One of the most important features of Tahoe Property Management is compatibility. We strive to make each experience, and each agreement, customizable to cater to the owner’s desires to create the best experience.
Our office building is located in South Lake Tahoe, at the heart of our client base. We will manage all types of properties from single family residential to multi-tenant commercial.
Through our operations, we have developed working relations so as to provide our owners with quality service at a discounted price. These relations will continue, allowing to make sure all of the owners interests for his/her property will be met, at a price within budget: whether the owner desires a small hole to be patched, landscape design, remodeling, or finding the right paint color.
Tahoe Property Management specializes in providing management services for rental properties throughout the South Lake Tahoe area. So let us know that you are interested in having one of our representatives talk to you about what our company can provide. Let us take away your management concerns and know that your property will be in good hands. If you have any questions, please do not hesitate to ask!
Whether you need assistance finding new tenants, managing tenants and maintenance, or property restoration, we strive to be your number one complete service property management company.
Let us rent-up your rental unit! If you are looking for a qualified tenant, let us use our resources to advertise, show your unit to perspective tenants, and prepare all of the necessary paperwork. Management, along with all proceeds and paperwork, is then turned back over to you!
Rental Application Verification
Have someone interested in renting your available unit? We can take care of the application verification process for you. All you have to do is provide us with a complete rental application and we can take it from there. We verify their credit history, current and previous rental history, as well as their place of employment both past and current (as a means to verify their income as well as their employment history).
Renovation vs. Rejuvenation
To generate more rental income, it’s sometimes necessary to put a little work into your property. If a potential renter is comparing your property to a similar, less expensive property, the renter will need to be able to easily identify those aspects (whether it’s aesthetics or features) that make your unit worth more than the competition’s. Depending on where you’re starting from and where you want to go, upgrades may consist of as little as some simple “rejuvenation” projects or, alternatively, some larger-scale renovations.
Generally speaking, your bathroom and kitchen are two key areas that play a large role in making or breaking the value of your rental unit as compared to competitors’. All other factors being equal (such as size and location), chances are most renters will select the unit with a nicer looking or more upgraded bathroom or kitchen. Many renters will even be willing to pay a bit more if there is a noticeable difference or greater utility in one or both of these two rooms. In other words, these are the first places you should make improvements if you want to command additional rental income for your property. What does this mean exactly? Let’s take a look.
There’s not really any way around it—complete renovation of a bathroom or kitchen (appliances, lighting, tiling, fixtures, etc.) will cost you a few thousand dollars. However, it will also likely pay off in the form of a higher rent rate.
Consider a renter who is looking at your apartment and another similar one in your neighborhood. The apartments are the same size and age.However, your apartment has a new, updated kitchen complete with a dishwasher, updated appliances, new tiling, flooring, and lighting. Similarly, your bathroom has recently been redone—new tile, new tub, new sink, the whole nine yards. With all of these new upgrades, it’s likely that you can now command up to an extra $200 per month, depending on the rental market in your area. With that in mind, even if you spend a few thousand on each room, you will earn your investment back quickly because of your new-found ability to command a higher rent rate.
Let’s say that you simply don’t have the desire (or the financial resources) to make these overhauls. You can still drastically improve the aesthetic appeal of your units by making smaller changes that have a big impact. For the kitchen, put in new counter-tops, flooring, or up-to-date hardware on cupboards and drawers—this is a great way to modernize a dated kitchen, and can be done fairly inexpensively. Similarly, you can put new faucets and lighting fixtures in the bathroom or perhaps update the mirror for a more modern look. You can also consider re-doing bathtub porcelain with Miracle Method, which will cost far less than replacing the tub altogether.
Changes like these are far cheaper than a complete overhaul (a few hundred dollars as opposed to a few thousand dollars) and will still allow you to raise rent prices, though perhaps less significantly.
In addition to renovating or updating bathrooms and kitchens, remember that flooring or carpet should be thoroughly cleaned, waxed, or polished (or replaced if necessary). Particularly when showing vacant apartments to potential tenants, flooring provides a clear indication of how well-kept your unit is and adds to aesthetic appeal. The better impression you make, the easier it will be to command the rental rate you desire.
Homeowner Property Management Agreement
PROPERTY MANAGEMENT AGREEMENT
This Agreement is made and entered into ___________ between ____________(Owner) and Tahoe Property Management (TPM).
Owner employs the services of TPM to manage, operate, control, rent, and lease the following described property ____________________________________________
Responsibilities of TPM: Owner hereby appoints (TPM) as his lawful agent and attorney-in-fact with full authority to do any and all lawful things necessary for the fulfillment of this Agreement, including the following:
A. Collection and Disbursement. TPM agrees to collect all rents as they become due; to render to Owner a monthly accounting of rents received and expenses paid; and to remit to Owner all income, less any sums paid out. TPM agrees to collect the rents from the tenant and to disburse funds by ordinary mail, electronic transfer, or as instructed by the Owner on or before the 10th day of the current month, provided, however, that the rent has been received from the tenant.
