What's New?
FEATURED PROPERTIES
Virtual Tour Inventory Widget
Owners
Landlord Services
General
- Keeping your property in good repair with minimal cost
- Leasing it at market rates
- Carefully screening and selecting tenants, and
- Communicating effectively with our owners
By doing the above effectively, we will accomplish our goal of providing you with the peace of mind in knowing that your property is being well managed, thereby protecting your investment.
Our business is to provide our clients with management solutions that help your properties operate smoothly, increase in desirability and enhance investment value. That’s why property owners throughout the area depend on us to help achieve their goals of property performance and profitability. Whether your properties are apartments, single family homes, duplexes, commercial developments, or office spaces for growing companies, our company ensures that your property is well managed to attract and retain quality tenants.
- General Liability of $1,000,000
- Professional Liability (Errors and Omissions) of $1,000,000
- Worker’s Compensation – Every person who performs work on a property managed by Market South Management is required to be covered by Worker’s Compensation Insurance.
Full Service Leasing and Management
This is the most popular and the most comprehensive package available. This package includes:1. Evaluating and Assessing Fair Rental Value
- Advise and determine the highest possible market rent for your property based on the location, features, and condition of your home
- Recommend any necessary changes to the property to enhance its marketability and attractiveness to tenants
- Obtain written bids for any needed improvements from licensed and insured contractors
2. Marketing and Advertising
- All properties will be posted on www.msmsavannah.com and various internet sites.
- Selected properties will be posted on the Savannah College of Art and Design’s website and military specific websiteS
- A yard sign will be placed on all properties provided there are no subdivision restrictions
- All properties are placed on our rental list that is updated daily and e-mailed numerous time during each day
3. Tenant Screening
- Tenant screening is the most critical component of the leasing process
-
Our tenant screening involves:
- credit reports
- employment and income verification
- rental history verification
- criminal background check
- sex offender check
- personal reference checks
4. Lease preparation and signing
- Market South Management uses (GAR) Georgia Association of Realtor based Lease with our customized addendums
- Our typical lease is a one year term that may be renewed. If the Tenant requests a term other than 1 year, we allow you to decide to accept or reject
- We do not simply give the lease to tenant for signing – we have a “lease closing” whereby we go over the terms and conditions of the lease to make sure the tenant understands what they are signing
- First month’s rent and pet fees are collected at lease closing
- Property Manager conducts move-in inspection and collects security deposit (minimum one-months rent)
5. Collecting rent, assessing late fees and dispersing owner proceeds
- The tenant makes their monthly rent payment to Market South Management. Rent is due on the first day of the month and is past due if not paid by the close of business on the 5th. If rent is received after the 5th, then a 10% late fee is assessed.
- The late fee is split 50/50 between you, the Owner, and Market South Management
- We do not hold your money waiting for the Tenant’s check to clear. If we encounter an NSF check, we collect from the Tenant
6. Process all maintenance requests
- Your assigned property manager will process all maintenance requests submitted by the tenant
- Tenant has access to emergency service 24/7/365
- Insured and bonded service providers that give quality work at reasonable prices with quick turnaround.
7. Providing Comprehensive Financial Reports
- Provide monthly Owner statements showing rental income and expenses
- Provide secure internet owners portal for 24/7/365 access to daily activity
- Annual Owners statement will be sent the first of January along with IRS Form 1099
8. Management Fees
- Procurement fee equal to ½ of first full month’s rent OR $300, whichever is GREATER
- This procurement fee includes Owner set-up fee, marketing and advertising cost, showing the property, preparing the lease agreement and conducting the move-in inspection
- The on-going management fee is 10% of the rent collected. If you have multiple properties, discounts may be available to you, depending on gross rents generated from your properties
Leasing Service Only – No Management
- Numbers 1-4 from above
- In order for Maret South Management to conduct the lease closing with the Tenant, we require that you provide us with a copy of your lease agreement
- The Tenant Procurement fee is an amount equal to one full month’s rent OR $1000, whichever is GREATER
FAQ’s for Landlords
How do you determine the rental rate?
We compare your property to similar properties that are in the rental market much the same way a sales agent would compare the property to comparable sales and listings. We manage several hundred rental homes so much of the data is already in our office. We also have access to listing information on many more units through the internet. We will also make recommendations to enhance the marketability of your property.
How long will it take to find a tenant for my property?
Market conditions vary and we can't make any guarantees as to when we will get a qualified applicant. However, we make every effort to price the property appropriately and competitively so that we can attract a qualified prospective tenant within 30-45 days. We will provide you with updates as we get feedback from the market so that we can modify the price or terms as necessary
How will you advertise/market my property?
