Property management is vague term and lots of questions come up all the time. Here are a few we regularly receive from customers.
Property Management Accounting FAQ
What sets your screening process apart from other property management companies?
We pay professional agencies to run credit checks and background checks in addition to us personally calling each reference provided and required (rental history or mortgage, employment reference, proof of salary, etc)
How are landlords paid every month?
Direct payment (bank transfer) to their bank, or other as specified
How will I get reports?
A statement of account every month after deposits made into Landlord’s account
What is your fee structure?
First month’s rent (negotiable on larger properties over $1,000 per month rent) plus 10% per month thereafter (no more fees, all inclusive)
Property Management Screening FAQ
Which qualifications are most important to you?
All of them are important when considering a tenant for your property.
Would you accept a tenant who met your qualifications in some areas, but not others?
Tenants who do not meet qualifications are not typically accepted unless there is a special case. We want your property to be free of problem tenants.
What factors would make you reject a prospect?
Any bad reference or credit. Also responses to our questions when meeting them (we have personal contact with all applicants).
Is there a typical debt-to-income ration you’re looking for?
Based on the credit report and income. Not set but similar to mortgage, nothing over 50%.
What if the applicant is self-employed and can’t produce regular income?
No go. Even self-employed can show regular income if it exists.
What if we can’t get a referral from a previous landlord?
Depends on if Landlord unwilling to provide, that is bad. If unable to contact due to bad landlord or unable to contact, then would require a very positive reference from all other checks.
What happens if the tenant has a recent foreclosure?
Job references and agency report on their other credit and background would be collected and then discussed with Landlord. Many good tenants may have had one foreclosure.
What screening methods do you use?
Qualified Agencies and our own calls.
Property Management Marketing FAQ
What is your phone call return policy?
Same day normally, even weekends, we are here to help!
How much notice will you give before terminating a contract?
30 days.
How do your tenants contact you?
They have office numbers and agents' assigned to that properties mobile number, also email of agent.
What other rules do you set for tenants?
See agreement, contact us if you would like to see a copy.
What is your late rent policy?
5 days grace then $10 per day thereafter.
What does your lease look like?
Paper with writing on!
Legally prepared, pretty extensive and covers all statuary requirements, covers maintenance, pets, number of occupants, no alterations, etc.
Contact us if you would like to see a copy
How do you market your rental units?
All the major internet property and real estate sites; Mibor, Zillow, Realtor.com, Trulia, myPad, etc. Also print media sometimes and yard signage. (Yard signs still very effective)
Is that average time getting longer or shorter?
Our average time to locate a tenant is getting shorter.
What is the average length of time it takes to fill a vacancy?
One month is typical to fill a property with tenant (more expensive properties maybe within two).
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Property Management Maintenance FAQ
How expensive does a job have to be for you to contact me before doing it?
We contact for every job prior. Emergencies 24/7, we also contact and work it out who they want to use.
How many quotes do you get for jobs?
Regular from all Landlords. Probably do 85% of the maintenance needs on all properties we manage.
Which kinds of maintenance jobs are handled in-house?
Any and all.
Can you give me an overview of your property inspection and maintenance process?
6 months in normal good tenant circumstances.
We coordinate all maintenance, notifying Landlord throughout and before spending. We have our own in house rehab and maintenance company available for Landlords. Their choice to use us. If not we still coordinate repairs with third party and payment through rents, or from Landlord if over account balance. All reported on landlord statement.
Property Management Evictions FAQ
How does the eviction process work here? Costs to me?
We do it. Only charge you the expenses and court filling fee
May a tenant withhold rent?
No
What items does the 5 Day Notice To Pay Rent Or Quit require to have on it?
Parties legal details, quote lease agreement document, offense, required solution and consequences of non-action.
What if my tenants are giving me hassles, can I just change the locks and throw them out?
No, follow legal process. Has to be a valid reason (damage or no rent payment, abuse of property) Registered letter, eviction notice, court process and Sherrif (they will leave during any of those stages)
What percentage of tenants do you have to evict?
One since we have been in business. Although we have had to threaten a few in the lower income properties often!
Reid Properties – About Us FAQ
Do you personally invest in real estate in this area?
Yes we do invest in Indianapolis real estate
Can I speak with any of your current clients?
Yes, providing they agree.
How long have you been a manager in this area?
We have been providing property management in the Indianapolis are since 2008