B. Maintenance and Labor. TPM agrees to maintain, to repair the property, and to hire and supervise all employees and other needed labor. TPM will conduct and pay for any repairs under $200 as necessary and repairs may be completed without contacting owner first. In the event of an emergency (ex: faulty furnace or hot water heater, broken pipes) TPM may approve repairs in excess of $200 in order to prevent further damage to the property. TPM shall notify and obtain approval from owner for any routine maintenance items in excess of $200 that are required or requested. TPM will inspect property at least every 6 months.
C. Advertisement and Legal Proceedings. Manager agrees to advertise for tenants, screen tenants, and select tenants of suitable credit worthiness. Manager will set rents that, in the opinion of the Manager at the time of the rent negotiations with the tenant, reflect the market conditions of that time and approximate rents of comparable rental properties, unless expressly instructed in writing by the Owner to the Manager to the contrary, as to the amount of the initial rent and any subsequent increases as may from time to time be appropriate. Manager agrees to rent and to lease the property; to sign, renew and to cancel rental agreements and leases for the property or any part thereof; to sue and recover for rent and for loss or damage to any part of the property and/or furnishings thereof; and, when expedient, to compromise, settle and release any such legal proceedings or lawsuits.
D. Tenant failure to pay rent. In the event the tenant fails to pay rent in a timely manner; TPM will consult with owner prior to serving a 3 day notice to pay rent or quit to the tenant. If the decision is made to serve the tenant and the tenant does NOT satisfy the 3 day notice by paying rent TPM will file an Unlawful detainer with the court to start eviction proceeding. The cost associated with court filings may be covered by the tenant’s deposit as reasonably necessary with owner approval. The tenant deposit may also be used to cure tenant’s default in payment of rent with owner approval. Actions incurring cost above and beyond the tenant’s deposit will be approved by the owner.
Liability of Manager: Owner hereby agrees to hold Manager harmless from, and to defend Manager against, any and all claims, charges, debts, demands, and lawsuits unless claims, charges, etc., are the result of Manager’s neglect or reckless conduct, in which case Manager shall indemnify owner from such claim. Owner agrees to pay Manager’s attorney’s fees related to Manager’s management of the herein-described property and any liability for injury on or about the property which may be suffered by any employee, tenant or guest upon the property unless injury is a direct result of Management’s neglect or reckless conduct. Owner agrees to maintain sufficient and prudent all risks property insurance and that the Manager shall be an additionally named insured. Owner shall provide a copy of such insurance policy to the Manager for the Manager’s records.
Compensation of Manager: Owner agrees to compensate Manager as follows. Owner agrees to pay Manager an amount equal to Twenty (20%) percent of the first full month’s rent for any new tenant placed as a fee for marketing property, presenting property to prospective tenants, fully vetting applicants, and renting the premises; and further agrees to Ten (10%) percent of all rents collected, (minimum $40.00 per month), as a fee for managing the property; which fees, plus any repair expenses, may be deducted by the Manager from rents, and further agrees to abide by the conditions set forth by the Manager to the tenant on the Owner’s behalf.
Term of Agreement: This Agreement shall be effective as of ___________ and shall expire on______________. Upon expiration of the above initial term, this Agreement shall automatically be renewed and extended for a like period of time unless terminated in writing by either party by providing written notice60 days prior to the date for such renewal. This Agreement may also be terminated by mutual agreement of the parties at any time. Upon termination Owner shall pay to Manager any fees, commissions and expenses due Manager under terms of this Agreement, which are owing to Manager. In the event the premises does not rent within a 90-day period of entering into this agreement, or of a vacancy continuing for a period of longer than 90 days, Owner reserves the right to declare this agreement void. TPM reserves the right to terminate this agreement with Thirty days written notice to Owner at any time or immediately with written or verbal notice if in the opinion of Agent’s legal counsel, Owner’s actions or inactions are illegal, improper, or jeopardize the safety or welfare of any tenants or persons. TPM may at its option continue to hold Owner liable for any commissions due, fees due, or monies owed TPM if the tenant(s) remain in the property after such termination by TPM.
Successors and Assigns: This Agreement shall be binding upon and inure to the benefit of the successors and assigns of Manager and the heirs, administrators, successors, and assigns of the Owner. Notwithstanding the preceding sentence, Manager shall not assign its interest under this Agreement except in connection with the sale of all or substantially all of the assets of its business. In the event of such sale, Manger shall be released from all liability under this Agreement upon the express assumption of such liability by its assignee.
WHAT IS NOT COVERED BY THE MANAGEMENT FEE
Owner understands that monthly inspections, representation at court hearings, rent board hearings, depositions, homeowner meetings, property tax assessment appeal hearings, and insurance claim related paperwork and estimates, department of building inspection director hearings and other exceptional building related events are not covered by the monthly management fee. If Agent renders these services, Owner shall reimburse Agent for their time at the rate of $35 per hour, with a (1) hour minimum. A full accounting of billable hours will be provided to Owner
This document represents the entire Agreement between the parties hereto.
IN WITNESS WHEREOF, the parties hereto hereby execute this Agreement on the date first above written.
Property Manager Jerry Williams
Tahoe Property Management
3045 Harrison Avenue