Frequently Asked Questions from Property Owners
Q: How long does it take to start managing the property?
A: We can begin managing your property within 24 hours of signing the management agreement.
Q: How long does it take to find tenants?
A: Our goal is to find suitable tenants as soon as possible. In 2019, we saw an average of 15 days from on market to a signed lease.
Q: How do the application fees work?
A: Tenants pay their own application fees. If your property is within an association that also requires a tenant application, it is up to you if you want the tenant to pay for that application as well.
Q: What is the process of determining my property’s rent?
A: We use a comparative approach to price your property. We look at what pricing a tenant will see when looking for a similar property for rent on the market. We compare what those properties are offering with your own. We also research what recently leased properties were rented for and how long it took them to get leased. Using this information gathered from multiple sources including the local MLS, we will recommend a rental price.
Q: How do you collect the rent?
A: We have different payment methods available, with most tenants paying with eChecks online. We also accept mailed checks, drop-offs at our office, and electronic cash payments.
Q: I prefer receiving payments via direct deposit. Is this possible?
A: Absolutely! In fact, we prefer to send your funds in this way.
Q: Do you screen tenants?
A: Yes, we screen all prospective tenants. Our screening process involves pulling raw credit reports to see each prospective tenant’s entire payment history. We also do a manual search of various databases and courthouse files to find out if they have any eviction filings that may not show up on their credit report. In addition, we contact their previous landlords and also verify their employment and income status before issuing any approvals.
Q: Can I keep my current insurance?
A: Only your insurer can tell you that. We recommend you contact them to confirm you have the right kind of insurance for a rental property. In many cases, a “landlord’s’” policy will actually be less expensive than your normal policy as you don’t have to insure personal property inside the home, which is your tenant’s own responsibility. You will also want to ensure that you have a landlord’s policy as your insurance company may not cover liability or even property damage if your property is insured as your primary residence.
Q: What does my tenant have to do before the move-in?
First, your tenant needs to be approved through our rigorous screening process. Once we issue them an approval they have approximately 3 business days to review the lease agreement, sign it, and pay the first month’s rent and security deposit before the home is officially leased and we take your property off the market. We also require a tenant to provide us with proof of the utilities being turned on in their name before releasing keys to the property.
Sometimes there are extra fees involved. In this case, tenants are required to settle all move-in fees before moving in.
Q: How will my tenant be cleared from their lease?
A: When your tenant moves out, we inspect the property’s condition thoroughly. Any damages beyond normal wear-and-tear or any money they still owe for rent will be claimed from their deposit within 30 days. Any remaining amount of the deposit will be refunded to them.
Q: What kind of inspections do you conduct?
A: We conduct move-in and move-out inspections as well as at least one periodic interior inspection during the first year of a tenancy. We will then perform interior inspections automatically before any subsequent renewals. Exterior drive-bys are done throughout the lease term as well to ensure your property is being well-maintained.
Q: How are the utilities organized?
A: When tenants move into your property, all tenant utilities will be put into their own names. If your property becomes vacant between tenancies, we turn on power and water on your behalf to ensure HVAC’s are running, sprinklers continue to work and your home still shows as best as possible. We manage all this for no additional fee and deduct the actual cost of utilities from your owner’s statement.
Q: What if my tenant doesn’t pay rent on time?
A: Our lease agreements contain strict rules about rent payment delays and failures. All efforts are made to ensure you receive on-time rent payments. In the unlikely event that a tenant completely stops paying rent, we will initiate an eviction action immediately.
Q: What’s the policy for property damage?
A: We will repair any property damage that you face using our licensed and professional contractors. Before we begin repairs, we’ll inform you about the details and provide you with price quotes. When we get your approval for repairs, we will begin the work at the earliest moment possible. All maintenance and repairs are done using high-quality vendors at their best price.
Q: Which financial reports can I access?
A: You are able to access a multitude of financial reports on your owner portal. These reports include regular income and expense statements.
Q: Is it a good idea to welcome pets or smokers?
A: We do not allow smoking or vaping inside any of our properties. If we find evidence of smoking, then the tenants will have to pay for any relevant damages.
As for pets, we believe a pet is only as good as the person that cares for it. That is why we perform extensive screening of all tenants and in addition, we require a separate pet application. We back this up to our screening process with our included Pet Damage Guarantee.
With roughly 70% of the renter population having at least 1 pet, not allowing pets at all will significantly reduce the number of prospects your property will attract and may cause a property to stay vacant longer with a smaller pool of qualified applicants considering it.
Q: Does hiring a property manager lead to loss of all control?
No, property management means that you can still have a say in how the property is run. What you will have though is decades of experience and professionals that do nothing but stay up to date on changing markets and landlord-tenant laws to help inform your choices.