Buffalo City Living, LLC Rental Property Management Procedures
Offering the best in local Property Management, Maintenance, Repairs, and Improvements. With regard to lease agreements and property management contracts, here’s how we work at Buffalo City Living, LLC:
- For properties already rented, we will work to uphold the existing terms between you and your tenants. If we are filling a new vacancy, we would advertise and screen applicants before offering the vacancy to a new tenant. When an applicant accepts our offer, we meet with your (approved) tenants, have them sign a rental agreement, then send a copy of the agreement to you and all parties involved in the contract.
- You must sign a Property Management Agreement with Buffalo City Living, LLC. This gives us the legal authority to act on your behalf with regard to all management issues pertaining to the property.
- Following the completion of each month, you will receive an electronic invoice from our office for:
- Monthly retainer fee
- Billable labor (Property Owners are be billed at an hourly rate for all consulting, administrative duties and property maintenance, including tasks like fixing a leaky faucet, replacing a broken window pane, painting, mowing the lawn, and snow removal in the winter when necessary.
- Reimbursable expenses (such as utility bills or property taxes which we may pay on your behalf)
- Applicable Sales and Use Taxes
- Please note that our company has unlimited access to some highly effective internet advertising channels, including the Multiple Listing Service, Trulia, Zillow, Craigslist, Hotpads, and Apartments.com. If you have vacant units for rent, your rentals will be listed by a NY Licensed Real Estate Professional at Buffalo City Living, LLC.
- For certain properties, we may also chose to advertise with local rental assistance programs including Belmont, RAC (Section 8) and DSS.
Property Manager’s Requirements
Properties *MUST meet the following requirements for Buffalo City Living, LLC (“BCL”) to sign or maintain a Property Management Agreement with any Owner:
- Properties must be in compliance with municipal building codes and meet minimum housing quality standards as published by the US Department of Housing and Urban Development (“HUD”) online at www.hud.gov. If properties are not up to code and/or they do not meet HUD housing quality standards, the owner must provide BCL with adequate funds to perform the required repairs and/or improvements.
- Owner must provide BCL with a copy of keys to every lock at their properties. If BCL is not provided with a key to any lock at a property, the Owner must provide BCL with adequate funds to perform lock changes.
- Owner must be able to provide copies of written rental agreements for each current or future tenant holding possession of a property. If any current tenants are kept on “verbal agreements,” the Owner must pay BCL to draft written rental agreements with tenants.
- Owner must carry a current Dwelling Insurance Policy for all properties. Dwelling Insurance Policy must include Liability Coverage ($1,000,000 per occurrence / $2,000,000 aggregate) and Personal and Advertising Injury Coverage ($1,000,000). Effective dates must cover the duration of our Property Management Agreement.
- Tenants must abide by the terms of their rental agreements. If a Tenant breaches their rental agreement and does not correct their breach upon demand by BCL, the Owner must provide BCL with adequate funds to evict the delinquent tenant.
- If any property is vacant or scheduled to become vacant, BCL and/or BCL’s agent(s) assumes the Exclusive Right to List Property for Rent on the local Multiple Listing Service.
- Owner must abide by the terms of their contractual agreements (including, but not limited to, rental agreements and property management agreements). If an Owner breaches, or attempts to breach any contractual agreement, and does not correct their breach or attempt to breach upon demand by BCL, BCL will terminate all relationships with that Owner.
- BCL requires each Owner to keep a $250 reserve credit on their account at all times. This money is to be kept as a perpetual running “credit” on the Owner’s account for the purpose of funding current and future property management and maintenance expenses.
*Owners who have signed an Exclusive Right to Sell Listing Agreement with Buffalo City Living, LLC, NY Licensed Real Estate Broker, are allowed exemptions from requirements 1, 3, 6, and 8 above.
Attention: Rental Property Owners
Put the experience of our local Buffalo Property Managers to work for you! Our staff understands the Buffalo and Niagara Falls region. We are familiar with NY State and local laws, and we understand the diverse landscape of rental property markets in the cities and suburbs of Western NY.