the importance of keeping your costs down. Rental Source has developed strong relationships with many vendors, contractors, and suppliers, such as plumbers, electricians, HVAC companies, and handymen. Through this network, Rental Source believes it can find the most competitive repair costs possible.
New Handy Man Special
One of our main handymen has a special for you! $45/mo (per house) minor repairs such as the ones listed below will be dealt with instead of you being charged the normal service fee which usually runs between $75-$100. Repairs that are included would be: changing out leaking faucets, changing out toilet parts (plunger, handle, etc), lighting a pilot light if it goes off for some reason, or running over to get a broken light bulb out ofthe socket. Changing out smoke alarms, garbage disposals, thermostats, outlets, light switches, a light or ceiling fan, changing out door knobs or dead bolts, minor caulking, and included you will have the gutters cleaned out once a year (ranch style homes only). This price will be for labor only, all expenses for the material would be an additional expense to the landlord.
Our goal is to provide you, the property owner, the security and the comfort of worry- free rental property ownership at an affordable price. Our fees are as follows; 60% of the first months rent and 10% of the monthly rent thereafter for Property Management, only 70% of the first months rent for Tenant Procurement, if you do not need the property managed and you only need help finding the tenant and having the lease drawn up. Minimum fee required. Referral Service: In the event your property does not require full management services, you can use our referral service to simply get tenants into your rental property. We charge 70% of the first months rent. We will advertise the property, show it, screen the applicants, and then after you have chosen your tenant we will collect the security deposit and first months rent and draw up the lease and other paperwork needed. Minimum fee required. After a tenant moves out: Our management team will over-see work that needs to be done after a tenant movesout including-the walk thru, obtaining bids for- removing all of the old tenant’s items, painting, new carpet installation, cleaning, carpet cleaning, and minor repairs such as what is listed below. Manager would schedule the repairs and make a way for vendors to get in. Manager will verify work has been done and disperse funds to the vendors.
Manager must charge the property management fee of 10% of the normal rent or $100/mo minimum fee while this work is being scheduled and done even though rent is not coming in, but will not continue after this work is complete until a tenant has moved in. In the event there are more items that need to be dealt with, such as repairs that are more extensive then what is listed below then the project management fee would need to be paid which is 20% of the normal rent or $200/mo minimum. In the event the manager is responsible for over-seeing a remodeling project the fee owed to manager would be 30% of the normal rent or $300/mo minimum.
The project management fee will be owed even if there is no rent coming in, but would not continue after the work is complete. Normal property management fees would apply after the unit has been filled.
To hire our staff to manage your property, contact us to let us know your management
needs or call 636-447-8661.
Click To Read our Most Frequently asked Questions