There are no start-up costs. We do not charge for long distance calls or mileage nor do we mark up maintenance costs at any time as some Property Managers do routinely. The only other expenses you should incur would be for services which fall outside the normal scope of our Management Agreement and for duplication of services.
If you lose a rent proceeds check, there is a $28 replacement fee. (Our charge to cancel the check at our bank)
Here are some examples that fall outside of normal management service:
Owners often ask us to do things that are outside our normal management services, and we try to accommodate our owners whenever possible.
We require a $300 reserve per property in your account so that there are always funds to pay the maintenance vendors quickly.
When the work is approved and complete, the vendor will submit a bill for the work completed, which will be paid when your next rent check is collected. All vendors are on a 30 day pay cycle for this reason.
No. We do not permit them to repair or work on the properties for a number of liability reasons. We require professional repairs. All repairs are subject to World Property Management approval.
The resident is responsible for maintaining the rental. This means keeping it in a "safe and sanitary condition". Replacing CO2 and smoke detector batteries, light bulbs and keeping appliances clean.
Our policy to residents states: Due to liability factors, tenants are not permitted to perform repairs on their leased property. Repairs in a non professional manner, not accepted by World Property Management or damage caused by negligence or misuse is your responsibility. In such cases, alterations and repairs will be made by our maintenance representative, but you will be charged for the cost of the labor and materials. Damages or plumbing stoppages caused by negligence or misuse will be paid by you. Please contact your Property Manager with any and all questions.
Wis. Stats. 704.07(3)(a), If the premises are damaged by the negligence or improper use of the premises by the tenant, the tenant must repair the damage and restore the appearance of the premises by redecorating. However, the landlord may elect to undertake the repair or redecoration, and in such case the tenant must reimburse the landlord for the reasonable cost thereof; the cost to the landlord is presumed reasonable unless proved otherwise by the tenant. Repair, or pay the landlord to repair, all damages caused by the tenant or their guests.
Financial performances are within your reach on the "Owners Portal".
Operational performance; we believe that you wish to hire us to manage the property for you, not to assist you in managing it yourself. We offer a turnkey style of property management service which is most appreciated by those property owners who prefer to be "out of the loop" on all but the most important matters related to the management and leasing of the property. We don't pester you with small details, questions, information or "updates" about your property or tenants, except for those matters which will have a significant impact on your monthly cash flow. Instead, we simply take care of the things you have entrusted us to handle on your behalf.
For some property owners, our system is not a good match, and we understand that. We are very up front about the fact that we do not want you to hire us if you expect to be involved in minor details or decisions related to the management and leasing of your property. We simply have not designed our systems and procedures to accommodate that level of involvement by owners.
Our general rule of thumb is this; if something has happened, or is about to happen, that will disrupt your ordinary monthly cash proceeds by more than $300 per repair (not total invoice); we will let you know about it. An example would be that we receive a 30-day notice from your tenant, and therefore a turnover, along with related expenses, is pending and we want you to be informed and prepared for it. Another example would be that your A/C unit has failed during the middle of a hot summer; we have determined that the 12 year old compressor needs replacing and have initiated the work to replace it. We will call to let you know what has happened and the expected financial impact on the following month's statement.
Aside from any special considerations unique to you or your property, our rule of thumb is this: If something may cause a potential interruption in your ordinary cash flow (loss of tenant or major repair), we will let you know about it right away. Otherwise non-emergency items will be notated in your monthly statements. Of course, we encourage you to contact us anytime you have a question or wish to discuss something.
Once the Resident has notified us that they are moving, we mail or email a copy of our move out policy and checklist which is also available on our Resident Portal. If requested, we will visit the tenant about two weeks prior to review their rental. At that time we document the condition of the property with photos and notes. We give the tenant the opportunity to professionally fix any problems to avoid paying us for corrective work. Once the tenant has completely moved out and we have confirmation of receiving the keys, we perform our move out inspection. This is conducted on or close to the move out date at which time additional photos and notes are taken. We then verify the property has been vacated and compile a list of the items the tenant is responsible for fixing, if any. We communicate with our Owner/Client and maintenance staff to bring the property back to rentable condition in the most timely manner possible. From there, we return the balance of the tenant’s security deposit within the twenty one days which is mandated by Wisconsin.
