How do you assess the rentability/potential rental income of a property?
Rental rates are determined by several market factors including the condition of the property, location, and the rental rates for competing homes in the immediate area.
How quickly will my property be leased?
The total time to lease a property depends on many factors including price, location, condition, amenities, season, and further restrictions on pets and/or smoking, etc. We aggressively advertise the property and respond quickly to all inquiries while conducting our due diligence to find the best possible tenant. Remember, we don’t charge vacancy or advertising fees. Our goal is the same as yours – quickly leasing to long-term, reliable tenants.
What if the tenant does not pay rent?
Even with careful tenant screening and placement, late payments and evictions are inherent risks. We mitigate these risks with clear communication and incentives for timely payment. If eviction becomes necessary, we are prepared to manage the process professionally and in compliance with local and state law so that the property is re-leased as soon as possible.
How can I ensure that the property is cared for?
Finding and selecting the tenants that will appreciate and care for your property is a critical part of our service. We use all available resources to conduct our screening process, mitigating the potential for damage to your property. Further, we conduct scheduled inspections of the property to not only assess its condition, but also to ensure compliance with the lease agreement. If there is damage to the property, we work quickly to address it, and assist you in assessing and collecting on that damage when necessary.
What happens if something breaks on the property?
Repairs are divided into two categories: emergency repairs and routine repairs. Emergency repairs are repairs that, if left unattended, might lead to injury to persons, damage to the property, or make the property unlivable. In this case, we are on-call 24/7, and will respond in accordance to the maintenance plans laid out in the management agreement.
For routine repairs, the tenant will notify 68 Properties with a trouble call and it will be handled quickly by either in-house maintenance or trusted local vendors when necessary.
Responding to both emergency repairs and routine repairs are priorities for us. Our ability to quickly assess a problem and decide how to handle it will save you expensive repair bills and give you peace of mind that your investment is in good hands. Tenants will be comfortable knowing that we are responsive and that we care that they are enjoying the property as they deserve.
What about conflicts of interest with maintenance charges?
We have put a lot of thought into our fee structure. We want to foster long-term relationships which is why we don’t charge ridiculous repair fees. In fact, we have purposefully left our in-house maintenance fees below the market rate. The time is compensated, but not so much that it becomes a lucrative avenue of our business. We are aware of the power of misaligned incentives and want you to be comfortable that repairs are done with your consent, only when necessary, and at a great value for money.
What are the move-in and move-out expenses?
When conducting the initial inspection of a property we will notify the owner if repairs or cleaning are necessary before advertising and leasing. Along with our in-house repairs, we provide in-house cleaning services at the same rate ($30/hour), and also work with local partners to arrange further services when needed. We do not charge set move-in/cleaning fees as a method of boosting our revenue – we clean when necessary and we do it at very reasonable rates.
For move-in expenses, the tenant will be charged the cost to rekey a property. This fee will vary depending on the size and type of property and will be clearly included in the rental advertisements and the leasing agreement.
Regarding move-out, our lease agreements specify that the tenant is responsible for turning over a clean property, to include professional-grade carpet cleaning where applicable. Here, the tenant has the option of performing the work themself, hiring a suitable service, or allowing 68 Property Management to do the work against the security deposit. With all parties clearly understanding the expectations, we handle turnover in a smooth and professional manner while avoiding the feeling of being taken advantage of by unnecessary, hidden fees.
How do security deposits work?
Security deposits are held in escrow until the termination of the lease.
Do you allow pets or service animals?
Pets are handled on a case-by-case basis and depend largely on the property owner’s preference. In the case that pets are accepted, additional pet fees and security deposits will apply. Specifics will be included in each property’s rental advertisement. Service animal stipulations are a separate matter, and 68 Property Management adheres to local, state, and federal regulations.