Property Management

* Here is why Woodruff Property Management is better.

By the numbers:

1) We have been in business just over 2 years. Andrew Woodruff researched other property management firms for over 4 months before building our system. After 2 years, we know what we are doing.
2) We have 270+ leases written, and 1 eviction. We are often hired to evict problem tenants in badly managed properties.
3) We have 126 properties currently under management, as of 5-18-11.
4) We have zero complaints with the BBB. The BBB tells me I am the only property management firm in Colorado with zero complaints.
5) We have zero complaints with the real estate commission.
6) Our average time to rent is 23 days.
7) Our answered phone calls have a 99.2% average in 2011. Nationally, PM firms only answer or return 60% of their phone calls.
8) We pay owners on the 6th of the month, not the 20th like our competitors. 95% of our property owners are paid via direct deposit.
9) We spend over $8,000 per month marketing our properties.
10) Our vendors give us a discounted rate of 10-30% due to the volume of work we do with them. We even have a handyman for small things and lawn work. We only charge our property owners $17.50 per hour to use him.
11) All of our fees can be written off against income.
12) The fastest time from being hired to qualifying the tenant and having a lease executed is 45 minutes, and the tenant was in Spain.

Plus, you will have an absolutely exceptional property management team in Denver!

* How Woodruff Property Management is different:

1) We don't charge a dime until the lease is signed. If we don't perform, you don't pay.

2) We advertise your property more extensively than our competition. We post to over 100 websites. Not one of our competitors comes close.

We've reviewed our competition and few, if any of them, pay to advertise rentals. All they use are free sites. Woodruff Property Management pays out of pocket to get a higher level of visibility. Featured ads are rental postings, on which we spend more money to get higher visibility.

This is a short list and does not reflect our entire marketing program.

Featured ads:

* rentals.com
* backpage.com
* rentalhouses.com
* classified.org
* ablewise
* googlefeedburner
* housesforrent.ws
* inetgiant
* mynewplace
* ollo
* olx
* oodle
* overstock.com
* realtyfeedsearch
* rentjungle
* rentology.Com
* rentspeed
* tenantplus
* vast
* zikbay
* zilpy

Standard ads:

* rentalhomepros.com
* tenant.com
* vast.com
* olx.com
* rentalads.com
* Hotpads, Inc.
* Google base
* hometownrent.com
* aol classifieds
* myspace classifieds, is now oodle
* military.com classifieds
* yearlyrentals.com
* rentedspaces.com
* collegeclassifieds
* lycos classifieds, is now oodle
* walmart classifieds, is now oodle
* Rentlizard, LLC - rental ad listings
* cazoodle
* condo.com
* realrentals.com - not posting
* mynewplace.com
* Bing
* Craigslist
* Google
* Yahoo
* hotpads.com
* vast
* trulia

The listed network of site names are subject to change daily according to their availability to Woodruff Property Management feeds. This is only a partial list of the over 100 websites to which we feed.

3) We show properties from 9:00 a.m. to 9:00 p.m., 7 days a week, when the tenant prospects need to see the rentals. This means we rent your residence faster.

4) We are green. We strive to be 95% paperless. All our contracts, leases, and statements are in electronic format. You can sign a legally binding document with your mouse. You can view all of the information pertinent to your property online in your owner, or tenant, portal 24/7.

5) We are very efficient. We can have your property up and running in less than 24 hours. We can have a tenant through our background or criminal check and have a lease signed in less than 30 minutes. The faster, the less time your property sits vacant, and the more money you make.

6) We are the most technologically advance property management firm in the Denver metro area, maybe in the country. You will always be on the cutting-edge with wpm. 85% or renters find their rental on the internet.

7) We don't up charge on 99% of repairs. We only hire professionals to work on your residence. If there is a major issue, such as roof replacement, we do charge 10% of the invoice for on-site construction management. All repairs are photo-documented, so you can see what happened and how it was fixed.

