What is Edgewater Real Estate’s philosophy?
Edgewater Real Estate’s experienced property managers, professional maintenance personnel and staff serve as a forward thinking agent, consultant and administrator of your property. Our goal is to maximize the return on the investment for our clients while maintaining quality service for our residents. Our mission is to offer a high level of personalized attention and professional service to both for our clients and residents by building relationships and following consistent systems with integrity.
What is the advantage of using Edgewater Real Estate?
Our focus is primarily on multi-family apartment buildings. We believe our values and management philosophy allow us to deliver quality service that creates a high level of loyalty among our owners and residents. We believe a properly maintained property is the best way to maximize your return. To accomplish this, we provide prompt and quality performance on all maintenance requests. Utilizing the skill set of our team we are able to handle the majority of repair issues in house to minimize our client’s bottom line and maximize the potential of their investment.
What is Edgewater Real Estate’s role as a property manager?
Our role is to achieve our client’s objectives while preserving the increasing value of an investment property and generating income for our clients. The performance of your investment comes down to a multitude of small details – finding the best residents, using economies of scale on supplies and services, proper advertising, keeping the property clean and well maintained, and the right level of preventative maintenance. Our experienced staff of professionals is committed to carefully managing all the different aspects required to accomplish your goals.
- Market Analysis: We will consistently evaluate the rental market to properly price your units to ensure the property is performing equal to or better than the market.
- Advertising: We recognize that the internet is quickly becoming the most widely used source for information. Along with posting availabilities on our website, we will utilize other sites like Craig’s list etc. In addition, your property will be included as part of our For Rent listing.
- Tenant Screening: The success of your investment property depends greatly on the quality of your residents. To find and keep good residents, we follow through on checking each applicant’s credit and references.
- Signing Rental Agreements: Once a tenant has been accepted, we secure a written rental agreement. Our rental agreements are carefully designed to help protect the owner from problem residents.
- Maintenance & Unit Preparation: Our building manager and property manager will do a detailed walkthrough on each vacated unit. We will make any necessary repairs, perform any needed upgrades, and make sure each unit is painted and cleaned for the next resident.
- Property Inspections: Our property manager is continuously inspecting your investment to make sure the property is clean and well maintained. In addition, they will inspect the structure and the mechanicals for any signs of damage that need repair.
- Resident Orientation & Move-In Inspection: The building manager goes through a move-in check list that covers the current condition of the unit with the resident. This form identifies any damage that may have occurred during the term of their residency. In addition, they are informed on their responsibilities and the procedures on how to handle issues and who to call.
- Rent Collection: Rents are due on the 1st of the month. We allow a 5 day grace period for late payments. Payments not received by the 5th, result in penalties and they will receive a 5-day notice to pay rent or quit.
- Security Deposits: Once the building manager has inspected the unit and any charges have been applied, the balance will be returned to them within the 21-day time period.
- Move-Out Inspection: When a tenant moves out, our building manager inspects the unit and compares it to the condition that was documented on the Move-In check list. Any damage that is not due to normal wear and tear will be deducted from their security deposit.
- Financial Reporting: At the end of every month you will receive your set of financial statements and maintenance work orders. There are 20 different reports to choose from depending on your desires. At year-end we will work with you to provide any information your accountant needs.
- Answering Service: In the event of a emergency we have maintenance staff on call 24/7.
What are Edgewater Real Estate’s management fees?
Typically, fees range from 3-6% of gross rental income. There are many elements factored in to determine the management fee, such as the size and the location of the building and the number of buildings you desire Edgewater Real Estate to manage. Should you have specific needs, please contact us to customize a service package to meet your needs and achieve your goals.
Does Edgewater Real Estate require an expense reserve?
Typically, we require a reserve of 3% of rental proceeds to establish and maintain an expense reserve to be used for unanticipated expenses associated with management or operation of the property.
When are equity distributions made?
Equity distributions are made within 10 days from the last business day of the month. Net proceeds are directly deposited into our clients account through an electronic ACH transfer or we can mail out a check. Monthly statements are e-mailed no earlier than the last business day of the month as well.
What insurance is required?
We do require that owners carry a commercial general liability policy for the protection of any claims arising out of the operation, leasing, and maintenance of the property. Our clients can find their own or we can assist you. We do require a valid certificate of insurance, listing Edgewater Real Estate LLC as an additional insured party to be on file at all times – there is usually no additional charge for this.
What does Edgewater Real Estate need to start managing my property?
In order for us to begin managing your property we need the following:
- Executed property management agreement
- Keys to the property, including mail box keys, if applicable
- Garage door openers, if applicable
- Certificate of insurance, with Edgewater Real Estate LLC as an additional insured
- IRS W-9
- Unit information sheet and rent rolls
- ACH Authorization
How do I pay management fees?
Management fees are deducted from your monthly equity distributions.