Residents may submit requests though our website or fax, email, or mail their requests to us. For emergencies, they may call us or use our 24 hour answering service that will contact us after hours. After receiving a repair request, we will contact the tenant and ask them questions in order to help us determine the exact nature of the problem before sending a service technician. We make sure it is not something the tenant can fix themselves (ex: reset button on the disposal, tripped breaker etc.) before your money is spent on a service call. After determining that it is a legitimate problem, we will send the appropriate service vendor out to make the repair. We tell our tenants that we are able to handle most repair requests within 1 to 3 working days, and, in fact, are usually able to do so. Comfort items such as air conditioning, no hot water or heat, receive highest priority and are usually attended to the same or next business day.
World Property Management is a full service company. We also own a Maintenance company called Milwaukee Building Repair and Renovation LLC. Milwaukee Building Repair and Renovation LLC is an independent company. Milwaukee Building Repair and Renovation LLC is licensed, insured, very competitive in price, competency and reliability. By having this affiliation, we will save you maintenance labor dollars. We also maintain a qualified third party vendor list, who are licensed and insured. They assist us in larger projects or if we are in need of more teams to respond to any variety of calls.
Our technicians are billed out at about $40 per hour, compared to single trade vendors who charge $60 - $75 per hour. We save our owners money by using our technicians for the majority of multi-trade and make-ready tasks. Another benefit of using our technicians is the opportunity for checking out the general condition of the property, something that an outside vendor will not necessarily do for you.
We believe we have developed a very sensible approach to handling maintenance and repairs, and that you will realize cost savings that other property management companies simply cannot deliver.
We perform a check in/check out procedure with all Residents.
Wisconsin Statute 704.08 Information check-in sheet. A landlord shall provide to a new residential tenant when the tenant commences his or her occupancy of the premises a standardized information check-in sheet that contains an itemized description of the condition of the premises at the time of check-in. The tenant shall be given 7 days from the date the tenant commences his or her occupancy to complete the check-in sheet and return it to the landlord. The landlord is not required to provide the information check-in sheet to a tenant upon renewal of a rental agreement. This section does not apply to the rental of a plot of ground on which a manufactured home, as defined in s. 704.05 (5) (b) 1. a., or a mobile home, as defined in s. 704.05 (5) (b) 1. b., may be located.
We perform a scheduled unit inspection when a new resident is at their 6 month anniversary to understand how the tenant is maintaining your property. From there we perform an annual maintenance inspection upon the lease renewal. If there is a maintenance call, that gives us an opportunity to view the property at that time also. If by chance the scheduled maintenance call is within 45 days of that units annual inspection, it will be performed at the time of the service call. We look at and record the overall condition of the unit but are specific with furnace filters, batteries in CO2 units and smoke detectors, operation and cleanliness of appliances, all faucets and under sink bases for water leaks... you get the idea.
The Resident receives a copy of the mentioned inspection. If there are repairs to be performed, we advise the Resident to correct and will assist them at their expense. If the repair requires our technician to come out, an appointment is made at that time. This value added service is designed with protecting your investment in mind. You get copied on all inspection report information.
This is one of the most important aspects of the successful management of rental property. Application processing is typically done by us, in house. We don’t send the application to a third party for processing as do most other property managers. We do look at an applicant’s past behavior and assume their future behavior will be the same. We are not naive though. We realize that there are changes in life and people will and do react in various ways to circumstances. When something negative happens, we mange the situation very quickly. Our first priority is our obligation to you. An applicant must demonstrate a history of being a good, responsible tenant or homeowner as well as meeting credit standards. These levels of qualifying are personally set with you.
