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What do I need to do next if I am interested in obtaining your services?
The next step will be for us to set-up a time for us to meet. At that time, we will review our management agreement and associated paperwork that will put us to work for you.
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What are your management fees?
We believe that we offer world class service and that our management is an investment that helps you profit as much as possible from your rental property. The monthly investment for full service management for most single family homes is 10% of the rents. If the property is a duplex or larger, we determine the monthly investment on a case-by-case basis.
We also believe in aligning our interests with those of our landlord clients. So when you are making money, we are making money. On the other hand, if you’re not making money, we’re not making money, pretty simple. If the tenant renews their lease, we earn what we call the lease renewal “bonus” for doing a good job. The lease renewal bonus is a $195 investment on you part at the time of the lease renewal. When the tenant renews their lease, you make more money because there are no turnover costs, vacancy, etc. If the tenant does not renew their lease, we do not get a bonus and have to do a lot of work to complete the move-out process, market the property again, show the property, process applications, move-in the new tenant, etc. So again, the idea is that our interests are aligned and we are heading in the same direction. We charge no other fees and have no hidden costs.
We do offer optional a la carte items that you can choose from to protect your rental property. We will explain those to you when we talk. If you’d like to learn more about our world class service, give us a call to setup a meeting time and we will go through all the details with you.
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What happens if the tenant breaks the lease?
One thing that is constant in life is change. Sometimes tenants decide to break the lease for one reason or another. However, this does not release them from their legal responsibility of the lease. Per our lease agreement, we charge the lease breaking tenant a re-renting fee. This fee is meant to help offset the unexpected vacancy. We will do everything we can to help mitigate the loss to the property owner.
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When should I start marketing my property?
Based on current rental market statistics, we recommend that the marketing for the property begin about 45 days before the availability date.
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How long will it take to rent my property?
Based on Multiple Listing Service (MLS) statistics over the last several years, the average days on market (“days on market” is defined as the number of days between when the property comes on the market and when the property is rented) for single family homes has hovered around 30 days. Therefore, if you plan to market your property at market rent, you should expect about a two month vacancy period to find a qualified tenant. However, we encourage you to market the property slightly below market rents in an effort to reduce the vacancy period and get more money in the long run. For prudent planning, we also suggest that you plan for three months of vacancy so that you are sure to have enough reserves to carry you through the vacancy period. Of course, each property is different and may be challenged by things that extend the vacancy period including; an age-restricted community, undesirable proximity to a main road, outdated condition of the house, etc.
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Do you hold reserve money for the property?
Yes, we typically hold $350 in reserves for your property. This is not a fee, this is money that is used to cover any required maintenance repairs or utility bills that may come due. Each month we will replenish your reserve account with the received rent money or ask you to replenish it in the event the property is vacant. Upon the termination of our agreement, your reserve balance will be returned to you.
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When do I receive my proceeds each month?
We typically process owner statements and disburse proceeds mid-month. We send funds electronically via direct deposit. We email our owner statements.
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Who pays the HOA fees?
As the owner, you will continue to pay the HOA fees as you always have. Costs for the HOA fees will be offset by the received rent.
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Who maintains the pool?
We ask that our clients provide pool service for the tenants. We do this for two reasons; first, it ensures the pool is serviced and two, it insures the pool is serviced correctly. Costs for the pool service will be offset by the received rent.
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Who maintains the yard?
Per our lease, the tenant is responsible for the yard maintenance and compliance with the HOA yard requirements. However, some owners that are concerned about specific plants or trees or the landscaping in total choose to provide landscaping services for the tenant to ensure that it is done and done correctly.
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Who pays the utilities while the property is rented?
Typically the tenant pays all the utilities. However, sometimes the water, sewer and trash are paid through the HOA. As the property owner, you will continue to pay the HOA dues and offset these costs through the received rent.
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Should I allow pets in my property?
Although the choice is yours, we recommend that you allow pets. The reason for this is that over 60% of U.S. households have pets. If you do not allow pets, you are eliminating over half the potential rental market right off the bat. This could equate to a longer vacancy period for your property.
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What if I want to cancel the management agreement?
All you need to do is give us notice and we will cancel your management agreement. That’s right, we only want to work with people that are happy working with us.
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How is maintenance handled?
We outsource most incoming maintenance requests to outside vendors. We have established relationships with reliable vendors that we depend on daily. Per our management agreement, we handle all maintenance items that are under $350. We have found this to be a good limit for the day-to-day maintenance requirements. Any maintenance item over $350 will require your authorization before we proceed. However, in the event of an emergency to protect the property or health and safety of the tenants, we may handle these maintenance emergencies prior to obtaining your authorization. If you have a home warranty company in place, we ask that you provide us with their information so we can coordinate with them as needed.
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Can I do my own repairs?
It depends on whether or not the property is vacant. If the property is vacant, you are welcome to complete any repairs you choose. However, once the property is occupied, we ask that only professional contractors be used. This helps us protect you from the possible pitfalls of speaking with and dealing directly with the resident, and the possibility of being accused of completing work in an unprofessional manner.
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Can I choose the company that does the repairs for my property?
Yes. If you would like us to use a specific company, simply provide us with their contact information so that we can make a note in our property files to contact the specific company. If you choose to do this and you would like for us to pay them directly, we will require that they complete a vendor package so we are certain they carry the required insurances. If they cannot or will not complete our vendor package, then we ask that you pay them directly.
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How often will you inspect my property?
We inspect the property at various times during the tenancy. Before the tenancy begins, we will complete a detailed pre-move-in evaluation to document the initial condition of the property. During the tenancy, if there is a red flag such as a concerned neighbor calling, an abnormal HOA violation or some other warning sign, we will plan a visit to the property to confirm that all is well. In addition, we will conduct one walk through evaluation per year at no additional cost. At the end of the tenancy, we will conduct the move-out evaluation to determine if there are any tenant caused damages that must be deducted from the tenant’s security deposit.
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How do you find and keep good tenants?
We find tenants primarily through our strong internet presence. But we also have our cutting edge yard signs that provide information 24 hours per day and include our call capture system, the Multiple Listings Service, and other marketing tools at our disposal. Once we have an applicant for your property, they go through a stringent screening process so we can determine if they are worthy of renting your property. We keep good tenants by being responsive to maintenance requests and other legitimate tenant needs.
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What happens if the tenant doesn’t pay his/her rent?
Although this doesn’t happen often, it does happen. It is more common for tenants to pay rent late than not at all. However, because we strictly enforce our lease, including the timely payment of rent, we will take the necessary steps toward the eviction process while keeping you informed and involved in the process so that you can decide how you would like us to proceed. We also offer an Eviction Protection Plan, which we will be happy to discuss with you during our meeting.
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How long will it take to evict a tenant for non-payment of rent?
Evicting for non-payment of rent is typically a very straight forward process. We will typically have a non-paying tenant out of the property within 30 – 45 days from the first of the month that they do not pay rent.
