Frequently Asked Questions in Property Management
We have had many new customers finding us on social media wanting to know more about our company and business processes. Here are some frequently asked questions we receive answered.
How does maintenance work?
Maintenance is the heart of property management. All homes require maintenance, and when issues are handled quickly this increases tenant satisfaction and preserves the integrity of your home.
We have several contractors that we have established relationships with which in turn provide us with competitive pricing for maintenance issues. Maintenance repairs are deducted from your rental income.
If your rental income is $1,200.00, and your home required a sink unclogged (roughly $130.00) then:
$1,200.00 – $130.00 = $1,070.00
I am transferring from another property management company, how does that work?
We would want to have some communication with your previous manager to obtain some background on the history of the property and tenant. Accounting statements and a copy of the current lease assist the transition so we can see a snapshot of the repairs and rental payment history.
Next, we would make contact with the tenant and discuss the change. Two things to highlight with the tenant moving forward would be: how to make maintenance requests, and how to pay rent.
How do you handle tenant selection?
Tenant selection is the most important step in the rental process and why you choose a property manager to assist you versus someone in the real estate industry that may not have the experience of tenant vetting.
Some categories that we consider in the tenant selection process include: Credit Report, Criminal Background Check, and Verifiable Rental and Income History Inquiry.
If someone has a history of paying their bills on time (medical, rent, auto payments, etc.) this is a good indication that they have the intention to pay your rental income on time as well.
How do you handle evictions?
We utilize a third party company for evictions. They specialize in the eviction and court process. Evictions typically cost $400.00 and are billed to both the tenant and owner. If you want more information about this vendor click here:
What do you charge?
In most instances, we offer flat rate property management services for $75.00 per door.
Are there any hidden fees?
There are no hidden fees. We do not charge any maintenance coordination fee, we do retain late fees if your tenant pays late, we do not receive a any kickback from the vendors that we choose.
We strive for transparency in the property management process and provide this with excellent communication.
How do you distribute rental income funds?
Rental income is distributed on approximately the 15th day of each month electronically sent to your bank account with an accompanying detailed accounting statement.