Reeder Asset Management
Logan, UT 84321
We would like to take this opportunity to address a few topics that will help explain the rental process and our internal processes at Reeder Asset Management.
You will receive several communication updates from us as your property progresses through the rental process.
1. Leasing Agent: Your property has been assigned to a professional leasing agent in our office. You can be assured that your leasing agent has leasing experience in the area in which your property is located. Your leasing agent will be your primary point of contact through the leasing process. Your leasing agent will be responsible for the coordination of advertising, scheduling and coordination of showings, showing feedback, market updates and all administrative tasks associated with getting your property leased.
2. Advertising. We have a full-time staff member in our office that coordinates all of the advertising. You will find your property advertised in multiple locations and in premium positions on the internet. Once you have reviewed the advertisement, the information gets uploaded to many of the paid sites that we utilize.
3. Showings. Your leasing agent will conduct all of the showings on your property. In most cases, we will put a lockbox on the property for access. We do not give out the lockbox combination to other realtors to show your property.
4. Tenant Screenings. Reeder Asset Management puts prospective tenants through a full application process which includes criminal background checks, comprehensive credit evaluation and analysis of rental history, employment history and personal income relative to the monthly rental rate. Reeder Asset Management complies with all applicable Federal and State Fair Housing Laws in its selection process.
5. Notification of Lease. Your leasing agent will notify you when we have approved an applicant or applicants for your property. Once the terms of the lease have been worked out, our office staff will coordinate the details of the lease signing and move-in. You will receive further communication regarding the lease signing/move-in process at that time.
6. Price. The monthly rental rate is the most important component in the leasing of your property. The time it takes to rent is directly proportionate to the rental rate asked. The market is very savvy and tenants will rarely overpay for a property relative to the others that are available for rent in the area. Most tenants start their search on the internet so they will determine online who is priced appropriately and who is overpriced. If the property is overpriced at all, the requests for showings will be very low. Simply, the properties that don't get leased are those places that are priced too high. Rental rates change seasonally and adjust with our economy. Just like home prices, rental rates are never fixed and they are constantly moving with the market conditions.
7. Property Condition. The second most important component in the leasing of your property is the overall condition of the home. Tenants are looking for good, clean properties. Tenants are not as concerned about upgrades as they are concerned about the cleanliness of the property. Make sure the home is in good condition to maximize the rental rate and minimize the length of time on the market. If your home is in need of house cleaning,carpet cleaning, handyman/fix-up work, etc. you can ask your leasing agent about us coordinating any of these services for you.8. All rent is due on the 1st day of each month and considered late at 5:00pm on the 5th. To allow the time for all payments to clear the bank, we disburse owner payments on the 10th of each month. For rents received between the 6th and 15th of the month, we disburse a 2nd owner payment on the 20th of each month. For rents received after the 15th, owners will receive a final distribution on the 30th of the month. If you would like your owner payments deposited directly to your account, please notify your leasing agent.
9. Paper statements are sent out once per month, on the 10th of each month. Electronic statements are emailed out anytime an owner payment is processed. These statements are posted directly to your secure owner's portal as well and can be reviewed any time. Currently the monthly statement is a summary of income and expenses recorded since your previous statement. We have several dozen reports that we are happy to include each month. Ask your leasing agent for details.
10. A list our our duties included in monthly fee:
- Manage daily operations including all leases and maintenance
- Communicate with owners and owners agents
- Tenant marketing
- * Reederproperties com * Ksl com * Craigslist org
- * Propertypond com (Offered to R.E. Agents; Division of Multiple Listing Service)
- * Zillow com * Trulia com * Apartments com * Rentbits com
- * RentalHomesPlus com * FreeRentalSite com * Rentlinx com
- * Rentmyhome org * Oodle com * Condo com * RentalAds com
- * HomeTownRent com * HotPads com * RentJungle com
- * Apartmentlist com * RentalHomePros com
- Tenant Screening (Background, Credit, Sex-offender & Evictions)
- Tenant Move-in/Move-out
- Rent Collection
- Tenant ACH payments
- Hunting down late payments
- Deposit rents
- Posting ‘Pay or Quit” notices
- Notices (includes a 3 day pay or quit, pre-eviction)
- Receive and respond to after hours emergency calls from tenants
- Monthly Reporting
- Accounting & Recordkeeping
- Manage finances, including income and expenses
- Owner Portal (24/7 owner online access to property activity)
- Compliance with local, state & federal regulations
- Distribute net proceeds to building owner
- Owner Direct-Deposit payments
- Quarterly unit inspections
11. Maintenance typically performed by contractors and expense paid by owner
- Snow removal from parking lot and sidewalks (if applicable)
- Landscape maintenance, including tree and shrub pruning, etc
- Sprinkler maintenance, including minor and major repairs, winterization, etc
- Common space improvements and maintenance (fence, trees, shrubs, sidewalks, etc)
- Cleaning of units between leases, including carpet
- Individual unit improvements, maintenance and repairs (HVAC, Electrical, Plumbing etc)
- (some repairs may be done by our in-house maintenance in effort to save the owner money, but most larger repairs may be contracted out. You will be notified on all expenses that exceed your maintenance limit, as to the best course of action)
12. What we don’t do:
- No vacancy fee
- No setup fee
- No lease-up fee
- No advertising fee
- No mark-up on maintenance supplies/labor
- No quarterly or annual inspection fee
- No showing fee
- In business under this name: 15 years
- Company size: 6 to 10 employees (full time)
- We manage the following property types:
- Single Home or Condo (valued under $250k)
- Single Home or Condo ($250 to $500k)
- Multi-Family (2-4 units)
- Multi-Family (5-19 units)
- Multi-Family (20-99 units)
- Multi-Family (over 100 units)
- Office (under 9,999 sqft)
- Office (10,000 - 125,000 sqft)
- We manage properties in: