Frequently Asked Questions
Question: Do you enforce Fair Housing Laws?
Answer: ABSOLUTELY! Discrimination in housing is illegal. It is our policy to enforce and promote all current Federal and State laws related to the sale, lease or rental of housing.
Question: Who holds the tenant’s security deposit?
Answer: Because we are a licensed brokerage, we maintain a separate escrow account for this purpose. All security deposits will be placed there and returned to the tenant or otherwise disbursed pursuant to the terms of their lease and State law.
Question: What happens when a tenant has a maintenance or repair issue?
Answer: If it is not an emergency, we’ll evaluate the situation, obtain bids from competent contractors and provide you the information together with our recommendation. Once you have approved the item, we’ll coordinate between the contractor and tenant to get the work done.
Question: What constitutes an “emergency”?
Answer: Imminent damage to life or property, like fire, flood or structural compromise.
Question: How will I know my property is being cared for and only authorized persons are living there?
Answer: Typically, we will drive by periodically for a visual inspection. If your property is in a common interest community, we will also ensure that the community’s management company has our contact information. Unless the property requires regular inspection, we cannot just drop in on a tenant for casual inspection. However, we will take the opportunity to look around if we’re responding to a maintenance or repair request. If we ever notice unauthorized persons or pets, we’ll take the appropriate steps with the tenant to correct the situation.
Question: How do you do your banking and will you pay my bills?
Answer: With an initial investment from you, we will open a custodial “operating account” at our bank where all deposits will be made and from which we will pay your management related expenses. In order to ensure that there is always sufficient money in the account, we will retain a minimum balance for emergencies and any money needed for expected expenses, but the rest of the funds will usually be forwarded to you monthly. If you wish, you may have online view access to the account, so you can always see what is going on. You are responsible to continue making your own mortgage, property tax, insurance, and HOA payments (if any).
Question: What happens if the tenant doesn’t pay the rent?
Answer: While we take all commercially reasonable steps necessary to collect the rent, there is always a chance that an otherwise creditworthy tenant may stop paying. If we feel we cannot obtain the tenant’s compliance, we will discuss the options and associated costs with you (including eviction), and proceed at your direction.
Question: Can you also list my property for sale or lease it as a rent-to-own?
Answer: Of course! We’re not just property managers – we’re a full service, licensed real estate brokerage, as well. Simply let us know what your ultimate goals are with your property and we’ll customize an arrangement that will be targeted to meeting them.
Question: How much does all this cost?
Answer: Aside from the cost of your mortgage payment(s), property taxes, insurance, and HOA fees (if any), you should expect to pay for advertising and utilities while the property is vacant, the actual costs of all repairs and maintenance, banking fees and supplies, a Leasing Commission equal to one month’s rent, a monthly Management Fee of 7% and any expenses paid on your behalf (like postage). There are no trip charges, no mark-ups and we only get paid when you do. If you’re turning your home into a rental property for the first time, we highly recommend you discuss the financial implications with a professional tax advisor.
Question: Are your fees negotiable?
Answer: We believe our fees are very competitive in the marketplace for a full-service arrangement and they are generally not negotiable unless you contract with us to manage multiple properties.
Question: What sort of contractual commitment is required?
Answer: If we are leasing your property, we will ask you to give us an Exclusive Right-To-Lease Listing Contract. Our management services are performed under a separate Rental Services Agreement. Whether you choose to engage us solely for the management or for both leasing and management, you always have the option to terminate our relationship with one month’s notice.