PROPERTY MANAGEMENT/LEASING:

Metropolitan realizes that, as attractive as investing in real estate can be, there is a part of it that involves some hard, sometimes thankless, work. That is the management and leasing of the property. It is the one segment of property ownership that causes many would-be investors to shy away from making a real estate purchase. With that in our minds, we discovered we could make our investing program a lot more appealing by providing those services at a reasonable cost. As soon as the escrow on your purchase closes, the property is turned over to Metropolitan Property Management. Our management staff will make sure the final landscaping and interior window blinds get finished while the leasing agents fold the property into their inventory to begin marketing to the tenant community.

Generally speaking, the average time to locate a tenant for a particular property takes about 45 to 60 days. Yours may take less time, it may take more. That figure is simply an average. Our leasing program is extremely aggressive and we try to get in front of every possible potential renter as possible. You might find it interesting to note that, contrary to popular practice, we do not charge a tenant a security deposit. The result is that we can lease our homes much faster and at a higher rent per month than the competition that insists on holding a deposit. This approach makes more sense if you break it down a bit. An example is two homes, side by side, one renting for $1,000 per month with a $1,000 security deposit. The Metropolitan home rents for $1,100 per month with no deposit. The Metropolitan home finds a tenant in two months. The other home finds a tenant in 3 months. The Metropolitan advantage of receiving one month’s rent more than the neighbor receives—and at a higher rental—becomes readily apparent. In addition, because the Metropolitan home rents for an extra $100 per month, the owner automatically receives $1,200 more. He just gets it over 12 months instead of all upfront. In most cases, if tenants had the funds for the first month’s rent, plus an equivalent amount for a security deposit, they probably could buy their own home instead of renting.

Once you begin to speak further with us about our program, we will be able to more fully explain the management and leasing functions and answer any questions you may have.