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The biggest concern for homeowners is the proper maintenance of a home. It is best to choose a reliable real estate that will make arrangements for maintenance and repairs. We have been doing property management since 1974.
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We perform current market analysis using data from the MLS as well as our own records to come up with the best price to rent your property. We try to rent in as timely a period as possible by networking with other brokers and following up. We execute all leases and collect the monthly rent.
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The Customary security deposit (1.5 to 2 months depending on whether the rental is in NJ or NY) will be deposited and the tenant will be notified as to the name and address of the banking institution. This security deposit will earn current interest and be subject to administrative fees (as allowed by law).
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| Move-out and Security Deposit |
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Before the tenant vacates the property, we ask the tenant to leave it broom clean and in the same "as is" condition as when he first moved in meaning in good condition less natural wear and tear, which are the responsibility of the landlord. If the tenant fulfills the obligations of the lease terms (pays all rent on time, etc.) and does not cause any damage to the unit the security deposit will be returned. If, however, repairs are needed we ask them to be done before the move-out date whenever possible to create a smooth move-out, move-in procedure. These repair expenses will be deducted from the security deposit before the balance is returned to the tenant.
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Whatever situations or problems that may rise with the property/tenant such as flooding or leaks; loud noises, or, administrative duties such as negotiating an extension of the lease term at a new rental rate, etc., Furumoto Global Realty will be there to work with the owner to follow-up on these issues.
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All prospective tenants are carefully screened through credit checks and/or company inquiries/guarantees to insure that they will be financially responsible for the rent payments. At times, we may have to remind the tenants that the rent has not been paid but we have not experienced non-payment of rent. In the unlikely event that we do, however, we will not hesitate to contact an attorney to start the move-out process.
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All expenses related to the property such as mortgage payments, condo fees, property taxes, maintenance/repairs, landscaping, insurance, permits/fees, utilities, legal fees, miscellaneous will be paid as directed by the owner from the rents received.
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Owner proceeds (the difference between income and expenses) will be wired (at owner's expense) to the owner's bank account; or, if desired in their local bank account.
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If there are insufficient funds in the owner's account after collecting rents to pay any expenses, we will ask the owner to pay the difference and send a sufficient cushion to cover any future contingencies.
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We will track all monthly rents and expenses and send a statement to the owner on a quarterly basis with copies of all original bills and copies of the checks attached. If the owner needs information earlier, we will do our best to fulfill the owner's request.
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At the end of the 4th Qtr, we will send the year-end report to the owner and/or to the owner's local accountant for income tax purposes.
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Our management fee is the equivalent of one month's rent collected on a monthly basis. If the property is not rented, however, we will not collect a management fee until a tenant is found and rent is collected. If we manage more than one property for the same owner, the management fee can be negotiated for each property.
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