What Needs To Be Done To Prepare A 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. Blinds or shades are ideal window coverings. The home should be “detailed” clean and the yard in excellent shape.
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?
The property is immediately added to our website, rental availability list, over 40 real estate websites,the Greenville MLS and other advertising resources. A sign is placed and marketing photos are taken within 48 hours. Each property is assigned to a property management team to track the marketing effectiveness for the individual property.
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. On average in today’s Greater Greenville market it takes between four to eight weeks to rent a home. Homes rent more slowly between Thanksgiving and New Years. Location and price effect vacancy.
What Are The Policies Regarding Pets?
Statistics indicate that 75% of renters own pets. Restricting pets reduces the number of available qualified residents. Pets should be screened and pet references checked out. In general, a well-behaved cat or dog causes less wear and tear on a home and yard then a young child.
What About Smokers?
It is common to restrict smoking inside the property. This does not significantly reduce the marketability of the property.
Is A Security Deposit Collected Up Front?
It is our practice to collect a security deposit up front. A security deposit can be used for any owner costs and damages after a resident vacates your property. The security deposit is held in a resident trust account as required by state real estate regulations.
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.
What Happens If The Rent Is Late?
The rent is due on the first of each month. We begin collection proceedings after the fifth of the month. We contact delinquent residents on the sixth of the month. If the rent is not paid by the 10th we take the first step in the eviction process and file for eviction with the local magistrate and the owner is notified. Most delinquencies and subsequent evictions are the result of loss of employment. We manage over 250 properties. Our eviction rate is less than 1% of properties under management.
When Are Monthly Funds Distributed?
State Real Estate Regulations require that rental checks must have cleared the bank and the accounts reconciled to the penny before disbursing funds. The payments to owners along with statements are processed at the end of the month. Disbursements are made by ACH direct deposit into the owners’ accounts and statements emailed the same day.
Who Handles Emergencies?
A licensed property manager 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?
Our rental agreements are for one year. Near the end of the lease term we will send renewal notices to the residents. The owner can decide to renew the lease (if the resident wishes to remain), vacate the resident, or allow the resident to remain month-to-month. If the market supports it, we will increase the rent at renewal and lease end.
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. It is our policy to notify owners of all maintenance requests. If funds are available the expense will be deducted on the 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. Some maintenance requests can result in a rent abatement if not handled timely. The owner is notified immediately when there is a rent abatable maintenance issue.
What If The Resident Leaves Before The End Of The Lease?
The resident is responsible for the rent for the term of the lease. If residents leave before the termination date they will forfeit their security deposit and will be charged for balance of the rent due.
Am I 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 file a writ for restitution with the local magistrate. If the court agrees with the charges, the court will enter a judgment against the resident. The judgment can either be turned over to an attorney or a collection agency. A judgment remains on the person’s records for 14 years or until satisfied.