An overwhelming number of our applicants find us on the internet. We will post your property on several web sites, including our company site. Some of our properties are also advertised on http://www.ahrn.com, a military site that is available only to our military customers. We also use yard signs and printed company lists/flyers to promote properties we manage.
How do you screen tenants?
We make every effort to ensure that we are putting the most qualified tenants in our rental properties. While we do not discriminate on the basis of race, color, religion, gender, age, national origin, or familial status we can discriminate on the basis of credit, criminal, and rental history.
Each person 18 years of age or older who will be living in the property is required to complete a very comprehensive application. We then run a credit report, criminal background check that includes the Sex Offender List, an evictions report and a bad check report. We also verify employment and income as well as prior rental history.
A thorough background check is crucial to avoid costly mistakes with your property. While no background check can eliminate the risk of a problem tenant, our thorough examination of their rental history can significantly reduce your risk.
Does the Tenant pay the rent to Market South Management or to me? The tenant makes all payments to Market South Management.
When do I get paid?
If the tenant makes the payment on time (1st – 5th), we send out Owner checks and statements on the 10th or first working day after the 10th. If they pay late between the 5th and the 10th, we send owner checks on the 15th or the first working day after the 15th. Rent payments received after the 10th are processed as they are received. Many of our multiple property owners request their disbursements to be made at the end of each month.
What happens if the tenant doesn't pay the rent on time?
The tenant’s rent is due on the 1st of each month. We give our tenants a 4-day grace period which means they must pay rent before the close of business on the 5th. If the rent remains outstanding on the 6th, we assess a late fee of 10%. We then post each tenant who is late with a 3-day demand letter. If the tenant has not paid rent plus late fee by the 10th and they have not contacted us, then we begin the dispossessory process.
Do you file the eviction? What does it cost me?
Market South Management files the eviction for you and there are no additional charges levied by us. However, you are required to pay all filing fees at the courthouse and we add this to the amount the tenant owes. If it is necessary to file a writ of eviction and physically put the tenant’s property out of the house, then there will be additional charges for an eviction crew. This varies depending on the amount of time it takes.
How does the tenant report a maintenance problem?
The tenant contacts us to report all maintenance issues. We require the tenant to place routine maintenance requests in writing to avoid confusion. In the event of an after-hours emergency, the tenant calls our office and follows the voice mail prompt to report the call. The tenant is also given the opportunity to submit their maintenance request via on-line forms.
Are you required to get my permission to have a repair made?
Our management agreement has a repair limit of $300 for any repair. If the estimated cost exceeds $300, then we must get your approval to proceed. This applies only for non-emergencies. If there is an emergency repair, we will handle immediately based on our judgment and experience in order to protect your property from suffering any further damage and to prevent damage to the tenant’s property or person.
How much do you charge to lease my home?
Our tenant procurement fee (leasing fee) is ½ of one month’s rent or $300 whichever is greater. Owners who have multiple properties may be eligible for a discount and is determined on a case by case basis. Should the Tenant not stay for the full term of the lease (for example, they are in the military and exercise their military clause) then we will either refund the procurement fee on a prorated basis or credit you on the next procurement fee, whichever you choose. This proration is based on the number of remaining months on the lease term.
How much do you charge to manage my property?
Our normal management fee is 10% of the rent we collect, or $50, whichever is greater. However, multiple property owners may qualify for a discount. This is determined on a case-by-case basis. If the property is vacant, we do not charge a management fee. If you don’t get paid - we don’t get paid!
Can I sell the property to the tenant?
Yes! If you (we) sell the property to a tenant that Market South Management placed in the property, our management agreement provides for a brokerage fee of 4% of the purchase price.
Can I sell the property to someone else if the tenant can’t buy it?
Yes! We ask that you keep in mind that the tenant is protected during the term of the lease agreement. We made need to ad a special clause to the lease agreement if you think you might want to sell during the lease term.
If you can’t wait until the lease term expires and we have put in the “60-day notice clause” still gives you the option to sell the property even though the lease hasn’t expired. Our management agreement places no limit on you selling the property to someone other than the tenant. You can sell it yourself or list it for sale with another broker.
Does retaining a management company mean I won’t have any problems with my property?
NO! As any experienced landlord will tell you, there are inherit risks in owning investment/rental property. Retaining Market South Management will help reduce the number of problems related to rental property. Those problems that can’t be avoided must be solved. While we can’t offer any guarantees that you won’t have any problems, our expertise will help reduce the aggravation and potentially higher expenses in the event there are problems.