CASE STUDY
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We took over management of a 6 unit building in Palatine, Illinois. 3 of the units were paying rent at below market value and the other 3 were occupied by tenants that were no longer paying rent, and because of the special protections put in place because of Covid-19 they could not be evicted. The building was in desperate need of repair, but our client had no cashflow, unpaid taxes, and mounting frustrations. When I first talked to them their goal was to get rid of the property at any cost as quickly as possible. Instead,
I convinced the owner to give us 6 months to apply our proven methods toward resuscitating distressed rental properties and to turn this property into an income generating success.
In just 6 months we were able to completely turn this property around and bring our landlord into the black. We negotiated all new leases, and found creditworthy tenants, who were paying market value. Past rents were paid using special grant assistance coordinated by our team.
Every unit was renovated using our Property Refreshment Program available to our clients - the common areas were modernized and the property value in total was increased more than $100,000 and monthly cash flow went from less than $2,500 to $6,635 per month. By the time we were finished, this property was bringing in more income than any other surrounding property within the association.
Are you an owner that could benefit from our professional management services and proven approach to property management. If so, fill out the form and let us put together a customized strategy to increase your monthly cash flow.
LET US PUT TOGETHER A CUSTOMIZED STRATEGY TO
INCREASE YOUR MONEY CASH FLOW
FREQUEQUENTLY ASKED QUESTIONS
BACKGROUND
How many years have you been in business?
Gabriela the owner and managing broker has been in the business for 10 years and she opened Nex-Gen Real Estate & Property Management Co. in 2020. Gabriela the owner,managing and head community association manager broker has been in the business for 10 years and she opened Nex-Gen Real Estate & Property Management Co. in 2020
What is your rental management philosophy or approach?
Our number one goal is to come from a proactive and educational point of view .
How do you handle maintenance and repair?
Schedule regular and predictable maintenance events ie., furnace cleaning, gutter cleaning - plan them ahead
Establish a $ cap amount with the owner to make repair decision without the owner
Emergency - IS addressed immediately!
Board members are made aware and we address it accordingly. Safety is First!
Bigger renovations - we ask for at least 3 bids to ensure our clients get the best rate for the best quality
TECHNOLOGY
Does your service include an online platform?
Yes, Buildium - is a comprehensive property management software designed to streamline operations for property managers and landlords.
Can you explain how your property management software works?
SHARE FINANCIAL REPORTS REAL TIME
Give owners access to profit and loss statements, contributions and draws, and specific transactions you’ve made on behalf of the property. Balance sheets, income statements, and a number of other financial reports are available from any device.
COLLECT PAYMENTS
Owners can send funds and view their transaction history by property, making it easier for them to keep track of their investments, wherever they are.
SHARE IMPORTANT DOCUMENTS
Upload receipts, leases, and other important items to the built-in document sharing system so property owners can access them anytime.
STREAMLINE COMMUNICATION
Use any of our email and mailing templates to send notices to owners, or easily create your own. Prefer physical mail? EZMail automatically prints and sends written documents.
RESPONSE TIME
How quickly do you respond to non-emergency inquiries?
We value your requests and commit to responding within 1 business day, backed by our reliable task system
How do you handle emergencies and after hours issues within the community?
All homeowners will be provided with a 24/7 direct cell phone line to the property manager or a designated emergency contact. This allows homeowners to reach out in urgent situations such as water leaks, electrical problems, or security issues outside of regular office hours. The property manager or their team should be prepared to respond promptly to these calls and take appropriate action, such as dispatching maintenance personnel or coordinating with emergency services if needed.
COMMUNICATION
How do you keep the Landlords and Tenants informed?
For everyone’s convenience we communicate via:
Announcements on Online Portal
Emails
Mail
SMS
What is your response time for emails and calls from Tenants or Landlords?
Our goal is to attend as early as possible. We aim to answer all missed calls, voice messages and email before the business day’s end.
How can Tenants file complaints or suggestions?
Tenants can submit complaints or suggestions through official channels, such as an online form, email, or written letter to the property manager.
FINANCIAL MANAGEMENT
How do you collect rent from tenants?
We strongly encourage tenants to set up online portal and make payments directly in Buildium via debit/credit card and/or ACH. We do have an option of accepting paper checks.
What is your process for handling late payments and evictions?
