A Note from Bill Ramsey, CPM (B)
In 1981, after working for a number of real estate companies, I decided to open Bill Ramsey, Inc., based on my belief that the only way to successfully manage residential property was on a full time, dedicated basis. My experience showed me that the primary function of any company always took precedence over the smaller operations. In a sales organization the emphasis was selling, in an association management company it was the associations. Rental management always seemed to take a back seat to the major functions.
I decided to change that, by having a company that was dedicated to the management of residential rental properties. Our only function would be as residential property management, with all of the efforts of our employees and our company resources dedicated to successfully managing our clients’ properties.
Over the years, my premise has proven itself to be successful in more than one way. Not only has the business become more demanding with a constantly changing rental market, but much more complex with the constant introduction of rules, laws and legal demands. In 1981, who would have guessed that we would have, just to mention a few, Federal Environmental issues such as Asbestos, Lead Paint and Mold, along with the potential liabilities that came with them. Where a handshake and trust were all that was needed in the past, a complex set of procedures and paperwork is now needed to assure compliance with the laws and protection for the landlord.
With all of our resources aimed in the right direction, we have been able to constantly stay informed and adjust to fit the needs of the business and will do so into the future.
Thank you in advance for reviewing our proposal packet. If you have any questions, please feel free to call or email us.
The Management Agreement
When you are ready to have us manage your property we will be happy to meet with you to answer any of your questions and obtain the necessary information to complete the agreement for your endorsement. In the meantime, if you would like to review a copy of our Property Management Agreement, please send us an e-mail.
In the event you do not live on Oahu, please feel free to email us. We will call you and complete the agreement and forward it to you for your endorsement.
The physical management of any investment property entails more than just an occasional inspection and responding to the tenant’s requests for repairs.
Each individual property requires its own management program designed to fulfill the needs of its different characteristics. Items such as age, location, and type of structure all have an influence on the type of program to be implemented.
After obtaining this information, our managers put their training and experience to use in formulating an effective management program tailored to preserve your investment.
Two aspects of an effective management program are property inspections and maintenance.
Property inspections are conducted by our managers on a frequency designated by the property management plan, and are designed to accomplish a variety of goals. Among these are to: assure the proper care of the property by the tenants; judge the quality of maintenance performed; and to discover small problems before they turn into major ones.
In addition to routine inspections – both exterior and interior – a good working relationships with vendors and the resident managers give our managers additional sources of information about anything occurring on the properties.
A conscientious maintenance program, along with other aspects of your property’s physical management program, can make the difference between a mediocre and a quality investment.
Regular attention and care, using reliable and competent contractors, results in a well-maintained property that is able to command the best possible returns. Utilization of a purchase order system for ordering supplies and jobs – together with an “invoice approval for payment” system – gives us the necessary documentation and control required for a proper maintenance program. Each job to be done on your property is first examined to determine its necessity and extent. Only after this examination has been completed is the job ordered through a reliable contractor or handyman who is known to us. This enables us to attain the best possible services at the most reasonable prices for the particular job required.
In the event work is necessary on your property, we as managing agents will use our discretion in authorizing jobs of up to $250. Any larger repairs or maintenance projects will only be ordered after obtaining approval from you. Naturally, in instances where immediate action is necessary to prevent damage to the property or keep it habitable for the tenant, and there is no time to contact you for approval, we will have the work done and contact you as soon as possible to advise you. Two examples of this situation are the rupturing of a main water line on the property or the total breakdown of a water heater, requiring replacement.
After completion of any work ordered by our managers and before invoices are paid, the jobs are inspected for satisfactory completion. Any discrepancies found are ordered corrected prior to approval of the contractor’s invoice. Any discount we derive because of the volume of work ordered from our contractors is passed on to you as an owner.
Fiscal and Administrative Services
Just as a professional physical management program is necessary for the success of an investment property, an efficient program to meet the fiscal and administrative needs of the property is also important.
We are able to offer an efficient fiscal and administrative program that is necessary to complement our professional physical management program. In addition to those administrative services mentioned elsewhere which include control of invoices, execution of marketing programs, collection procedures, and purchase order systems – we also offer the following:
- Collection and retention of up-to-date records including leases, applications, check-in reports and any correspondence concerning tenants.
- Provision of a system of reminders, concerning lease expirations and rent review dates, necessary for the timely rent renegotiations to keep up with the ever-changing rental market.
- Collection, safe-keeping and processing of returns of tenants’ security deposits.
Concerning the Property
- Control and payment of invoices necessary for the physical management of the property such as repairs, maintenance contracts, and utilities.
- Retention of up-to-date records of invoices paid, inspection reports, guarantees and warranties.
For the Owner
- Supply monthly income and expense reports.
- Apply for and file general excise tax returns. (Under Hawaii State law, a general excise tax, equal to 4.5% of the gross monthly rental collected must be paid to the State of Hawaii). We will file and pay (from your account) the $20, one-time state license fee and file the quarterly returns and pay the tax on your behalf for a fee of $15.00 per filing.
- Monthly, we will disburse rental income to the owner or his agent, or deposit it in a designated checking or savings account.
Services and Fees
The fees quoted are for management of one single-family rental property, either a single family house, individual condominium apartment or townhouse located in areas we normally service. Fees for management of multi unit properties are negotiable depending on location and services required.
Please contact us if you would like information on our monthly management fees.
$15.00 per for filing and payment of General Excise Tax Returns on behalf of the owner.
No Charge for payment, on behalf of owner, of normal operating expenses such as condominium maintenance fees, lease rent payments.
Mortgage payments excluded.
10% of the contract amount for coordinating any extraordinary repair, renovation or modernization projects, a special fee – to be negotiated with the owner prior to commencement of the project – will be charged.
All out-of-pocket expenses (located in Services and Fees Section), such as advertising, repairs, and legal fees will be charged to the client’s account.
(Note: an initial deposit of $250, to be placed in your account, is required to open the account. During the term of the agreement, a minimum balance of $250 must be kept in your account to cover any expenses received after the monthly owner disbursements and before the next month’s rental is collected.)