What happens if the tenant doesn’t pay the rent?
We will pursue the tenant through all legal means to obtain their rent payment. Rent is due on the 1st of the month, if they have not paid by the 5th before 5pm or postmarked on or before the 5th, they are assessed a late fee. If rent is still not paid by the 8th, we send them a 72 hour notice which gives them until approximately the 15th of the month to pay their rent in full. On or about the 16th we go to the county courthouse and file for an eviction if the rent is still unpaid.
How do you qualify or screen applicants?
Each application we receive is thoroughly screened. We obtain credit, criminal and eviction reports on every applicant. Additionally, we verify income and/or employment and check with past landlords about any rental history. An applicant’s income must be a minimum of 3 times the amount of the monthly rent.
How can you assure the property is being well taken care of?
Knowing this is a significant concern to our owners, we take great care in looking after your home. We drive by often, give the neighbors our contact information and complete an inspection of the interior and exterior at least once per year. We have found our best resource for any concerns or issues is often times the neighbors. At every opportunity we also ask the tenant how things are going. Initiating this conversation often gives the tenant an opportunity to discuss maintenance items they might not otherwise bring to our attention. If there is an emergency maintenance concern, our tenants can call our regular phone number and receive assistance 24 hours a day, 7 days a week, and 365 days a year.
What happens if the tenant breaks their lease?
We do not allow tenants to pay a “lease break fee”. Any tenant that has signed a lease is rent responsible through the end of their lease or until we place a new tenant in the property. That said, sometimes a tenant will move out and not send the rent payment that is owed. We hold all of their security deposit funds and will apply it towards any unpaid rents. Also, we will pursue them through all legal means to obtain the rents and monies owed you, our client. This includes, but is not limited to, collections and small claims court.
May I make repairs to my own property?
Absolutely, you may make repairs to your property. However, if we receive an emergency call from a tenant and the problem is for an essential service, we must take care of it immediately and may not have the ability to contact you in advance. When we initially take your property under management we will discuss a financial limit of work we may have completed on the property without your authorization. Usually this is $500, however this may be determined based on individual needs. Just to restate the concern though, if this is an emergency situation which involves an essential service, we may not be able to contact you in advance.
How much do you charge?
The quick answer is 10% of the rent. Of course there are other charges and fees. We would be happy to discuss the options with you either by telephone or face to face.
How often do you inspect my property?
We schedule annual inspections for the property. That doesn’t mean we don’t go more often though. As part of our services we contact the neighbors to your property and give them our contact information. By having their eyes in the field, it give us a definite advantage for monitoring your investment. We drive by all of our properties often to confirm that all is well.
How long will it take to get my property rented?
It is our goal to have a property rented within 30 days of taking management. If the vacancy occurs because a tenant moves out, we work diligently to have a new tenant moved in within 2 weeks of the vacancy.
What happens if there are damages to my property when a tenant moves out?
We can charge a tenant for damages or extraordinary wear and tear on the property. When a tenant moves out they are responsible for returning their keys to our office. Within 48 hours of receiving their keys, we conduct a move out inspection. If we find they have damaged the property or there is excessive wear and tear to the property, we deduct the necessary amount to repair these items from the security deposit. If the cost of repairs exceeds the security deposit, we will pursue collection through all available legal means.
What does it take to get my place ready to rent?
It may take very little. What we are trying to do is create the expectation before tenants even move in for what it should look like when they move out. Have the carpets been professionally cleaned? Are there any stains, tears or worn spots? Are the appliances clean and shining? Are the window coverings clean and free from dust? Have all the nail holes in the walls been filled or patched? Do the walls need to be painted or touched up? Is there any deferred maintenance that may be considered a safety issue? Have the smoke alarms and/or carbon monoxide detectors been tested and have fresh batteries? Is the house in the condition you would want it to be if you were moving in?
How often will I receive my money and statement?
We process owner disbursements every month on or about the 10th of the month. This varies slightly depending on what day of the month the 10th falls on. We can electronically deposit your funds directly to your bank account by ACH (Automated Clearing House) or we will mail the check to you. At this same time we will send you an owner statement for the current accounting period (typically this is from the 11th of the previous month through the 10th of the current month). It is our preference to email this statement to you, however, if you prefer it may be mailed. Also, we offer all of our owners to look at their accounts online through a secured owner portal.