In this post I’m going to break down all of the features and benefits that you get when you decide to hire Capital Street Management to find your next tenant. For this video example I’m going to go into detail reviewing the Property Advertising and Tenant Screening and use the latest property that we rented in Irvington NJ as an example. This tenant placement is a great example of our services because the owner of this property is currently a platinum level client and they received all of our available services for the leasing of this property.
So before we begin, to give you some background about standard tenant placement in case you’ve never outsourced this to be done for you, the general fee across the industry is equal to 1-months rent to find and place a new tenant. And our fee is the same. Unless you’re a platinum level client, the fee for tenant placement under that plan is 75% of 1-months rent.
So, on to what services are included when hiring us to lease your apartment. Included, you get:
Tenant Screening and Selection
& a Move-In Inspection
In detail, included with property advertising and tenant screening/selection you get the following:
- professionally enhanced photos
- Staged photos if needed (360 as well)
- Advertising across all major platforms to cast wide net of potential tenants
- We also offer a 360 Virtual Tour as well as a Floor Plan layout as an available add on
Once a prospective tenant sees your property listing they’ll be able to take advantage of 24/7 scheduling and follow up that is offered for all of our available rentals. So if a prospective tenant is searching for an apartment online at 1 AM. They can schedule an appointment immediately right there at that moment. And once they do they’ll receive a text with further details to begin the pre qualification process immediately. we’ll them follow up with them the next day to confirm their appointment and answer any questions.
Once prospective tenants conclude their appointments, within 15 minutes, they’ll receive a link to the application and another link to provide us feedback of both the property and our staff member who hosted their appointment. Now As an owner you can opt in to receive This feedback as a part of a rental report that’s generally available 1x/week. We recommend that you do opt in because we’ve found this feedback to be helpful at times. It’s one thing for us to to give our opinion of that mustard colored wall in the dining room but after the 3rd tenant mentions it in their feedback, it might be time for a change.
Our application process from this point is fully digital. Applicants can apply directly on our website here and submit all of their required documents online. After reviewing all submitted applications we then review them in detail, verifying their employment, speaking with their past landlords, and checking their credit. With the credit check there are 2 layers to our process.
For the first layer we review their full report for any potential red flags such as evictions, or major collections. Then we move to step 2 which is where we really get into the weeds and give each application a score. To get that score there are 6 categories. We look at:
- Length in field of employment
- Rent to income ratio
- Credit score
- Length of current residency
- Payment history
- # of non medical collections
Based off of the scores given we’ll pick the best tenant and then move on to the lease signing process.
Now if you’re not familiar with our company we do offer 5 guarantees to our clients and 2 of them apply here. Our payment guarantee is that we collect No management fee without payment from your tenants. Our Eviction guarantee is that: If we place a tenant in your property and that tenant needs to be evicted within the first 24-month’s. We’ll place a new tenant with no charge. These guarantees hold us accountable when placing tenants because if we don’t select a good one, for (1) if this tenant stops paying we risk having to manage a property for free without receiving a management fee which would lead to an eviction and for (2) we risk having to do the process again for $0/no fee because of that eviction
Overall these are a few of the services that you can expect when hiring CSM to lease your property whether it’s as a lease only option or your property is fully under management. If you have a property that needs a new tenant or your interested in any of our management services give us a call at 973-849-1638 or click the link under this video to schedule a consultation call.
I’m Albert with Capital Street Management and thanks for reading this article.