Long-term Rentals

At The Real Estate Company, we offer landlords a comprehensive range of letting and property management services, which can be tailored to meet your requirements. Whether you require a Let Only or Full Management service, we have the expertise. We are property professionals with a strong track record in Property Sales, Investment Properties, Rental and Property Management. Our client list ranges from corporations to private individuals in the Cayman Islands and overseas.

From experience we find that professionals and corporate tenants prefer to rent properties that are fully managed. Managing a property is a specialized and time-consuming business, especially when problems arise, which is why we have a team in place to remove this burden from you. Our property managers have extensive knowledge of property related issues and are there to protect your investment.

The following is a list of the tasks The Real Estate Company Leasing and Property Management can perform for owners.

Evaluate the property and determine an accurate rental rate

• Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI.
• Gather information 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.

Market the property for rent

• Instruct the Owner on how to prepare home for rent
  • Clean home and optimize interior appeal (staging)
  • Manicure landscaping to increase curb appeal

• Create ads tailored to the property and advertising medium. Some of the mediums commonly used are:
  • Paid and free rental listing websites
  • Print publications
  • Signs
  • Fliers

• Work with other realtors and leasing agents to find a tenant
• Field calls from prospective tenants for questions and viewings
• Meet prospective tenants for showings throughout the week and weekend.
• Provide prospective tenants with rental application form

Tenant Screening and Selection

• Collection of prospective tenant’s employment letter with salary range and copies of identification
• 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 that is legally compliant with the Cayman Islands Tenancy Law
• 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 documentation of the inventory including photos
• 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

• Preparing and delivering “Eviction Notices” when applicable
• Coordinating with law enforcement to remove tenant and tenants possessions from unit
• Having the locks on the property changed and property secured

Legal

• Refer owner to a qualified attorney when necessary
• Understand and abide by the latest local 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, 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 (Mortgage, insurance, HOA/Strata dues, etc.)
• Detailed documentation of expenses via invoices and receipts
• Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
• 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 contractors who have been vetted for good pricing and good work that is up to code.
• Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price.
• 24 hour emergency on call service

Tenant Move Out

• Inspect unit and fill out a report on the property's condition when the tenant moves out
• Provide tenant with a copy as well as estimated damages
• Return the balance of the security deposit to the tenant after expenses are deducted
• Forward any portion of the deduction to owner or hold in owner reserves for repairs.
• Clean unit and perform any needed repairs or upgrades
• Re-key the locks if necessary
• 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 the services that can be provided by The Real Estate Company.

Please do not hesitate to contact us should you require any additional help or information on the service we can offer you.

 SELECT AN AGENT TO WORK FOR YOU!