It's All Owner FAQ
For Property Owners
What is the job of a Property Manager?
A property manager is responsible for the maintenance and upkeep of the properties they serve. Their duties include, but aren’t always limited to:
- Inspecting properties before, during, and when the lease term ends
- Preparing properties to rent
- Being an agent for the owner (landlord)
- Making properties available for potential tenants to walkthrough
- Screening applicants
- Marketing rental properties
- Coordinating lease renewals and signings
- Maintaining investment properties
- Providing financial and administrative functions
- Providing on-site maintenance, management services, and leasing for apartment rentals
- Logging all correspondence for the entire management system
- Corresponding with tenants and owners
- Utilizing rental management computer software
- Coordinating utility payments pre-rental and in-between rental periods
How Much Does a Property Management Service Cost?
The job of a property management company is to prepare a rental property for viewing, interviewing applicants, collecting rent, making necessary repairs, and, when applicable, helping with the eviction process. Most property agreements are charged according to a flat fee per month or as a percentage of the gross monthly rent rate.
The percentages typically range anywhere from 5-15%. Other fees that might be applied outside of the agreed upon monthly commission could stem from lease renewal fees, the initial rental set up, early service cancellation, costs of advertising above and beyond what is included, and any additional charges for repair work.
How are Tenants Found to Occupy the Rental Properties?
The property, along with photos, are advertised both on the website and on the Carolina Multiple Listing Service (MLS). Properties are also listed on various online sites and home directories.
Our management company screens applicants thoroughly to reduce rental risks. And, we strategically place rental signs on the property to attract potential renters.
A Property Information Sheet is specifically prepared for each property with all the pertinent information for each rental.
What Characteristics do we Look for in Potential Tenants?
- Employment stability – We look for indications that a potential tenant has a steady work history. And also, we look at whether they have the means to fulfill their monetary obligation for the entirety of the lease term.
- Credit history – A potential tenant’s good credit rating is a good indication of their ability to pay rent.
- Limited Occupancy – Our management company asks how many people will be occupying the property. And we seek to limit overcrowding, which can lead to the need for excessive repairs and overall wear and tear.
- Identify Verification – Each applicant is verified through a state-issued photo identification.
- Criteria List of Approval form
How Much Income Will my Rental Property Generate?
Several market factors will help to determine what your lease rate per month will be. Things like the property's location, the rent of competitive housing in the area, and the size of the rental will all help to calculate how much income your property is worth per month.
Unfortunately, we have very little control over the rental rate in a specific location; it is guided by market factors and the value of properties in the surrounding area. For help estimating what your property is worth, please contact our office so we can discuss your individual property.
What is a Property Inspection and How Does it Work?
Our company performs regular inspections. Intervals of inspections include midway through the term of the lease, at the end of a lease after it is vacated, and at other times at the owner’s request. We recommend periodic inspections to ensure that all preventative maintenance is done promptly, and also to reduce the risk of tenant damage to the rental property.
What Common Mistakes are Made by Rental Property Owners?
Buying an Investment Property That is in ill-Repair
Some investment property buyers will purchase a home due to the attractiveness of a low-priced property. But once purchased, they are not prepared for the vast number of repairs that need to be made. By the time they have gotten the property rent-ready, most of their investment has already been absorbed.
Requesting an Unrealistic Rent Amount
By pricing a rental property too high, you might incur a high vacancy rate, which means missed rental opportunity. So being realistic about what your rental property is worth is essential to generate the monthly income you anticipate.
Being too Closed Minded About Tenant Requirements
Although you want to reduce the risk of nonpayment by a tenant, basing your decision wholly on one factor like a credit score, might limit your tenant pool. And that can lead to more vacancies.
Failure to Follow the Advice of the Management Company They Hire
The reason you hire a property management company is to help you navigate the complexities of an investment property. If you are going to spend the money to have someone manage it, it is best to trust their advice. The property management company is there to help you make money so that they are successful too!
Ignoring Tenant Concerns
By ignoring the concerns of a tenant, you can create additional issues for yourself. Right now, the rental market is doing well, and there are a lot of properties to choose from. If you do not take tenant concerns seriously and respond timely, you run the risk of creating a poor reputation. And that can lead to reviews that could hurt your future ability to rent.
How Often Will the Property Manager Reach out?
The rate of communication between you and the property manager is guided by how much you want to be involved and notified about specific things. Although you are turning over your investment property to a management company, it is still your investment.
And as such, you will want to have regular communication to ensure that you know what is going on. You can determine what guidelines of contact you want to set and how you would rather be notified, when necessary, by email, text, or phone.
Who Handles Overnight and After Hour Calls?
We handle the overnight calls so that you don’t have to. That is one of the luxuries of hiring a property management company. We not only respond, but set emergencies to be prioritized and attended to them when necessary.
Why you Should Choose Sea Turtle Property Management
Our property management company offers highly competitive pricing, and we perform due diligence to ensure that you are getting the most out of your property investment. We also provide the best in turnaround so that your property is not sitting vacant awaiting the next tenant.
Our mission is to provide the best maintenance possible, and we have a network of professionals who are responsive, timely, expert, and moderately priced. Our team of professionals handles the small hiccups so you don’t have to. And we inspect on a regular basis to reduce the risk that comes with rental property investments, when you aren’t available or close by. Most importantly, we evaluate and screen each potential tenant to ensure not only that they have the means to pay their obligated rent, but also to ensure that they respect your property and maintain it properly.
- We offer aggressive marketing to ensure that you have a low rate of vacancy
- Tenant screening that goes beyond the surface
- Preparation of Lease Contracts for your Investment Property
- Collection of monthly rent and security deposits
- Move-in/out inspections
- Preparation of all monthly statements
- Coordination of subcontractors and contractors
- Responsiveness to tenants requests
- Repairs made per request
- Making recommendations for improvements, when necessary