The following questions are frequently asked by potential clients:
A: Everyone who considers renting living space to tenants needs to decide whether they have time for being a landlord and if it is something they truly wish to take on. Thankfully, having a rental property does not mean you have to also be a landlord. One benefit of hiring a property management firm is that the tenant-landlord transaction is managed by a third-party intermediary. When the relationship is handled at arm’s length, managing it as a business becomes easier. If problems do arise, it is easier to work out differences between the management company and the tenant and it does not need to involve the owner.
A: Often the property management company is better prepared to provide a high level of service for the tenants because of the resources it can apply to a particular issue. Avoiding problem tenants, retaining quality tenants, understanding and abiding by legal and regulatory requirements as well as keeping the property properly maintained are all keys to maximizing the profitability of the owner's assets. Although owners may be capable of handling their own affairs, it may not be the best use of their time and effort. Property Managers are professionals with the training, experience, and resources to assist owners for a fee that is not only tax deductible, but also very reasonable given the specialization of services provided.
A: In respect to our owner clients that have different objectives and servicing needs, our company charges different rates depending on the type and quantity of properties needing service. Our fee structure is competitive. Reductions in service fees are available for larger numbers of units; however, all clients will receive the same high level of service. The exact fee will be determined once we have had the opportunity to conduct an initial meeting with the property owner and tour the property in question. (Remember the opportunity costs of managing a property on your own.) The likelihood that a management company will help the owner avoid costly mistakes is high, potentially saving the owner the equivalent of many years' worth of monthly management fees.
A: Ultimately the rental market. We use our marketing skills, analysis, and judgment to optimize rents in accordance with your goals.
A: The majority of security deposits are deposited into the Progressive Property Trust Account. For some of the larger properties a separate security deposit trust account is established for the specific property. They remain in the trust account until the tenant vacates the property. Any security deposit money due the tenant will be refunded within fourteen (14) days.
A: We carefully screen each prospective tenant and verify rental history, employment, credit history, and obtain a criminal background report (if requested by the owner). Income guideline properties require additional verifications.
A: No. You pay nothing.
A: The owner pays for maintenance and repairs unless, in rare cases, the tenant has agreed to assume responsibility or the tenant has caused, or is responsible for the damage.
A: We pay for all signage and labor costs related to marketing your property for rent. We pay for and maintain a web presence. Property specific marketing for individual properties is paid by the owner. This can include print media, some web based rental sites and other direct marketing.
A: You should expect to make the property move-in ready for a tenant prior to starting to show the property. This may include cleaning the property, cleaning the carpet, some maintenance and painting the walls. Your property will rent quicker and demand a higher rental value if it is in good condition.