8) We get your money to you fast. We use ACH direct deposit to collect rent and pay our owners. This means we can usually pay our property owners 10 days faster than our competition. If your mortgage is due no later than the 15th, those extra 10 days can really matter.

9) We offer leasing only services for those who don't need property management.

10) We are locally owned and operated. Drop by our office at 1521 Marion St. sometime and say hi.

A note from Andrew Woodruff:

"Service is the key to this industry. We bend over backwards for our clients. We follow the golden rule, we treat others like we want to be treated.


* A complete list of property management services

The following is a list of the tasks Woodruff Property Management commonly performs for owners:

- Evaluate the property and determine an accurate rental rate.
• perform detailed documentation of the interior and exterior including photos
• offer recommendations on repairs and cosmetic improvements that maximize monthly rent, while providing good ROI
• gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary, but should include looking at the recently rented comparables, according to size and type.
• discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking, etc.
• install a lock box

- market the property for rent
• prepare home for rent
o clean home and optimize interior appeal
o manicure landscaping to increase curb appeal
• create ads tailored to the property and advertising medium Some of the mediums commonly used are:
o paid and free rental listing websites
o print publications
o signs
o mls
o fliers
• work with other realtor and leasing agents to find a tenant
• provide a 24-hour hotline where prospective tenants can listen to detailed information about the property
• field calls from prospects for questions and viewings
• meet prospective tenants for showings throughout the week and weekend
• provide prospective tenants with rental applications that are legally compliant with fair housing laws
• collection applications with application fee

- tenant screening and selection
• perform a background check to verify identity, income, credit history, rental history, etc.
• grade tenant according to pre-defined tenant criteria
• inform tenants who were turned down

- tenant move in
• draw up leasing agreement
• confirm move-in date with tenant
• review lease guidelines with tenant regarding things like rental payment terms and required property maintenance
• ensure all agreements have been properly executed
• perform detailed move-in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in
• collect first month's rent and security deposit

- rent collection
• receiving rent
• hunting down late payments
• sending out pay or quit notices
• enforcing late fees

- evictions
• filing relevant paperwork to initiate and complete an unlawful detainer action
• representing owner in court
• coordinating with law enforcement to remove tenant and tenant's possessions from unit

- legal
• advise in the event of a legal dispute or litigation
• refer owner to a qualified attorney when necessary
• understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties

- inspections
• perform periodic inspections, inside and outside, on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
• send owner periodic reports on the condition of the property

- financial
• provide accounting property management services
• make payments on behalf of owner, e.g. mortgage, insurance, HOA dues, etc.
• detailed documentation of expenses via invoices and receipts
• maintain all historical records, e.g. paid invoices, leases, inspection reports, warranties, etc.
• provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form
• advise owner on relevant tax deductions related to their rental property
• provide easy to read monthly cash flow statements which offer a detailed breakdown of income and itemized expenses, maintenance, repairs, and remodeling
• provide and oversee an in-house maintenance crew
• establish a preventative maintenance policy to identify and deal with repair needs
• provide a network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that is up to code
• assign jobs to different parties such as in-house employees, handyman and professional contractors, based on who will do the best job for the best price
• maintain outdoor areas
o leaf and snow removal
o landscaping
o removing trash and debris
• maintain and monitor a 24-hour emergency repair hotline
• larger renovation or rehab projects
o provide recommendations on how the project can maximize rental income
o prepare preliminary cost estimates
o get multiple independent bids for the work
o act as general contractor overseeing the work

- tenant move out
• inspect unit and fill out a report on the property's condition when the client moves out
• provide tenant with a copy as well as estimated damages
• return the balance of the security deposit to the tenant
• forward any portion of the owner’s portion of the tenant deposit to the owner, or hold in owner reserves for repairs
• clean unit and perform any needed repairs or upgrades
• re-key the locks
• put the property back on the market for rent

This isn't intended to be a comprehensive list of property management services, but it should give you a fair idea of the scope of our property management company's activities.

FAQ's:

1) When do I get my rent check?

