How does Reserve Management Company (RMC) find and qualify tenants?
RMC lists all of their properties with licensed Realtors. All properties receive full exposure via the following methods: MLS (this is where all Realtors can see listings), online real estate listing websites such as Zillow, Trulia, Apartments.com, Hotpads, Realtor.com, homes.com, etc. In addition, unless the strategic decision is made not to install a professional sign in the front yard, a yard sign will be installed as well. In today’s online-based world, most leads come from the MLS and the rental websites/real estate related websites.
Qualifying of Tenants: Through our property management software, RMC is partnered with Transunion, one of the 3 main credit reporting agencies. Through this partnership, applicants can submit their application directly on our website. From there Transunion provides us with a full credit report, including reports on any judgment, lien, eviction, and criminal history.
In addition, in order to complete the credit application, RMC requires the following documents:
- Last two pay stubs o if the applicant is beginning a new job, an offer letter from their employer. When analyzing an applicant’s income, we want to see a gross monthly income that’s 3-3.5x he monthly rent. That’s usually a good benchmark of affordability.
- Copy of Driver’s License
- Copy of Social Security card
- Landlord verification from their current landlord (if applicable)
From here we analyze the entire credit application as a whole. If the applicant qualifies we then send the application package to the property owner to seek their approval as well. We considered ourselves partners with our owners and want to make sure they have a say as to who lives in their property
MAINTENANCE & REPAIRS
How does Reserve Management Company RMC handle maintenance & repairs?
RMC has a list of contractors that have been vetted against their competition for the following qualities: Competitive Pricing, quality of work, reliability, responsiveness, and trustworthiness. In order to become a vendor/contractor for RMC all of those qualities have to be met. Having worked with our contractors for an established period of time, and having assessed them against their peers, we are very fortunate to have developed such great relationships for our maintenance, repair, and renovation needs
Our contractors are only authorized to proceed with a given repair up to a certain price point (unless the issue is of an emergency nature, such as no heat in winter, no hot water, no AC in the summer, etc.) Should the issue require work in excess of this price point, RMC will provide the property owner with an estimate and would seek their approval before proceeding.
Does RMC make sure to use the cheapest contractors/vendors?
No, we don’t try to find the cheapest contractors out there. We try to find the best all-around contractor based on the qualities mentioned above. If the contractor happens to embody all of the qualities outlined above and happen to also be the cheapest, that’s great! But we know that you truly get what you pay for, especially when it comes to general maintenance or skilled trades.
Can I use my own contractors whenever a repair is needed at one of my properties?
If a property owner has a contractor that they’d like us to consider using on their property, we’d be happy to meet with them and see if they can be added to our list of contractors.
Do you charge a management fee even if a tenant fails to pay rent in a given month?
We only charge a management fee on the amount of rent collected. If a tenant fails to pay rent, or if a property is vacant, we do NOT charge a management fee. This allows the interests of RMC and its Clients to be aligned. We don’t succeed if our Clients don’t succeed. We have skin in the game and that’s how we want it!
Does your software offer online access for Owners?
Yes! We utilize a fully web/cloud based property management software platform which provides substantial functionality for both our Owners and Tenants.
Owners will have the ability to run many different types of reports. Some examples include: Financial statements, tenant receivables/delinquency reports, work order history, rent rolls, as well as the ability to access various documents and invoices regarding a given property.
The tenant portal gives tenants the ability to pay rent online (which is required per our lease-form), submit maintenance requests, view their ledgers, etc.
Do you manage single-family properties in Detroit?
We manage Detroit properties as long as they’re located in stable areas. Corktown, West Village, Midtown, Brush Park, University District, Boston Edison, and Palmer Woods are some examples of the areas we operate. If you have a property located in an area that’s relatively unstable, RMC probably isn’t the right management company for you.
Is RMC a licensed real estate Brokerage?
Yes! Please view our status with the state of MI here
Is Reserve Management Company insured?
Yes! We’re happy to provide evidence of our insurance coverages should a client request it.