Property Mgmt. Info
Candlewood Property Management, LLC is a licensed real estate brokerage and permitted property management company. We enjoy acting as the intermediary between owner and tenants. If you are looking for a company you can easily reach and communicate with, that keeps you insulated from the daily problems of property management, our services are what you're looking for. Through phone calls, e-mail, letters and statements we keep you informed of the status of your property. Together as partners we will maximize your income, minimize expenses while keeping the property occupied and well maintained. We personally promise you the best in professional real estate service. For many years we have helped investors like you realize the strong financial rewards in the lucrative field of investment properties. Each owner and property will receive individual attention and care that makes us unique.
OVER VIEW OF SERVICES
If you are not currently under contract with another property management or real estate company we can begin right away. If you are currently under contract you will need to terminate their services according to your agreement with them. We are happy to pick up keys, security deposits and necessary documents from the discontinued company. At your request we will mail you a complete start up package. Once you have completed all necessary forms and returned those to us we will get started. We will also need a copy of your landlord tenant insurance policy for our records.
Fees for full management are based as a percentage of rent collected (typically 9-10%). For larger properties with over 20 units, we do a reduced management fee around 8%. The management fee includes us doing everything from showings & leasing to rent collection & accounting. The only additional fee to the owner is a $99 fee on new leases signed and a $25 fee on each renewals processed.
In cases where we act solely as a leasing agent, and do not handle full management, there is a leasing commission paid by the owner after the property is rented. The cost is 100% of the first months rent ($400.00 minimum charge) for a new lease.
"Saturation Marketing" is our goal for your vacant property in all potential appropriate tenant markets. Each tenant has their own way of locating a home to rent wether by driving around, using a real estate agent, scanning the paper, or local publications, no matter what it is we will be there. We include yard signs and online advertising as part of our fees, but owners pay actual costs of print ads should they wish to use those.
The majority of families and singles have pets. We prefer to advertise pets are negotiable, so that they will tell us about the pets when they apply instead of trying to sneak them in later. We assess a monthly "pet rent" to tenants with pets, should you allow them. The fee they pay gets split 50/50 between us and the property owner. This is additional income for the owner and helps compensate us for the extra follow up required of pet owners. If damage occurs, we will hold funds from security deposit to help cover the costs. You are in no way required to accept pets, this is completely your decision and we will do our best to meet your requests.
We want good tenants as much as you do, it makes our job that much more pleasant. It is our goal to obtain the highest qualified tenants. We have defined a preferred tenant profile based on criminal search, credit, and employment history. A conscientious review of applicants current credit report will assure owner of timely rental payments. Candlewood Property Management, LLC is directly linked to Trans Union credit bureau's database, we can access credit within one minute, twenty-four hours a day. Verifying employment will assure the owner that the tenant has means to the pay rent. For owners chosing to have credit as part of their screening criteria, there is a $20 fee per applicant for the TransUnion reports. You do not pay Candlewood to review, check and screen the applicants, only the fee for pulling the credit report.
Candlewood Property Management, LLC is a fair housing advocate and does not discriminate against any applicant or tenant based on race, creed, color, religion, national origin, handicap or family status.
Candlewood Property Management, LLC utilizes forms from the Wisconsin Realtors Association. As most owners will agree we prefer securing a one-year lease, but we will sign shorter term leases at the owners request. We will go over the lease documents with tenant before signing. The extra time we spend with the tenants explaining in the ins & outs of leasing with us has great pay offs. It substantially reduces misunderstandings during the term of the contract. It also gives us a chance to answer questions and concerns and to begin the landlord tenant relationship. Starting off on the right foot is very important to us.
As an additional protection for you we require the full security deposit be paid at the lease signing. Security deposits are based on the monthly rent and in some cases an additional pet deposit may be required. We offer all deposits as refundable, encouraging tenants to leave the property in good condition rather us needing to take additional time making repairs and cleaning to prepare the property to re-rent. Complete instructions to the tenant are sent to them prior to move-out, instructing them on proper procedure for receiving a full security deposit refund, within twenty-one days after the end of the lease as per Wisconsin law. Proper notice and completion of lease term is a must to receiving security deposit refund. Cleaning, including appliances, floors, walls, yard and carpets are required at minimum to prevent deductions from deposits. Candlewood Property Management, LLC will compare the condition at move out to the move in inspection sheet to determine all costs necessary to rectify any damages to property. A complete security deposit disposition report will be completed and forwarded to tenant within twenty-one days of the end of the lease.
Because all tenants do not always pay everything they owe after move out, Candlewood Property Management, LLC has established procedures for collection of funds for owners. We utilize a combination of our own procedures & collection agencies to retrieve your funds, including working to have debts placed on their credit reports. This will hinder to some degree, the tenant from re-renting through another Property Management Company or securing a mortgage etc., with a collection to a real estate company on their bureau.
Rents are due on the 1st day of each and every month. Late notices begin on the 5th of each month and evictions could start as soon as the 10th should an owner choose. We often find the best option is to work with delinquent tenants to create a payment plan that gets them caught up though.
Our most challenging job as a manager is not managing the property but managing the residents. Good tenants are the key element to any successful rental property investment. Keeping tenants happy to insure the longevity of the tenant's occupancy is critical. Friendly staff, availability and quick response to questions and maintenance request will satisfy a resident more than anything else we can do for them. We ask our owners cooperation regarding tenant services whenever possible.
We understand your need as a landlord to be kept abreast of property condition both physically and financially. We try to contact you per your instructions to us in the start up package, as to at what amount in maintenance you would like to be informed. On emergency maintenance will use our best judgement on making repairs over you specified authorization amount. Emergency maintenance includes but is not limited to loss of air or heat, water damage, main drain stoppage or electrical problems. Most emergency repairs can be fixed at the time of the service call, some require later bids and replacements such as heating and cooling systems. Our pre-qualified licensed, insured contractors may change based on services and prices we are receiving. Prompt attention to maintenance items keeps tenants smiling and prevents minor problems from turning into high dollar repairs later. Per the lease agreement the tenant is responsible for any maintenance that is caused by them or their guests.
At the time of move in/ove out there is a complete inspection of the property, preferably with the tenant. Based on the level of management service you choose, periodic interior and exterior inspections are performed.
Our desire is to create a clear audit trail of all funds pertaining to each property. All funds are held in a State of Wisconsin Trust account per Wisconsin law. An operating statement will be sent each and every month on each property. Our statements are easy to read and understand this really simplifies tax reporting at the end of the year. Our service includes paying expenses you have on the property such as mortgage payments, home owners association payments, insurance, maintenance and repairs bills when applicable. Occasionally a statement will be held for a few days because of a late rent payment in order to send you your full monthly rent proceeds.