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Coralville Property Managers

Browse these property management companies with great ratings from Thumbtack customers in Coralville.

About

2nd Million Property Management (2MPM) has been set up so that it can assist owners with maintaining rental properties on a large scale. For this service, 2MPM asks only 10% of the monthly rental collected (gross). So if a renter fails to pay their rent, 2MPM does not collect either. You can see where this is a motivator to make sure that 2MPM provides you good rental services for your customers. The following services are provided by 2MPM: - advertise vacancies - interview and screen applicants - sign and fill out lease paperwork: -- lease agreement -- rules and policies -- drug and criminal activity addendum (now required by the city of Cedar Rapids) -- animal or pet addendum - provide phone answering service (so that the owner will not be called directly): -- office hours from 9:00 a.m. to 5:00 p.m. -- after hours emergency service - invoice renters (billing) - collect rent: -- We provide a separate mailing address (preferred). -- optional pay rent at bank drive-up (same day payment) -- personal collections when necessary - 2MPM provides eviction services when necessary (fees reimbursed by owner approximately $300.00): -- initial notification -- certified mail notification if the renter is unavailable -- file for eviction with small claims court -- attend small claims court for owner -- arrange for eviction with the sheriff’s department -- arrange for a crew to empty residence -- arrange for clean or repair of residence -- certify residence is ready for occupancy (clean and safe) - provide owner with copies of all transactions - provide owner with detailed accounting of all fees and repair expenses Additionally, we have work order requests for more routine maintenance. We provide these orders to the owner for approval prior to repairs. Owner will have the option of not approving the work order, having us deduct from monthly rent collection or pay for the work directly. 2M realizes that many owners are too busy to deal with the day-to-day management of rental properties. Please allow 2MPM to be your representative to your renters. If this is agreeable, I can have my attorney draw up some agreement papers that will allow 2nd Million to act in your behalf. - Vicki Fennern office manager 2M Property Management

Q & A

Answers to commonly asked questions from the experts on Thumbtack.

What does a property management company do?

Property management companies manage the rental of residential homes, apartments, condos, commercial spaces and retail spaces. Property managers can oversee just a single unit or many properties, whether those sites are inhabited full-time or are vacation rentals. A property management company helps a property owner or landlord find tenants; collects rent; takes care of accounting, property maintenance and repairs; handles on-site management; and manages vacation rental check-in and checkout tasks. Although many property owners or landlords successfully manage their own rental real estate, a property management company can help you handle tenant issues and maintenance problems, especially if you are not located in the same city or state. Most property management companies deal with tenants directly, and their tasks include:

  • Marketing the rental property
  • Collecting rent
  • Handling repair problems
  • Responding to tenant complaints
  • Evicting tenants  

A property management company may be a good choice for property owners who have several investment properties, live far away from the rental property, or don’t have time for hands-on management.

Why is property management important?

A property management company can be a landlord’s greatest asset. As a neutral third party, the property manager handles the day-to-day operations of a real estate investment, from a single vacation home to a large apartment building or several rental properties. A property management company can be especially helpful to landlords who own several units and can’t manage each of them individually, or those who live too far from their investment properties to meet with renters and oversee maintenance. Property management is particularly important if your rentals are part of an affordable housing program. To receive financial assistance from the government, the landlord must comply with a complicated set of rules; property management companies should have both experience and expertise in complying with the rules specific to each housing program.

Do property managers need to be licensed?

The licensing requirements for property managers vary from state to state, but many states require property managers to have a real estate broker’s license and in some cases be a legal resident of a state. Property management may not be specified in a state real estate statute, but according to the Institute of Real Estate Management their activities may include advertising the availability of a rental property, discussing a property management agreement with an owner, negotiating leases, showing a rental property and collecting rents.

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