Due to many different local ordinances, we make have different solutions based on the city or county.
How do you provide financial reports to property owners?
The online portal provides 24/7 sneak peek to all of our financial reports and more. The owner receives an electronic report at the beginning of the month.
VENDOR AND CONTRACTOR RELATIONSHIPS
How do you select and manage vendors and contractors for maintenance and repairs?
We house an independent contractor that has over 33 years of experience. Before requesting any quotes for work bids from vendors, our team thoroughly reviews vendor information, including references and reviews, to ensure quality and reliability.
INSURANCE AND RISK MANAGEMENT
How do you ensure the tenants and renters are adequately insured?
We ensure tenants and renters are adequately insured by requiring renter’s insurance as part of the lease agreement, verifying proof of coverage before move-in, and monitoring policy renewals to maintain compliance. To simplify the process, we recommend trusted insurance providers and educate tenants on the importance of protecting their belongings and liability. This proactive approach minimizes risk for both tenants and property owners while promoting peace of mind.
MARKETING AND VACANCY MANAGEMENT
How do you market vacant properties to attract tenants?
We employ a proactive digital marketing strategy to ensure our properties are prominently featured online, reaching a wide audience of potential renters. Here's how we ensure our properties start with their best foot forward:
DIGITAL MARKETING
We leverage various digital marketing channels, including social media platforms like Facebook and Instagram, as well as online advertising on platforms like Google Ads and Bing Ads. By running targeted campaigns, we can reach potential tenants who are actively searching for rental properties in our area.
ONLINE VISIBILITY
Our listings are not confined to a single website. We understand that most renters search for properties on multiple websites, so we ensure our listings are visible on over 21 different platforms, including popular real estate websites, rental listing websites, and classified ads websites. This extensive online presence increases the chances of our properties being discovered by a wider audience.
PROFESSIONAL PHOTOGRAPHER
We recognize the importance of first impressions. To make sure our listings stand out, we invest in professional photography for all our properties. High-quality images showcase the property's best features, creating an inviting and attractive presentation that entices potential renters.
OPTIMIZED LISTINGS
We take great care in crafting detailed and informative property listings. Each listing is optimized with compelling descriptions, highlighting key features and amenities. This not only helps potential renters better understand the property but also improves search engine visibility, making it easier for renters to find us online. Responsive Online Presence: We maintain a responsive online presence by promptly responding to inquiries and scheduling property viewings. Our online communication ensures a seamless and convenient experience for potential tenants, helping them move through the rental process efficiently.
TENANT SCREENING SELECTION
INCOME VERIFICATION
Importance: Verifying a tenant's income is crucial to ensure they have the financial capacity to meet their monthly rent obligations.
Process: We request pay stubs, employment verification letters, or tax returns to validate a tenant's income. Our goal is to confirm that their income is stable and sufficient to cover rent and other expenses
CREDIT CHECK
Importance: A credit check provides insights into a tenant's financial responsibility and history of meeting financial obligations.
Process: We review the tenant's credit report, looking for any outstanding debts, late payments, or significant financial issues. A good credit history often indicates responsible financial behavior.
DEBT-TO-INCOME RATIO
Importance: Calculating the debt-to-income ratio helps assess whether a tenant can comfortably afford the rent along with their existing debts.
Process: We analyze the tenant's monthly debt obligations (e.g., credit card payments, loans) in relation to their monthly income. A reasonable debt-to-income ratio ensures that the tenant can manage their financial commitments without strain.
BACKGROUND CHECK
Importance: A thorough background check helps identify any criminal history or prior legal issues that could pose a risk to the property or other tenants.
Process: We conduct comprehensive background checks, searching for criminal records, past evictions, and any history of property-related disputes. This helps ensure the safety and security of the property and its residents.
LANDLORD REFERENCE
Importance: Contacting previous landlords provides valuable insights into a tenant's rental history, including their behavior, payment habits, and property upkeep.
Process: We contact former landlords to inquire about the tenant's rental history, including on-time rent payments, property care, and any past issues or concerns. This information helps assess the tenant's suitability.
PERSONAL REFERENCES
Importance: Personal references can provide a broader perspective on a tenant's character and reliability.
Process: We request personal references to gain insights into the tenant's personality, lifestyle, and interpersonal skills. While personal references are not as critical as other checks, they can provide additional context.
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