Answers to your commonly asked questions
how soon can you start managing my property?
Right now! We can send you an agreement to e-sign and arrange for keys/access right away. Our first order of business is to get your accounting set up so that you can get paid, and then we will perform the initial property inspection which we will share with you.
What if the tenant damages the property?
The security deposit is intended to cover charges incurred for tenant damages. You should already have discussed what security deposit you want to collect with your realtor. We also require tenants to carry renter's insurance which provides another layer of protection for accidents. Lastly, because we do a pre-move in inspection, periodic inspections, and a post-move out inspection, we have documented conditions of the property throughout their residency. If the costs to repair damages exceed their security deposit, we will invoice them for the amount do. If this balance is not paid, we will turn them over to a reputable collections agency.
How do I get my house ready to rent?
The goal is to maximize your rental income. Therefore the house needs to be professionally cleaned, including carpets. All necessary maintenance work must be completed. Any paint touch ups or repaint also is highly recommended. The cleaner the slate the house starts on, the easier it is to assess wear and tear vs tenant damages for each round of tenants, and the higher the rent it will generate. All personal belongings must be removed, and any equipment that stays must be included in your lease as an addendum (i.e a hot tub).
What if the tenant is late on paying rent?
Rent is due on the 1st of every month, with a grace period until the 5th. Email reminders are automatically sent for upcoming rent due notifications, and once rent is late, a late fee will be applied to the tenant's account. We are firm on late fees, which is a natural motivator for paying rent on time.
Will I be called at all hours of the day?
No! That's why you pay us! We will do everything we can to mitigate emergency situations that would warrant a call in the middle of the night. We have relationships with locally owned businesses that can respond quickly if the situation is urgent.
Why do you require Vantage Point be added as additionally insured?
As a property manager, we take on risk and liability as if we were the homeowner. While we do carry professional liability insurance, it does not cover matters concerning the home itself. If someone is injured on site, or fires, water damage, burglary, etc, we are potentially exposed to those liabilities. This also helps makes claims or any litigation processes easier when one policy extends to both homeowner and property manager as a united front.
Can my income be put directly into my bank account and when will I get paid?
Yes! This is the way we operate. We will disperse funds on the 10th of every month. This will be the remaining balance of your monthly rental less any costs for repair/maintenance and our management fee, while maintaining a reserve of $350 for emergencies.
Can I use my own vendors?
Of course! However, we are building a list of preferred vendors that know how we work. This ensures they are licensed, bonded, and insured, and enables us to receive faster service and quicker invoices for a more streamlined status of your financials.
How often do you inspect the property?
If your property is a rental, we will inspect the property at the beginning of our management, at the move in of any new tenants, every six months during a tenancy, and after post-move out.
If your property is vacant, we will do a monthly inspection, inside and out, and share our findings with you with any recommendations. These will incorporate any seasonal preparations such as winterization, etc. If we have severely cold temperatures in the forecast, we will enter the property to open cabinet doors, check the thermostat settings, and start a slow drip to any faucets sharing an exterior wall. If we have severe weather, we will drive by after it is safe to do so, to ensure electricity is on and asses any downed branches that need attention.
who holds the tenant's security deposit?
We will hold the security deposit in a credit union account that is separate from our every day business banking account.
what happens when I terminate our agreement?
There is no penalty for cancelling our services for any reason. If you have decided to sell and need referred to a realtor, we can help with that! If you wish to move back in, we will restore the property within reason from the last tenants within 30 days of their move out. Our contract is really for your protection - it states what services are owed to you from us for the management fee you pay.
What is the difference between normal wear and tear and damage?
Let's look at two common examples of this debate; normal wear and tear vs damaged carpet and paint.
If the carpet has been in place for 5 years or longer, it's the landlords responsibiltiy to replace it, since that's the length of the carpet's useful life. If the carpet has light or sun damage, or is showing signs of wear, that's normal wear and tear.
If the carpet has worn out and become a trip hazard, it should be immediately replaced and paid for by the landlord. It is the landlord's responsiblity to keep the property free of hazards. However, if the carpet has been ripped or heavily stained, that is tenant damage.
Peeling paint, sun fading or small scuffs are considered normal wear and tear. If the paint has excessive scuffs/marks or holes, those are tenant damages. Any drawings or scribbles are tenant damages.
While discerning whether something is normal or damage is subjective, we have extensive experience at determining what charges, if any, are to be made to tenants.