CREDIT REPORT: We obtain a credit report which tells us the applicant’s current and past performance toward meeting their financial obligations. It also tells us their monthly debt, credit score, and shows their previous addresses which we compare to addresses listed on the application. Based on the accepted credit report, we then proceed to verify the remaining avenues of information.
LANDLORD REFERENCES: We personally talk to past landlords and ask detailed, open ended questions about the applicant’s past performance. If a private individual is listed as the previous or current landlord, we will pull the tax records and verify that the person listed actually owns the property. The property tax record crosscheck, along with pulling driver license data, is what reveals most of the fraud attempts that are encountered. This is a level of scrutiny that other companies rarely do.
DRIVER's LICENSE VERIFICATION: We pull a copy of the applicant’s public drivers license data. This tells us not only if the addresses given on the application are consistent but also when and what the last drivers license activity was, such as a renewal or change of address. This is important because if someone says they have been living at a certain address for the past three years, but then we see they renewed their drivers license a year ago at a different address, a red flag goes up and we might find in that situation that the applicant is trying to conceal a bad rental history.
EMPLOYMENT/INCOME: We contact the employer to verify length of employment, status, and income. An applicant needs to earn about 2.5 to 3 times the monthly rent in gross income to qualify for a rental. We also want to see a copy of their pay stub.
PETS: We do not permit animals/pets into managed properties unless the property owner permits it. About 50% of renters have pets. With your acceptance and when we make the decision to accept an applicant with pets, we minimize your risk by limiting aggressive breeds and other criteria. We also use a special pet addendum for your protection. We are careful in selecting tenants who wish to bring pets with them. We communicate fully with our Prospective Residents and Residents with pets so they fully understand their obligation to the maintenance and conditions of your property.
Our 6 month inspection for NEW residents and the annual inspection upon lease renewal for existing Residents will reveal any situations. If there are situations, we will immediately work with the resident to correct it...at their expense.
LOOK YOUR BEST: Even the best located and well priced rental homes will not lease quickly if the rental home is not in top showing condition. Homes for rent should have an attractive "curb appeal" or they may sit empty for extended periods. Homes and Apartments must be pristine and in move in condition. As your full service management and maintenance partner, we have the means to accomplish this in a minimal amount of time. We pride ourselves in a 72 hour turnaround on an average. That means if the move out was completed over the weekend, we are ready to show your apartment on Thursday. This puts more rent money into your pocket. As for us, World Property Management does not make anything on empty apartments. This is just another way World Property Management adds value. We work for you.
We are asked this question more than any other question by Owner Prospects. Of course it depends on a lot of factors such as location, condition, size of rooms, amenities, and parking to name a few. In general, most homes in and around Milwaukee are currently renting for about 6% to 10% of the home’s market sales value. The more expensive your home, the lower the ratio of sales to rent value. For example, a $120,000 three bedroom home may rent for $800 to $1100 per month in the Milwaukee area, while a $240,000 home may only rent for $1400 to $1700. This is a very generalized range but will in fact hold true in most instances.
The more accurate process is a Comparative Rent Analysis performed within the neighborhood where your property is located. We look closely at the competition and at times will even walk their property to determine the comparables. We will then place your properties rent at the higher end of the spectrum.
Some of our new clients are "landlords by default", forced into leasing their home due to market conditions. The good news is, if you can ride out the market, you are likely to be much better off in a few years than if you sell your home now at a discounted price.
The cost of our full service management is a percent of the monthly rent and depends on the size, location, and number of properties you place with us. Our price is discounted compared to the standard industry price for this type of management. Unlike many of our competitors we don’t charge start up fees or fees during a vacancy. World Property Management provides the highest quality management service at one of the lowest rates in town. Call for your quote and experience our service.
