MANAGING YOUR PROPERTY

ERA Steinbeck Real Estate now has a full service property management company. We handle all aspects of the management of your investment including:

• Marketing
• Tenant Screening
• Inspections
• Maintenance and Repair Coordination
• Rent Collection
• Accounting

Our objective at all times is to provide the highest level of property management service a level of service we expect to receive with our own investments.

MANAGEMENT FEE STRUCTURE

ERA Steinbeck Real Estate Property Management offers full management service for 7% to 12% of monies collected from tenants payable monthly. Most management companies fall in this same fee range depending on the type of property managed, market conditions and area. However, the difference in property management is often the quality of services. ERA Steinbeck Real Estate, Property Management's company goal is to provide outstanding service so that any fees paid be the property owner are normally saved by avoiding longer vacancy times, excess repair costs, and tenants who have not been checked out completely.

Contrary to some management companies, no start up fees, Realtor referral fee, leasing commission, releasing commission, flat fee when the property is vacant or fee to arrange maintenance normally exists.

MARKETING

ERA Steinbeck Real Estate, Property Management will coordinate the marketing of your investment property to prospective tenants. Each time the property becomes available, we will place a "for rent" sign on site, place a key box on the door for secured access and advertise in the following media: local newspaper, base newspaper, Multiple Listing Service, company website. All advertising fees are included in the above management fee structures.

MAINTENANCE

Our property management staff will schedule all routine maintenance and repairs. You, as an owner may choose your own repair personnel or allow our company to do this for you. For most repairs and inspections, we will utilize our list of licenses contractors that we have. Our list consists of companies that will perform basic plumbing, appliance, heating and air, interior and exterior repairs.

At the time you place your property under management with us, we will collect $100 to place in your maintenance fund for emergency repairs. If these funds are used during the month, we will replenish it from the next rental proceeds received. When you close your account with us, these monies will be refunded to you.

INSPECTIONS

ERA Steinbeck Real Estate, Property Management will perform inspections of your property at the following intervals:

1. Initial Inspections will be done at the time the property is placed under management or possession of the unit has been returned to us by a vacating tenant. If repairs or cleaning are necessary to make the unit rent-ready, another inspection will be performed prior to tenant move-in. We will create an inventory that includes appliance identification numbers and any personal property, and we will thoroughly note the condition of the property interior and exterior. Carpets must be professionally cleaned and fireplaces professionally inspected and cleaned if necessary. If there were pets, a professional flea spraying must be complete. Tenants also have the opportunity to complete a move-in inspection form and return it to our office within 7 days of occupancy. This will be kept on file along with the initial inspection to be used when the tenant vacates.
2. 6-Month Inspections are scheduled during the tenant's lease term to ensure that the property is properly cared for and no unreported maintenance issues are present. You will receive a postcard or letter from us reporting our findings.
3. Move-Out Inspections are scheduled at the time each tenant is ready to leave and return possession of the unit to us with the keys. We will also collect all applicable receipts for carpet cleaning, flea treatment, and chimney cleaning at that time. The move-out inspection will be compared to our initial inspection and the tenants' own inspection. Any discrepancies above normal wear and tear will be noted as the responsibility of the tenant and charged to them accordingly. If there are items in need of attention before we may move in new tenants that are routine maintenance (painting, flooring or appliance replacement, for example), you will be contacted with cost estimates.

RENT COLLECTION

The first month your tenant moves in, the rent will be prorated on a 30-day basis, and the tenant will be charged the actual number of days of occupancy.� A property will be held off the market no more than ten days (unless another agreement is made with you)�when it is vacant and ready for occupancy.� Each subsequent month, the rents will be due on the first of each month and will be considered on time if paid by close of business on the 6th day.� Rents and repairs are posted and your check will normally be sent by the 10th day of each month.� If a tenant does not pay on time, we may begin eviction procedures anytime after the 11th day.� Our policy is to send late notices on the 7th and 15th and begin filing for eviction is rent has not been received by the 20th day of the current month.

DISBURSEMENT OF RENTAL PROCEEDS

Rents received on time are posted, bills and management fees are deducted, and the balance will normally be disbursed to the homeowners no later than the 10th day of each month.� You may receive your check by mail, have our office make your mortgage payment, or send your payment directly to your bank account by mail.

ACCOUNTING

A statement of your account activity will be sent to you on a monthly basis and at year end.� Included with your monthly statement will be copies of all repair invoices paid.� For owners of multiple properties, each property will have its own monthly activity statement along with one consolidated statement.� At year-end, you will receive one general ledger with each property broken out separately and then totaled for your tax return preparation.