Owners

IRES PROPERTY MANAGEMENT

Innovative Real Estate Strategies has a very successful and profitable investor portfolio. Our property management team is experienced in the buy and hold approach and geared with the investor in mind to minimize costs and increase returns.

OWNER LOGIN

 

Below is an overview of our services and procedures.

Financial Services

Accounting Services

Innovative Real Estate Strategies handles all the bookkeeping and administrative services for owner properties. These include:

  • Rents and security deposits collection
  • Monitoring late payments and issuing notices and follow-up contact to ensure timely collection
  • Eviction process if the tenant defaults
  • Monthly and itemized statements of all financial transactions

Owner Distribution

Monthly distributions are deposited directly into owner accounts. All payments are handled in a timely and accountable manner.

Rent Collection

Rent is due on the first day of the month and considered late after the third. Personal checks are not accepted for late payments. Any tenant who has not paid rent will receive a 5-day Pay or Quit Notice. Upon expiration of the notice, the owner is contacted to discuss eviction.

Deposits

At the time the tenant is approved, deposits are collected. The security deposit is normally equal to one month’s rent. Rental history, credit score and pets may require additional deposits. All deposit payments require secure funds cashier’s check or money order.

The deposits are forfeited if tenants break a lease or cause damage. If the damage is more than the security deposit, the account will be sent to a collection agency. The collection services we utilize charge zero upfront fees.

Evictions

All attempts are made to communicate and work with the tenant to make sure payments are sent in on time. However, if the tenant cannot keep its agreement with timely payment, evictions are processed and tenants will normally be evicted on or before the end of the month.

 

Owner Services

At IRES our rates are clean, clear and competitive with no hidden fees. Our goal is to keep your property occupied and generating revenue; therefore, no management fee is charged during any vacancy period.

The following is a summary of the fees and the deposits required:

  • Setup Fee – A $300 setup fee to establish your account. This fee includes the property inspection and evaluation, digital photos, website setup, data entry into the property management software system and tracking of keys, remotes, etc.
  • Referral Commission – For renter acquisition minimum $300 & fees are subject to change based on fair market commission paid.
  • Management Fee – Our standard management fee is 10% of the monthly rent collected with an $80 minimum fee.
  • Renewal Fee – A $100 tenant renewal fee upon each properties lease renewal.

 

Market Assessments

Innovative Real Estate Strategies evaluates the area the property is located and inspects it to determine the appropriate rental rate. We utilize the Multiple Listing Service (MLS) for current comparable rents. Rental rates are affected by factors such as square footage, number of bedrooms and bathrooms, and other amenities. At the end of a lease or before a lease renewal current rental rates are reviewed.

 

Marketing Approach

Each advertising program is tailored to the property type as well as the potential market in order to secure qualified tenants. IRES utilizes the following methods:

  • The property will be listed in the Multiple Listing Service (MLS) showcasing the property to thousands of real estate agents.
  • The property will be presented on several websites including Realtor.com, Rentals.com and Craigslist.com.
  • Additional high ranking real estate websites found on Google, Yahoo and Bing.
  • Properties are advertised to email blasts to the broker’s database of 17,000 clients and associates.
  • Yard signs are placed on the property (where allowed) to generate potential tenant activity.

 

Tenant Relations

Our fiduciary responsibility and most important relationship is with the owner. However, we take great care to maintain a positive working relationship with the tenant. Through efficient contact and communication, IRES’s staff handles tenant related issues and focuses on maintaining a good experience for all parties involved.

The quality and character of a tenant is assessed through multiple points of data. The information obtained includes:

  • Employment history and other relevant information.
  • Previous landlords may be contacted to ensure rent was paid on a timely basis and that potential tenants can afford the home they would like to rent.
  • A comprehensive nationwide database of landlord-tenant records is screened and analyzed. A score is given that indicates the degree of risk for each applicant. This system integrates the nation’s three largest credit bureaus, information from over 2200 courthouses and the consumer’s application.

 

Inspections

Maintaining the value of the properties IRES manages is paramount. IRES will perform an initial inspection and semi-annual additional inspections or upon evidence the tenant may be in violating their lease. Each inspection is documented with photos and condition notation and a written report is forwarded to the owner. The condition of a home is monitored throughout the lifecycle of a lease through photos and inspection forms.

 

Property Management & Repair

Repairs and maintenance due to normal wear and tear will be charged to the owner’s account. We will notify the owner in advance of any repair exceeding $100 unless the repair is an emergency.

Tenant responsibilities for the following repairs:

  • General repairs that cost less than $60.
  • Change HVAC filters every 90 days.
  • Tenants are responsible for window breakage and screen  repair.
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