Manage Your Property
Why You Need A Property Manager
You’ve invested in rental properties in Guam and have now come to realize that there are a lot of tasks that need to be done on a regular basis to be successful in this industry. From placing ads, to taking calls to showing properties–a landlord finds himself with a long list of responsibilities to handle in order to be profitable in this field.
However, all that work doesn’t have to be done by you. There are professional property management companies that can take care of most of the tasks and more. A good property manager can add significant value to your investment. He is also armed with the latest information on landlord-tenant laws and will make sure that you are operating within acceptable circumstances.
We’re Here to Help You
Ellen’s Realty has been helping property owners in Guam since 1997. Their property management team is highly seasoned and trained to provide excellent service to all their clients. Each member of the team is well-equipped with a variety of resources to stay on top of every detail in managing your property. An efficient system is in place that enable them to provide regular monthly reports so you are updated with every aspect of your investment.
Here’s a quick guide to give you a better idea of how the process goes:
The property management team will thoroughly assess your property and inform you of the requirements necessary to bring it to rentable condition. If there are things that need to be addressed pertaining to repairs and safety matters, the team will note this and offer some suggestions to help you prepare your property for presentation to the market.
Sign the Management Agreement
As soon as the evaluation has been completed, a management agreement will then be drafted. This document outlines all the terms and conditions of our work as property managers for you.
Agree on utility arrangements
We will handle the connection of utilities necessary prior to tenancy. This way we are able to accommodate repairs and inspections for vacant units.
Issue the necessary work orders and schedule repairs
As soon as work orders are issued, repairs are scheduled accordingly. Completed work is then inspected by the property management team prior to settling their fees. It should be noted that all repair work, except for emergency cases, is subject to the property owner’s approval, especially if the quotes exceed the ceiling amount established at the beginning of the management agreement.
Secure necessary licensing requirements
All rental properties in Guam require a business license. The property management team is well informed of these requirements and the licensing process, and will be able to guide you every step of the way.
Secure a landlord insurance
All managed properties require a landlord insurance. If the property owner does not have this in place, the property management team should be more than happy to assist in securing one. This is necessary for the protection of both property owner and management team.
Advertise and market your property
Once your property has been evaluated, repaired and all necessary preparations and requirements are in place, the marketing team now takes the lead. Your property will be entered into the Multiple Listing Service for immediate exposure to over its 400 members located in Guam and the world over. Advertising to several notable publications and other effective advertising tools will be employed.
Review lease offers and tenant screening
As soon as your property has hit the market, you should expect to receive numerous lease offers from various interested potential tenants. Together with the property management team, you will negotiate the terms and conditions to come up with a final executed lease. At the same time, a verify process is in place to check that all the information provided by the potential tenant on their applications are legitimate and whether the tenant and the property owner are a good fit to do business. When all conditions are agreed upon and information verified, the lease contract is drafted and signed by both parties.
Schedule tenant move in/out
A move-in inspection report is usually prepared at move-in, where the property is photographed to document the property condition at start of his tenancy. In the same manner, a move-out report is created to compare and determine any damages to be repaired by the tenant.
The property managers are responsible for collecting regular monthly rents, late payments and other fees related to the lease terms.
Communicate with tenants
All tenant communications, including the schedule of repairs and handling of other issues are part of the property manager’s responsibilities.
Communicate with owner
Monthly detailed reports are issued to the owner showing financial statements that reflect all income and expense activities related to your property.
Process Gross Receipts, Taxes and other payments
It is part of the property management’s service to file on your behalf the reports and payments with the government of Guam for your Gross Receipts Taxes. Vendors and contractors will be paid from your proceeds. Should there be insufficient funds to cover these expenses, it is the owner’s responsibility to provide payment in advance.
Recommend property upgrades
Property managers will make recommendations for any upgrades to properties, depending on market conditions.