What is Rapid Property Management’s role as a property manager?
Our objective is to meet our clients’ financial & operational objectives while increasing the value of their investment property. We have a fiduciary relationship with our clients and take it very seriously as described in South Dakota Codified Laws. Our services include:
• Rent collection
• Bill Pay Services
• Leasing Services
• Screening tenants
• Negotiating leases
• Keeping accurate records
• Providing accurate and timely reporting
• Scheduling routine maintenance
• 24 hour maintenance
• Emergency repair
What type of properties does Rapid Property Management manage?
• Single family homes
• Commercial Properties
Does Rapid Property Management require a reserve to be retained in the trust account for expenses?
We do typically ask that a reserve be held in the account to cover any unforeseen expenses or to cover any rent checks that may bounce. We adhere to the requirements of the South Dakota Real Estate Commission.
What insurance is required?
We require that owners carry a commercial general liability insurance policy for the protection of any claims arising out of the operation, leasing, and maintenance of the property. We do require a valid certificate of insurance, listing Rapid Property Management as an additional insured party to be on file at all times – there is usually no additional cost associated with this.
How do we communicate with our owners?
You will hear from us on the following occasions:
• Monthly financial reports (customizable)
• Once a lease is signed at one of your units
• Lease renewals
• Extraordinary maintenance items
• Whenever one of your units is vacant for greater than 21 days so that we can work with you to develop a marketing/pricing plan to get it rented.
As the ultimate communication tool you will be given a username and password to sign into our Owner Portal and view financial and operation information and reports. The functionality you will find when you sign on is:
• Bank Balance
• Management Fees paid
• Active Work Orders
◦ Check/Deposit Listing
◦ Financial Statement
◦ Move In / Move Out
◦ Owner Bank Activity
◦ Owner Open Payables
◦ Owner Statement
◦ Profit & Loss
◦ Rent Roll
◦ Security Deposit Activity
◦ Trust Account Detail
◦ Unit Availability
◦ Unit Profit & Loss
◦ Unit Transaction Listing
By hiring Rapid Property Management you will be partnering up with a management team that has your best interests in mind and we work exceptionally hard to maintain your trust.
How is my rent money handled?
We follow the instructions of the South Dakota Real Estate Commission. When rents come in we deposit to a trust account that is regulated by the South Dakota Real Estate Commission. While the money is in the trust account we pay any bills that are posted against the property, take out any management fees and send the difference to you.
How are bills paid?
We pay bills on a weekly basis. Our approach to paying bills is to make every attempt to make sure vendors are paid on-time. This approach ensures that we remain a good customer to the vendors and therefore they perform at a much higher standard than many of our competitors.
When will I get my disbursement check? We give our property owners a choice of receiving their disbursement in arrears or on the 10th of the current month. Typically if there is a mortgage against the property our owners opt to receive their disbursement on the 10th.
How do you handle mortgages?
Because of the liability we typically ask that the mortgages be paid out of your own bank account and we will transfer the money to that account on or around the 10th. Although we will happily do it for a small fee and we would require that we retain funds in the trust as reserve.
Do I get monthly reports?
Yes, and there are 100’s to choose from. However, we will likely send you an “Owner’s Statement” and a “History/Notes” report automatically and if there are any other reports you’d prefer we will set those up too. Our philosophy is COMPLETE VISIBILITY.