Covenant Home Management’s goal is to provide a profitable, hassle-free experience for today’s real estate investor. We value your business and will do everything we can to deliver on our promises and exceed your expectations.
Management Services provided by Covenant Home Management:
- Preparing the Property for Rental
- Marketing Your Property
- Selecting Good Tenants
- Collection of All Rents and Other Monies
- Property Inspections
- Supervising Maintenance
- Paying Vendors
- Financial Reporting
Preparing the Property for Rental
Covenant Management has a large maintenance staff to get your property “rent ready” quickly and inexpensively. We are also able to pass on to our clients preferred pricing from hundreds of vendors we do business with in our Apartment division.
When a property becomes vacant, we inspect it and write a report. Our inspector will then prepare a worksheet that will include the necessary work to make the unit “rent ready”. We will then get three bids for work in excess of $500. The work and bids are discussed with you, the owner, prior to beginning the work. Before we write a check to pay for the work, our company will inspect the work to ensure it meets our standards and the scope of the vendor contract.
Marketing Your Property
To lease properties quickly requires a combination of realistic pricing, presenting the property in its best possible physical condition, and aggressive marketing. When these are achieved the rental of your investment property can accomplished in the shortest time frame possible.
Our marketing plan produces hundreds of leads every month for our client’s rental properties. We know how to market your rental property. We have been renting hundreds of units every month for the past 25 years.
Selecting Good Tenants
We understand that your rental property is a business. You can’t make money with your property sitting vacant or having to evict a tenant for non-payment of rent. Perhaps even worse are the costly rehab repairs from damages caused by the bad tenant you just evicted!
Selecting Good tenants is both an art and science. We run a complete credit check and criminal background on all prospective tenants reviewing income to debt ratios, payment history, bankruptcies or evictions. We verify employment and income through current paystubs, and bank statements and/or tax returns. Additionally, we contact prior landlords to verify rental payment history and the move out condition of their previous home.
At lease signing we review with the new tenant our policies and procedures and address any questions or concerns they may have. We carefully document the move in condition using photos and checklists and instruct the resident how to report any issues they may discover. We have found that satisfied residents stay longer and take better care of the property.
Collection of all Rents and Other Monies
We make it easy for tenants to pay their rent. They can pay by mail, in person, or electronically through our website. Rents are due on the 1st and are considered late on the 5th. After the 5th late fees are applied and either arrangements are made or the eviction process is initiated.
Security Deposits are required of all tenants. These funds are deposited into a Security Deposit trust account and held for the tenants account through their lease term.
We require all Tenants to have Renters Insurance in part to minimize any loss to both the owner and tenant. We have a great working relationship with First American Property and Casualty that offers a very affordable policy to our tenants and protects our owner’s asset. We have also found that certain types of damages that are often absorbed by the owner can be reimbursed if properly insured. Of course, tenants are free to purchase their insurance from their own agent should they choose to do so.
Property inspections help us protect your asset by identifying minor maintenance problems before they become a bigger problem. Additionally, it helps us see what kind of a tenant we have and whether or not they are taking care of the property.
We do drive by inspections at least every 6 months. Formal property inspections are performed at tenancy changes, lease renewals, or re-renting. We utilize the move in checklist and photos as a reference point. For a small extra fee we offer semi-annual inspections at the owner’s request.
Regular maintenance issues are addressed and tenants are given the opportunity to address any deficiencies found during the inspection. This is also typically a good time to discuss the tenant’s intentions in regards to renewing their lease.
Supervision of Maintenance
A responsive maintenance team is critical to resident retention and maintaining your rental property. Covenant Home Management offers emergency repair service 24/7 and maintenance will be performed as needed and will be based on urgency and importance. Where possible, maintenance will be performed by our in-house maintenance staff to save you money. When the work exceeds our expertise we use preferred outside vendors. For any major job (over $500) we obtain written estimates from different companies, notify you of the required repair and estimated cost, and obtain your approval before we proceed. Work is inspected and approved before the vendor gets paid.
Payments to Vendors
All payments to Vendors are made by check or authorized electronic payment (ACH). Before payments are made an invoice must be approved and payment authorized.
We are happy to pay all authorized expenses including mortgage payments, HOA dues, and property taxes. Account numbers, payment coupons and other details will be addressed when we set up your account.
Every transaction in your account is reported and explained in your monthly statement. The monthly management fee will be automatically deducted and itemized in your report. The report will also include all year to date transactions. Our reporting makes Tax preparation very simple.
Monthly Statements can be mailed or emailed to you, and are also available on our website through the secure Owner Portal. Owner distributions can be paid by check or ACH (electronic) and are usually paid within 7 days of rent payment.
We strive to have “Raving Fans’, those that will spread the word about our great service. Many of our current and former clients have complimented us on our service and have given permission to use their names. Please call us to get a list of our satisfied customers.