Our Process

All tenants are screened to make sure they qualify to rent. The review includes:

• Prospective occupants over the age of 18 must submit a complete rental application including a copy of government issued photo identification;
• Our tenant screening vendor reviews all applications including the prospective candidates credit history, a criminal background check and post rental history;
• We personally contact previous landlords and current and past employers. Copies of pay stubs or tax returns if the applicant is self employed are reviewed to verify the applicant’s ability to pay.
• If an applicant meets or exceeds our strict standards, they are required to sign our lease agreement and submit a deposit to hold the property off the market.
• Minimum tenant standards required are:
  • FICO score greater than 650 (no bankruptcies or utility collections)
  • Good rental history (no evictions)
  • Gross income of at least 2.5 times rental amount

Our comprehensive residential and commercial leases are reviewed regularly by legal counsel. Several addendums that are a part of our lease agreements are designed to verify that a tenant has been informed about all rental policies and property maintenance requirements. Documents and forms attached to the lease agreement may vary but generally include: welcome to your new home instructions, move-in/move-out inspection form, utility sign-up form, inventory of personal property included in lease, EPA lead base paint pamphlet (if necessary) and HOA Rules (if applicable). Digital photos of the rental property are also taken by management prior to tenant move-in to verify the condition of the premises.

In our experience the most avoidable management expense is tenant turn-over and we work hard to always treat tenants fairly and with the utmost courtesy and respect.

For apartment complexes, a budget is formulated for repairs and common area maintenance based on our client’s needs and goals. We offer tenants many convenient services such as our “pay on-time online” feature which is currently offered to HOAs and apartments*. Monthly property drive-bys and unit interior inspections when appropriate are designed to monitor lease compliance and protect the rental property. Any evidence of non-compliance is grounds for corrective action. Late fees are assessed for rent received after the fifth day of the month followed by a legal notice to pay the rent or vacate. Our collection activities are designed to “remind” tenants to pay their rent before costly legal eviction actions become necessary. However, when necessary, the eviction process is handled by a reputable local attorney.

• We have an owner trust fund established into which all rent payments and security deposits for property is deposited. Each client’s trust fund is kept separate from our corporate accounts so there is absolutely no commingling of funds. All trust funds are held in an FDIC-insured bank and are insured up to the maximum legal limit.

Tenant security deposits are also held in client’s trust account. Distributions from trust accounts can be sent by check or direct deposit on or before the 15th day of the month. Owner profit and loss statements are mailed or emailed by the 15th day and include an accounting of all income and expenses. We require an established minimum account balance in a trust account, which allow us to handle any expenses for properties throughout the month. Year-end profit and loss statement for each property will also be distributed to clients.

Fees are set at a flat rate with no set-up fees, with a low rent-up fee. We are one of the only property management companies that does not charge additional fees.

Management fees are based on a percentage of collected rents. The fee is negotiable depending on the number of units in each property and the location and condition of the property. All required tax reporting is provided at no additional charge.

The client is responsible for all operating costs for running the property including, but not limited to, advertising, legal fees, wages, payroll taxes, and worker’s compensation insurance for property employees, all materials and labor in connection with authorized repairs or improvements for the property, outside services for the property (i.e. pest control, landscape maintenance, parking lot), utility charges, property taxes, insurance premiums, accounting and tax preparation fees.

Fees are set at a flat rate with no set-up fees. A flat rate of $100 per document preparation for annual disclosures provided to homeowners is charged annually.

All required tax reporting is provided at no additional charge.

The client is responsible for all operating costs for running the property including, but not limited to, advertising, legal fees, as well as wages, payroll taxes, and workmans’ compensation for property employees, all materials and labor in connection with authorized repairs or improvements for the property, all services for the property (i.e. pest control, landscape maintenance, parking lot, etc.), utility charges, property taxes, insurance premiums and accounting and tax preparation fees. Regency reserves the right to pay all expenses for the property from a client’s trust fund account, on behalf of the client.

During the operational phase, Regency will implement the following:

• Computerized billing to all property owners.
• Follow-up on all delinquent property owner payments.
• Pursuing appropriate legal remedies for non-payment pursuant to the owners directives.
• Establish and maintain computerized accounting for property owner accounts.
• Prepare and mail notices.
• Enforce all rules pursuant to tenants lease.
• Supervise all common area building maintenance.
• Selecting vendors for all common area services on a competitive basis and ensuring vendors are properly licensed, bonded and insured as required by law.
• Review insurance coverage and get competitive bids.
• Provide detailed monthly financial reports.
• Processing annual 1096 transmittal and all 1099 forms.
• Help prepare annual financial records.
• Provide special financial analysis or statistical reports as needed.
• Maintain business relationship with all individual property owners and respond to any special request for services not covered in the contract.

Our firm handles the negotiation and consumation of hundreds of leases for commercial office space, retail and industrial space. Comprised of experts in every aspect of commercial property management and administration, Regency offers a full spectrum of property oversight solutions including comprehensive lease tracking and up-to-date reporting. We pride ourselves in maximizing a client’s rate of return on their investments while minimizing the risks inherent in construction, enterprise start-ups, management infrastructure analysis and restructuring, leasing protocols, billing and accountancy.