Our leasing fee is 50% of the first month's rent for new tenants. Unlike many other management companies who charge 100% of the monthly rent for their leasing fee. This value added service comes to you after you have already experienced a fluctuation of income from the previous resident moving out. Our objective is to keep your rentals full and you profitable. World Property Management does not get paid if your rentals are empty.
We normally give the tenant an opportunity to correct the situation and they normally will. If a problem persists, we will make a decision based on that specific situation. If the Resident has a history of situations, based on that history, this could be the proverbial straw that broke the camels back. We would take action. There will be communication with you and you would have been kept abreast of the previous situations. We keep the condition of your property and your best interest in mind at all times.
Full service management is a complete service, starting with screening of and leasing to tenants, building maintenance and grounds keeping, financial record keeping and bill paying. We make owning your property less difficult. Just go into your owner portal, read your monthly statement and receive your monthly check.
Timelines and communication is key here. If rent payment is not received by the 5th of the month, we deliver a 5 day notice to the tenant.
Wisconsin statute 704.17 Notice terminating tenancies for failure to pay rent or other breach by tenant.
If a month-to-month tenant or a week-to-week tenant fails to pay rent when due, the tenant's tenancy is terminated if the landlord gives the tenant notice requiring the tenant to pay rent or vacate on or before a date at least 5 days after the giving of the notice and if the tenant fails to pay accordingly. A month-to-month tenancy is terminated if the landlord, while the tenant is in default in payment of rent, gives the tenant notice requiring the tenant to vacate on or before a date at least 14 days after the giving of the notice.
Tenancies under a lease for one year or less, and year-to-year tenancies.
If a tenant under a lease for a term of one year or less, or a year-to-year tenant, fails to pay any installment of rent when due, the tenant's tenancy is terminated if the landlord gives the tenant notice requiring the tenant to pay rent or vacate on or before a date at least 5 days after the giving of the notice and if the tenant fails to pay accordingly. If a tenant has been given such a notice and has paid the rent on or before the specified date, or been permitted by the landlord to remain in possession contrary to such notice, and if within one year of any prior default in payment of rent for which notice was given the tenant fails to pay a subsequent installment of rent on time, the tenant's tenancy is terminated if the landlord, while the tenant is in default in payment of rent, gives the tenant notice to vacate on or before a date at least 14 days after the giving of the notice.
We will post an eviction notice about the 12th day of the month if payment is not received by then. Whether or not the property manager eventually proceeds with a formal eviction depends on the specific circumstances. It is always financially better for all involved if a solution can be worked out. If the resident has experienced a one time event which is causing them a financial hardship, and we have had no previous problems with them, it is better for you and the resident if we give them a chance to catch up. The resident is required to deliver their written payment plan to us during the 5 day notice timeline. If the tenant has demonstrated an ongoing pattern of late payments, broken promises about payments and/or evasiveness, we know from experience that eviction is the best course of action.
Each case is unique and your property manager will make a decision based what is best for you and your property in the long run. That said, we always proceed with the legal notices required for eviction regardless of any other factors. We will simply postpone the actual filing of the eviction if the tenant is showing favorable effort toward resolution. Eviction for non-payment of rent in Wisconsin is straight forward (unless contested) and there is not much hope that the tenant can prevail in court if they have not paid rent and the landlord has properly executed the notices and filing process. Full evictions, when necessary, can often be completed by the fourth week of the month.
FOR RENT SIGNS: Posted at the property with our website and phone number clearly displayed. Prospective Residents can find out very easily the price and size of your property and when it will be ready for move-in.
MLS: Your rental property data is entered in the Milwaukee Multiple Listing Service.
INTERNET LISTINGS: Our available homes for rent in the Milwaukee Market area are posted complete with photos, maps and property details.
WORD OF MOUTH / REFERRALS: Current and past tenants, friends of our tenants, referrals from other agents that we network with.
CORRECT PRICING: Even the best homes will not lease quickly if overpriced. We make sure your rental home is priced correctly in the neighborhood and according to our current market conditions.
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