WPM runs monthly statements on the 6th of each month and check (with the monthly statement which is also posted to your owner's portal) or initiate an ACH direct deposit into your bank account, if you have set up this feature. ACH can take up to 4 business days to process.

Our competition typically pays on the 20th of each month.

2) What happens when my property becomes vacant?

We need to place a tenant as soon as possible. We know that every day a property sits vacant is a wasted opportunity and a non-recoverable cost.

If WPM has assumed existing tenants or is turning over the property, we begin marketing 45 days before the lease terminates, or as specified by the lease.

WPM has an ongoing list of potential tenants. We contact every potential tenant on our tenant wait list, and see if we can get an immediate fit.

We place a yard sign.

We post the property to over 35 different websites and market the property with the available lease date using pictures on file or provided by the homeowner.

When the existing tenant vacates, we determine what work is necessary to re-lease the property, and what may be chargeable to the prior tenant's deposit. We will also discuss with you any recommendations of work we feel will be needed to attract a quality tenant.

3) How are tenants screened?

Our tenant screening process is extensive.

We first run a very in-depth criminal and credit background check. The income provided by the tenant prospect must be at least three times greater than the gross rental amount or approved by you, the owner of the property.

We then run an eviction report to determine if the tenant prospect has ever been evicted. We will not work with a prior evictee.

Next, we call the tenant prospect's current landlord, prior landlord, and employer. The current landlord provides us with a recap of the tenant prospect's most recent payment performance and any problems they may have had, and any comments.

The employer verifies their wage, length of employment, and typically offers additional insights.

4) If a tenant fails to pay rent, how long does it take to get them out?

Out of 270 leases written to date (4-1-09 to 85-18-11), we have only had 1 (one) eviction.

If the tenant hasn't paid their rent by the 4th day of the month we post a demand for rent of possession, that requires that the tenant pay within 3 days or we start eviction proceedings.

We try to contact them and find out the problem. If their situation has changed since they signed the lease, we try to re-market the property immediately and move the tenant into a less-expensive property.

If eviction proceedings begin, we file all paperwork through our lawyers, appear in court on your behalf, and meet the sheriff to remove personal belongings as required by law. This process can take up to 30 days depending on the court and sheriff's schedule.

5) How long does it take to rent my property?

This is a very hard question to give one specific answer. Market conditions change, every home is different, and rents range from $500 to $6,000 per month. Typically, we find renters in 22 days, but typically the higher the asking price, the longer it will take to find a tenant.

6) How often are inspections performed?

An empty home receives an inspection once a week, if not more frequently. We want your home to present the best appearance possible at all times. Occupied homes receive many different types of inspections with varying frequencies. We perform a renewal inspection when a lease is about to expire and the tenant is interested in renewing. This is a detailed inspection of the interior and the exterior of the home, to identify any maintenance or tenant damage.

7) Would we be charged for advertising?

No. Advertising is included in the leasing fee.

8) What is the pet policy?

You tell us. We charge a $200 nonrefundable pet deposit for a single animal which is used to make the property allergy-free for the next tenants. If they have multiple animals, we charge $300.

9) What repair costs will be my responsibility?

When a service request comes into WPM, we generate a work order. You will be immediately notified by email. If you want us to make the repair, simply don't reply. If you want to use your own contractor or want us to stop the process, please contact us
within 12 hours of the notice email.

Our contractors are trained to identify if the tenant caused the problem, say their daughter put a barbie doll down the disposal. Tenant-caused repairs are billed to the tenant.

10) Does WPM up-charge on repairs?

WPM does not up-charge on repairs costing less than $300. If we have to replace the roof, we charge 10% of the gross invoice to cover our time to manage the project.

We try to use the least expensive of our 100 contractors on file for repairs, as available.

If there is a plumbing leak that is flooding the basement at 3:00 a.m., we are not going to try to secure three quotes. We are going to save the building first.

We invoice the tenants for the additional repair costs. If they don't pay, we take them to court at their expense, per the lease.

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