Management Service Fees
Prudential Georgia Realty`s Property Management Division will locate tenants, collect rent, process lease renewals, handle maintenance, repairs and all other lease issues though out the term of the lease. All accounting functions, trust accounts, monthly statements, collections and landlord tenant communications will be managed by The Property Management Division.
The initial tenant procurement fee will be equal to one month`s rent. Subsequent lease renewal fees and multi-year lease fees are based on only 50 percent of one month`s rent and do not need to be paid until the 13th month or at the beginning of each successive multi-year term. Tenant rental checks shall be made payable to The Prudential Georgia Realty and the first month`s rent shall be retained by Prudential Georgia Realty as its procurement fee. For your convenience, renewal fees and multi-year lease fees will also be retained from rental proceeds.
The Monthly Management Fee shall be the greater of $80.00 per month or 10 percent the monthly rental proceeds. (Example:) A property renting for $750.00 per month will be charged $80.00 (the minimum) per month for management services. If the rent is over $800.00 per month (Example:) $1500.00 monthly rental at 10 percent will yield a $150.00 monthly management fee. For your convenience, the monthly management fee will be deducted from the rental proceeds and the property owner will receive the balance. When your home is placed on the market for the first time with Prudential Georgia Realty the monthly management fee will be waived until the first full month of the lease and will continue at the same rate until a new lease at a new rate has been established, or until the Management Agreement is terminated.
TENANT ONLY SERVICE FEES
If a property owner desires to manage his own property Prudential Georgia Realty will provide a Tenant Only Lease. Prudential will advertise the property through its media sources, check prospective tenants credit worthiness, lease history, write the lease, council the homeowner, then turn the lease and security deposit over to the homeowner. Prudential Georgia Realty will be available throughout the lease term for telephone consultation. The fee for this service will be an amount equal to one month`s rent, retained from the first month`s rental payment.
PETS
If the owner will accept pets, a "pet fee" will be required of the tenant. This fee is paid to the owner at acceptance of the lease. The tenant shall sign a separate "pet fee" agreement at time of lease. This fee is in addition to the security deposit and is not refundable to the tenant and can be immediately used by the owner to help offset the procurement fee..
MONTHLY STATEMENTS
Prudential Georgia Realty will send its rental proceeds check to the homeowner, along with a monthly statement that will outline all rental income, expenses and accounting functions concerning this property. At the end of the year, a 12 month financial recap will also be sent to you for tax purposes.
PAYMENTS TO OWNERS
(Exclusive to Prudential clients)
There is not a grace period in our lease. 98 percent of our gross rent roll is in house by the 4th or 5th day of the month. Our payment to you is by Prudential Bank Check and should reach you by mail no later than the 10th day (approximately) of the month. This is much faster than most competitors as we do not wait for the tenant`s check to clear the bank. For even faster service we will hand carry your proceeds to your local bank for immediate deposit into your account. You must provide numbered deposit slips for this purpose. NSF checks by tenants are recovered by Prudential and are not charged back to owner accounts. This feature is exclusive to Prudential and its clients. If necessary NSF checks will be reimbursed to Prudential by deduction from the tenant`s security deposit.
ADVERTISING
Prudential Georgia Realty will market your property through its various media and corporate account sources to obtain qualified tenants. Also your property will be entered into the First Multiple Listing Service computer for instant information distribution, and sharing among all Real Estate companies. No advertising fee will be charged to the homeowner other than by agreement.
TENANT APPLICATIONS
An extensive tenant prescreening application will be completed and each tenant must pass an extensive credit examination by our own in-house professional credit reporting service. Unlike our competitors, this service will allow for immediate decisions to be made on the day of application. Should a prospective tenant`s lease application and credit be questionable, you will be informed of the discrepancy and shall have the final decision. Each unrelated applicant shall submit a separate application and background checks are required of all applicants.
RENTAL VALUES
For those owners who have not established the proper and competitive rental value, we will be happy to consult with you to establish a fair market rental value and lease renewal values. We will provide comparable properties and information on recently leased properties to help you make an intelligent pricing decision. This service is provided to owners at no charge.
MAINTENANCE
(for managed properties)
The Prudential Georgia Realty will be responsible for maintaining your property as required to keep the property safe, habitable and functional. We have developed an extensive service agreement network with qualified maintenance and repair vendors through our vast industry network and can assure owners and tenants of speedy, cost effective repairs.
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