Investor QuestionsHave Questions About Investing? Find Answers Here!
What Needs To Be Done To Prepare My Property For Rent?
The property should be in the best possible condition to attract a quality resident. Paint should be in good shape with marred or dirty areas touched up. Neutral colors for walls and floors are best. We suggest no blinds or window treatments be provided. The home should be “detailed” clean and the yard in excellent shape. Note, for homes inside city limits of Wilson NC, should have passed the Minimum Housing Code and received a certificate before being placed on rental market.
How Do I Determine The Rental Amount?
The competition determines the rental amount. As experts in the field, we know the market and the competitive rental ranges for your home. If the home is marketed too high the home will be vacant much longer. If it is marketed too low, it may be one or two years before the price becomes competitive again.
How Do You Market The Property?
For Rent sign in the yard and/or windows. Also the property is immediately added to our rental availability list, web sites, and other online resources.
How Long Will It Take To Rent?
Vacancy periods are market driven. There is also some luck involved in the right person looking at the right time. Homes rent more slowly between Labor Day and New Years. Location and price effect vacancy.
What Are The Policies Regarding Pets?
Our general rule is no pets. However this does restrict potential applicants. This is decided by the owner, on a property basis. If pets are allowed, we like the restrictions: small dog, less than 25 lbs, only 1 dog, nonrefundable deposit of $500.
What Is The Policy Regarding Smokers?
It is common to restrict smoking inside the property. This does not significantly reduce the marketability of the property.
Is It Possible To Refuse To Rent To Families With Children?
In federal, state, and local Fair Housing regulations children come under the protective class of “familiar status”. It is unlawful to discriminate against children in any way.
Is The First Month's Rent As Well As A Security Deposit Collected Up Front?
If a resident has good credit it is common practice to collect first month’s rent and a security deposit up front. Security Deposit can be anywhere from 1 to 2 month’s rent. That is determined by the application. The security deposit is held by the Property Manager and returned at the end of the lease to the tenant is they fulfilled the terms of the lease or in full/partial to owner for unpaid rents and repairs.
What Happens If The Rent Is Late?
The rent is due on the first of each month. We begin collection proceedings after the tenth of the month. If the resident does not pay by the 15th of the month, eviction papers are filed at the courthouse. Most evictions are the result of loss of employment.
Who Handles Emergencies?
Maintenance personnel is always on call for emergencies. We have an extensive network of maintenance personnel and sub-contractors to handle any emergency on your property, day or night. We are on call 24 hours a day 365 days a year.
What Is The Average Length Of Tenancy?
All of our leases begin as a 12 month lease (initial term). If a shorter lease is required as the initial term, we increase the rent and security deposit by 10%. After the initial term, the lease become month to month unless owner or tenant requests a lease review.
How Are Repairs Handled?
The home’s personal property management team is responsible for approving all maintenance requests. Residents are encouraged to submit all repair requests in writing. If funds are available the expense will be deducted on the next month’s accounting statement. If funds are not available the property manager will contact the owner for payment arrangements. Sometime a request falls into the category of a maintenance emergency. Emergencies are scheduled immediately and the owner notified at the first possible opportunity.
What Happens If The Resident Leaves Before The End Of The Lease?
They automatically forfeit their security deposit and we begin the process to make the unit rent ready.
How Is The Owner Protected If The Resident Damages The Property?
A refundable security deposit taken at move-in is usually sufficient to handle the minor damage caused by residents. Residents with excellent credit and references seldom cause significant damage. If the resident leaves the property owing money for rent and/or damages they will be billed. If they do not pay, we will work with the owner’s attorney on filing a money judgment and seeking restitution.
A tenant in default is also entered into local and national tenant credit bureaus for delinquency. Many times this will prevent them from renting from another agency until they have corrected the delinquency with our firm.
As An Investor, What Other Areas Should I Be Aware Of?
Accounting: we close out owner reports mid-month and end of month. This usually allows us enough time to pay any repair bills that may have come in, and verify tenant has paid their rent. If tenant has not paid their rent, then we file for summary ejectment which does incur a court cost for the filing. We also prepare your end of your statements, which include the MISC-1099 Form, 1099 Report, and a Property Profit & Loss. These are completed during January and mailed to each client.