"Redefining Property Management"

Phone: 704-323-6031
Rentals: 704-734-9311

FAQ


What do Property Managers do?

  1. Avoid Bad Tenants
  2. Find And Keep Good Tenants
  3. Upkeep And Maintenance Of Investment Property
  4. Administrative And Financial Property Management
  5. Out Of State Property Management
  6. Types Of Real Estate In Property Management
  7. Property Manager Show Property
  8. Property Management Services
  9. Apartment Property Management
  10. Property Management System
  11. Rental Property Management
  12. Commercial Property Management
  13. Residential Property Management
  14. Income Property Management
  15. Homeowner Association Management

How much are Property Management Fees?

A property management company will get your property ready for showing, interview applicants, collect rents, make repairs ,and help with an eviction process. Typical you are charged a flat fee per month or a percentage of the monthly gross rent for these services. Percentages could range from 5%-15%. Other fees that could be charged outside of this monthly commission could be an initial setup fee, lease renewal fee, early cancellation of contract, advertising costs, and costs for any repair work.

How will you find tenants for my property?

Your property, along with photos, will be advertised on our website and on about 15 other websites to get maximum exposure. A yard sign will also be placed on the property. We will answer and screen every phone call to schedule showing and show the property in person at all times.

What is usually looked for in tenants?

  1. Stability of employment – this will give you an indication of whether the tenant will be likely to stay for the nominated lease period and whether they will have the funds to pay for it.
  2. Good credit history – ability to pay the rent.
  3. Avoid over crowding – ask about the number of people who will be living in the property. Over crowding can cause excessive wear and tear.
  4. Proof of identity – ask the property manager to take a photocopy of a drivers license.

How much will my investment property lease for?

Your lease rate is going to be determined by several market factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. Unfortunately, the markets that dictate lease rates vary vastly from the markets that influence value of properties. Please contact our office and we can discuss this with you as it relates to your specific property.

How do Property Inspections work?

Regular inspections of the property are completed. Inspections are carried out by the property manager to minimize any problems that may arise to do with tenant damage to the property.

What are the most common mistakes made by investment property owners?

  1. Purchasing a property in poor condition.

Even though the purchase price may be attractive, the amount of corrections required to make it inviting to potential tenants can consume every bit of profit made available by a tenant occupying the property.

  1. Requesting a rent amount that is too high.

This mistake leaves you with long term vacancies while generating no monthly income. Tenants in the rental market have a good idea of what current rents should be.

  1. Not keeping an open mind regarding applicants

The changing economy has forced us to make decisions and review tenant applications differently. On average, tenant prospects have lower credit scores than the applicants from a few years back.

  1. Failure to take advice from your property management company.

The rental property business is complex. But years of experience have introduced us to almost every obstacle rental ownership may present. Trust in your management company. We are here to protect your best interest.

  1. Not addressing tenant concerns in a timely manner.

Failure to respond to tenant requests can create additional issues for a rental owner. The rental market is highly competitive and tenants within your complex talk with each other. Failure to respond can lead to a search for better managed living opportunities.

How often will I hear from my property manager?

Would you prefer to hear from your property manager every time something occurs with the tenancy or would you prefer them to handle situations with your best interests in mind?

Advise the property manager of your expectations to avoid confusion. Also discuss your preferred method of communication – is it by email, your home phone, your mobile?

Who handles the middle of the night calls?

We do! We are on call 24 hours a day. Why worry you? That’s why you hired us! Most emergencies are prioritized and often can wait to the next day.

Why should I choose your company instead of another?

We Communicate Timely and Accurate Information

  • We research comparable rental properties to determine the highest market rent possible for your rental property. We provide a timely turn around of your vacant properties so they can be re-rented quickly. Obtaining the highest market rent possible for your rental property and immediately providing a timely turn around of your vacant properties so they can be re-rented quickly.
  • We keep expenses low by providing maintenance services through our own maintenance staff instead of using more expensive contractors.
  • Handling all tenant calls for maintenance, supervising and inspecting all major repairs of the homes, and thoroughly screening all applicants to provide the most qualified Tenants possible.

Leasing Services For Your Rental Property:

  • Aggressive Marketing of Your Rental Property

  • Prospective Tenant Screening
  • Preparation of Lease Contracts for Your Rental Property

Management Services For Your Rental Property:

  • Collection of Security Deposits and Monthly Rents

  • Move-In/Move-Out Inspection of Your Rental Property
  • Preparation of Monthly and Annual Statements

Maintenance Services For Your Rental Property:

  • Response to all Tenant Requests

  • Coordination of Contractors
  • Inspection of Completed Repairs of Your Rental Property
  • Recommendation of Improvements of Your Rental Property

When do we file eviction papers?

  • Eviction papers are filed on the 6th of every month. We file on all tenants that have a balance of at least half the rent.

How long does it take to get the tenant out?

  • Each State has different time frames for evictions.  In North Carolina, the courts will notify us of the date and time of the hearing. The hearing is usually scheduled around 12 days after filing the eviction. During the hearing, if the judge grants us possession of the property, the tenant will have ten days from the date of the hearing to pay their account in full, voluntarily move out or appeal the ruling. In South Carolina, once the case is filed, the sheriff’s office has to personally serve the tenant with the eviction paperwork. Once the paperwork is personally served, possession is granted if the tenant does not respond within the 10 day answer period. After possession has been granted the Writ of Possession can be filed immediately. In many counties, the Writ of Possession expires within 30 days so it must be filed prior to the 30 days.

What happens if the tenant does not pay or move out after the court date?

  • In North Carolina, on the 11th day after the court hearing, we will file a Writ of Possession with the court. If the 11th day falls on a weekend, the Writ of Possession will be filed the following Monday. The Sheriff’s department will then notify us of the date and time of the lock-out. The lockout is typically scheduled 2 weeks from the date that the Writ of Possession was filed. If the tenant does not pay their balance that the eviction was filed for by the lock-out date, they will be locked out of the property. The tenant will then have a 10 day window to make a one time appointment to remove any personal belongings left on the premises. If the tenant does not collect all their belongings within the 10 day window, all items left on the property are surrendered and disposed of.

Will I ever get the money owed to me?

  • The tenant’s security deposit will be applied to their outstanding balance which can include unpaid rent, fees, maintenance repairs and any damages to the property. The remaining balance owed will be billed to the tenant. They will have 30 days from the date of invoice to pay the balance or make payment arrangements with us. If the balance is not paid and they do not setup payment arrangements their account will be turned over to a collection agency to attempt to collect the debt. It will also be reported to the credit reporting bureaus by the collection agency. If any payments are made by the past tenant to the collection agency, the agency will deduct their fee from the amount collected and forward the difference to us. The fees charged by the collection agency are 40% of the amount collected. The amount we receive will be credited to your trust account upon receipt.

What if the collections agency is unsuccessful in collecting the debt?

  • Unfortunately, there is not much else that can be done legally. Their credit history report will have a collection account on it as unpaid. The blemish on their credit report will make it difficult for the tenant to finance anything or rent another property in the future. We will also give negative rental histories for the tenant to anyone who asks. There may be some tax advantages to this unpaid debt. Please consult your tax advisor for advice regarding write offs for uncollected debt.