Monthly Operating Statement:
Each month, after all rents have been collected, deposited in our trust account and all expenses paid, a monthly operating statement is generated and sent out to the owner for their records. At this time if a surplus of revenue exists (positive cash flow) a check will be remitted to the owner or directly to the owner's financial institution. In the event that the property is operating with a negative cash flow. A forecast of the shortfall is provided to the owner and payments for operating expense on the property are suspended until payment of the shortfall from the owner is received at the IPM office.
Questions? Gary@irvinepropmgmt.com
24 hour emergency maintenance service:
A tenant experiencing an emergency situation with their property (water leak, backed up sewage, etc) contacts the IPM office which in turn pages the representative on call. That IPM rep then contacts the tenant and/or the appropriate service provider to make the necessary repairs. The owner is then notified of the emergency situation, the action taken as well as the cost of the repairs.
Questions? Gary@irvinepropmgmt.com
Home Owners Association Representation:
Many times IPM is notified by the various Home Owner Associations of a violation of their rules (deferred maintenance or noise), either by the property or the tenant. When this notification is received, an IPM representative will contact the HOA and attempt to resolve the issue via the phone, a letter or possibly appearing before the HOA board of Directors at their monthly meeting. Generally, if the meeting is required, research on the situation is done and an informational packet is prepared to help clarify the owners position on the case.
Questions? Gary@irvinepropmgmt.com
Small Claims Court Assistance:
Occasionally, due to a tenant issue (suing for deposit refund or suing tenant for damage costing in excess of the deposit held) it is necessary to assist the owner in preparation for small claims court. Research is performed and a book detailing all pertinent information of the case (photo-journal, receipts for repairs, executed lease, move out condition statement and other necessary documentation). An IPM representative typically attends the hearing with the owner to serve as an informational witness on the owner's behalf (by law an owner is required to represent themself in Small Claims Court).
Questions? Gary@irvinepropmgmt.com
Three-Day Notices:
We are very “fair but tough” in this area. Rents are due on the 1st of each month and late as of the 5th. If we have not received a full rent payment by the 6th of the month (this includes partial payments) a late fee of 5% will be charged and, most importantly, we will deliver a 3-Day Notice to Pay or Quit to the property THAT DAY and mail a copy of the same notice to the tenant via registered mail. If the delinquent account is not brought current by at the end of the three business day period, the account will be turned over to our attorneys to start eviction proceedings and the owner will be notified. A full eviction process takes 4 – 6 weeks and will cost around $500. In our 26 year history, we have had to evict only a very small number of our tenants . . . about 1 per year on the average.
Questions? Gary@irvinepropmgmt.com
Eviction:
When a tenant has chosen not to pay rent and has not vacated the property and owner and IPM have chosen to proceed with eviction proceedings. IPM submits original lease document, original 3-Day notice and delivery service and appropriate documentation to the eviction attorney. After this point, any payments made by the tenant will have to be made to the eviction attorney and not IPM. Payments will include any rent due, late fees and attorney fees.
Questions? Gary@irvinepropmgmt.com
Scheduled Maintenance:
To keep a property in a condition that keeps it marketable, periodic maintenance needs to be performed. Tenants generally call with maintenance issues needing immediate attention. This work is typically scheduled and completed within 24 hours to 1 week, depending on the severity of the issue and the time constraints for performing the work. Owners are contacted and informed of the ensuing work to be done and the cost. Any work estimated to be in excess of $100.00 is not done prior to gaining owner's authorization.
Questions? Gary@irvinepropmgmt.com
Property Make-Ready:
When a property becomes vacant, an IPM representative walks the property and lists all repairs and maintenance items required in order to market the home for rental. Estimates are prepared and owner is advised as to the scope of work to be done and the associated cost. With the owner's approval, work is started and completed as expeditiously as possible to maximize marketing time of the property.
Questions: Gary@irvinepropmgmt.com
Leasing the Property:
When the property is ready to be marketed for lease, it is listed in the Multiple Listing Service (MLS), relocation services are contacted and the property is advertised in local publications as well as signs are posted pn the premises offering the property for lease. IPM responds to all calls regarding the property for lease and schedules appointments to show it. In the case of other realtors through the MLS service, IPM works with them to answer questions regarding the properties availability and other specifics about the property. IPM negotiates the lease and it's terms with the owner and the other agent or IPM's agent. A lease is drawn up and executed by all parties.
Questions? Gary@irvinepropmgmt.com
Property Maintenance:
As attested to by numerous property owners: the quality of the maintenance services provided by IPM is outstanding. Not only does it keep the property operating properly, it also keeps the property from falling into a state of having deferred maintenance. Deferred maintenance proves to be more costly to the owner in the long-term due to the "domino effect" of one deferred problem causing a new problem and so on. Another advantage to the maintenance services provided is that the properties are also updated on a regular basis ensuring for the owners that they are competitive with the existing rental market as well as the resale market.
Questions? Gary@irvinepropmgmt.com
Geographic Proximity to properties:
The majority of the properties managed by IPM are within a 20 to 25 minute drive to the properties. This enables the property management staff to "drive by" the properties frequently as well as making it more advantageous for the repair vendors and suppliers doing work on the properties. Because of the geographic closeness of the properties it manages, IPM can maintain the same "stable" of repair vendors and suppliers to perform work on them. This makes maintaining a higher level of quality workmanship much more achievable as it reduces the variable of having to use an unknown vendor on an owner’s property.
Questions? Gary@irvinepropmgmt.com
