Whether you have multiple properties spread across America or just one in your own town, MMRE’s residential property management services will save you valuable time and money, while reducing your risks. This means a higher return on your investment and a better night’s sleep, as we substantially reduce your legal risks by helping you comply with national, state and local property management laws.
In the past, property owners have wanted to grow revenues by expanding into other geographic regions, but opted against it because they couldn’t be there in person to manage them properly. After all, who would rent out their apartments? Who would handle leases? Who would chase down late rent payments, knocking on a tenant’s door if necessary?
Partnered with MMRE, you can now expand your real estate investment portfolio anywhere you’d like, and know that your properties (and tenants) will be cared for properly and consistently—as if you were there yourself. Congratulations! Your real estate investments are now scalable.
Most clients have us handle all of their day-to-day management, maintenance and accounting duties, freeing up time for them to pursue more profitable activities. What do they appreciate most? Along with having more free time and fewer hassles, they enjoy having a layer of insulation between themselves and their tenants—so they never have to be the “bad guy” collecting late rents, dealing with unhappy tenants, fielding late-night maintenance calls, etc.
MMRE also provides its clients peace of mind as it relates to property management risks, which can be substantial if you’re not careful. Owners need to make sure they’re following each and every state and federal law—otherwise they can leave themselves open to a HUD or civil lawsuit, which can potentially wipe out their investments. Are you following the law to the letter? Click here and ask yourself a few questions.
A few other things you’ll be happy to know.
MMRE not only helps you increase profitability, by taking over those time-consuming property management duties, we also help increase the amount of quality time you can spend with your family.
We have seasoned local property managers who service your account/property. Clients with multiple properties appreciate having one point of contact. We take away the burden of having to communicate with what can feel like a whole squadron of separate property managers.
Financial reports are consolidated too, so even if you have many different properties, all your reports will be provided from one source. Your days of getting 10 different-looking reports from 10 different vendors are over.
Standardized processes and policies help you reduce possible discrimination cases. For example, for most tenant matters, you need to treat each tenant in the same manner. If you charge a late fee to one tenant but not another under similar conditions, this could be construed as discrimination. As you can imagine, you need to be very careful in this area. MMRE provides consistency and ensures that you’re following all necessary laws.
Managing properties can be chaotic and can drain you of all your free time. MMRE has a unique approach (supported by equally unique software), which immediately brings order to your property management business. Everything is streamlined, consolidated and consistent.
MMRE can handle all of your maintenance needs—from daily upkeep, to seasonal projects, to late-night emergency calls. No money is spent without your prior approval. Our qualified experts also perform frequent inspections, enabling them to project future maintenance needs. This proactive approach has saved our clients thousands of dollars, as we are able to tackle upcoming maintenance needs while small and manageable.
More professional and friendly—even when they’re collecting rents.
You’ll find our property managers are more sophisticated than the norm, bringing a much higher level of professionalism to your business. Tenants recognize this right away. When they’re treated better month after month, they’re more apt to renew their leases year after year.
Finally, MMRE helps you increase collections. We stay in contact with tenants whenever they’re late on paying their rent, in a friendly yet strict way. This has allowed us to collect a much higher percentage of rents for our clients than they have collected in previous years. The great thing is, our clients don’t need to make any of the often uncomfortable calls or in-person visits.
Getting started.
We start the process by designing a unique management plan for each property based on your goals as well as the unique attributes and requirements of the property itself. This includes initial and routine property inspections. We determine objectives, time frames, financial parameters and requirements. Then we allocate the necessary resources to successfully implement the management plan.
Menu of services.
The MMRE team brings many talents and skills to each project, from accounting and legal to management and maintenance. The following is a sampling of the residential property management services we provide, which are available full service or a la carte, based on your needs.
- Develop and implement budgets
- Implement accounting procedures, including rent collection, expense disbursements, financial reporting, budget tracking, ROI tracking, etc
- Generate monthly and year-end financial and operating reports
- Perform routine and preventative maintenance, supervise maintenance employees. Evaluate and award contractor bids and oversee all work
- Establish regular communication touchpoints with tenants to maintain solid relationships
- Market properties through appropriate advertising media
- Provide tenant screening (income qualification, rental reference checks, credit/criminal checks); require and screen co-signers as needed
- Collect rents, late charges and security deposits
- Pay mortgage, taxes, insurance and vendor invoices
- Analyze rental rates and state and local laws on a regular basis
- Handle lease renewals, negotiations and escalations
- Monitor tenant compliance with lease terms, looking out for illegal occupants, illegal sublets, etc
- Initiate legal actions when necessary
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