FAQs for Owners

 

Does my property qualify for your program? 

We are not always able to assist in every situation. Each of our homes are evaluated on an individual basis and must meet certain standards in-order for us to represent them. Generally speaking, properties must be current on the mortgage, in good repair and very clean. We only get one chance to make a first impression. It must also have a potential rental value of not less than about $900 per month. We do not currently offer student rentals or section 8 properties. We HIGHLY recommend properties to be re-keyed and professionally cleaned prior to tenant occupancy and we require owners to have the carpets professionally cleaned before a tenant moves in because the same is required of the tenant at expiration of their lease. There are many other recommendations we may have for your property so if you may be interested, please contact us as soon as possible to get things started. 

How quickly can you lease my property?

Unfortunately, there is no crystal ball for this answer.  There are many factors that affect the timely rental of your property including location, price, condition and time of year.  We want vacancies to be minimal, but patience is the key.  Finding a tenant is easy but finding the right tenant requires persistence and sticking to sound principles.

 

How much can I lease my property for?

Market rents are a function of supply and demand.  Many investors rely on how much their mortgage payment is or what they feel the property is worth.  This can result in extended days on the market due to unrealistic rental amounts.  Coldwell Banker Howard Perry and Walston Rental Management has extensive experience in determining the correct price point rent for your property. Getting this right the first time is crucial in minimizing your vacancy and maximizing your income.

 

I already have tenants in place, can you help?

Very often owners are either tired of the day to day interactions with tenants or have discovered the huge liability of managing rental property and decide it's time to turn things over to a professional management company. We can gladly help as long as the current tenant has paid rent on time for the previous 6 month's, no ongoing disputes between tenant and owner and NO litigation proceedings have been initiated. We are not in the business of assuming someone else's problems and DO NOT take on new properties with current landlord-tenant issues.

 

Can I choose to disallow pets, smokers, large families, etc.?

We comply fully with the Fair Housing Act. This means that you cannot choose to disallow anyone that is a member of a protected class under the act.  You can choose to disallow pets and not permit smoking in your home, but you cannot deny a service animal.  If you have additional questions on the specifics of the Fair Housing Act, please see our fair housing page.

 

How will you advertise/market my property?

Most rental applicants tell us they found us on the internet.  CBHPW Rental Management has developed extensive relationships with local and national rental web sites to market your property all over the United States. Additionally, we utilize our own web site, signage and military data bases.  Our advertising is designed to maximize reach at minimal cost.  Further, we analyze each property based on its own unique profile to design a specific marketing plan which promotes your property under the most favorable conditions.

 

When will I receive my funds each month?

Once your resident pays the rent, your funds and current statement will be sent to you electronically or by mail between the 10th and the 12th of the current month.  Most of our clients take advantage of our Direct Deposit Service which electronically deposits your funds into your bank account saving you time and delays. This service is provided at no additional charge.

 

 

 What is your property management fee?

Our fee structure is simple and straight forward. We do not believe in "add on" fees of any kind.  Our monthly management fee is 8% of each month's rent which is less than the market average of 12-15%.  We also charge a procurement fee of equal to 75% of 1 full months rent to secure a tenant.  If your property is already occupied, we will waive our normal procurement fee and only deduct $250 Administration /Setup fee.

 

What happens if the tenant has a maintenance issue?

In the event of a maintenance problem, the tenant calls us and not you!  Our maintenance staff is on call to handle any and all maintenance problems.  Our Maintenance Coordinator closely scrutinizes all maintenance requests and takes great care to minimize your costs.  In the event where the cost of the repair is estimated to exceed the stated limit in our property management agreement, you will be contacted for your pre-approval, presented bids and you will be responsible to pay directly to the vendor.  Please note that this repair limit is based on non-emergency repairs. We will handle emergency repairs immediately, based on our judgment and experience in order to protect your property from suffering any further damage.

 

Do you provide me with a report of activity on my property?

Yes!  Through our Owners Portal, you will have 24 hour access to all activities associated with your property. We will provide you a monthly report of rent and other income received, maintenance, repairs and other expenses incurred.  Copies of repair invoices are also available through the Owners Portal.  Additionally, a year-end statement is provided for your annual income tax reporting.

 

How does CBHPW Rental/Management screen potential residents?

We will fill your vacancy with tenants who are thoroughly screened for credit, employment, housing and other references.  We also personally interview each and every qualified applicant to ensure only the most qualified tenants are chosen. We want good tenants as much as you do! Our extensive tenant screening and credit investigations help ensure this. Vacancies are expensive for both of us.

 

Does retaining a management company mean I won't have any problems with my property?

No! But our experience will help reduce the potential for problems related to your rental property.  Our business is problem resolution. Whether the problems are related to maintaining the property or dealing with a difficult resident, a resolution must be achieved. Our expertise will help reduce the aggravation and potentially higher expenses related to solving these problems.  We can't keep all bad things from happening but we can handle solving the problem for you to give you a much deserved peace of mind.

 

Why should I use a professional to manage my home?

While the reasons our clients choose professional management vary, here are some of the key reasons many people elect professional management over self-management:

  • We handle maintenance and emergency repairs, allowing you to sleep at night.
  • We enforce collection of rents and serve the proper notices upon failure to pay.
  • We understand and apply the correct federal, state, and local laws, keeping you and your investment out of trouble.
  • We know the local market, have an extensive network of contacts, and have advertising resources available to us at discounted rates. This allows us to effectively market your vacant home to prospective residents to get it filled.
  • After you add up the increased rent we can often command, the discounts you'll receive on advertising, and the company rate we get on repairs, you'll often make more money than if you managed the property yourself!

 

I'm interested, what do I do now?

For more information on our services or to schedule a free consultation you can  request a Property Management Proposal or  Contact Us. We will send you a Management Agreement and schedule a "no obligation" consultation to view your property and get our first hand evaluation of your home.

 

 


© 2017 Coldwell Banker Howard Perry and Walston
Realtor® Equal Housing Opportunity