Here is a collection of frequently asked questions that we have put together to help you in renting or managing a property. If you have any other questions, not listed here, feel free to call or send an e-mail.
What is included in the leasing fee? Account set-up, initial property inspection, digital photos for advertising, yard sign/lock box installation, tenant screenings/background investigations/application review, tenant appointments,advertising via internet, website, local rental agencies, & estimate preparation for any rent-ready work necessary. Basically, everything you need to get your property leased out!
What if you do all these things and my property still does not rent? If your property is getting exposure, meaning people are seeing it but just not moving forward with the application…it’s most likely priced too high. It’s extremely important that you don’t base the amount you expect for rent off your mortgage payment, what your neighbors tenant is paying or what you’ve heard here and there. The market dictates the rent and the amount of supply and demand. Grapevine Property Management will do a professional market analysis and give you a recommendation based upon comps in your immediate area. To avoid delays and wasted advertising dollars, we strongly suggest you stay closely within the range of our suggested rental amount.
When will you start advertising my property? We will begin advertising when we have received the signed contract back in our office, and after we have gone to inspect the property, taken the pictures and we have the keys.
How long will it take to rent my property? Each property is different and it varies depending on the market, the time of year and the leasing price. The more saturated your area is with rentals, the more competition, and the longer it may take and vice versa. Our goal is to rent your property within a 30 day period but it can take longer.
How do you determine the leasing price? We will do a complimentary market analysis for your property based on its size, age & location. We check all resources your tenant is likely to look when searching for a rental like the internet,local papers, rental agencies and the MLS. In order for a quick turn around,your property should be competitively priced against the competitions. If it’s the highest on the market, there’s a good chance it will sit longer as well.Again, our goal is to rent your property in 30 days or less and we will recommend a price that will most likely achieve that goal while still keeping within market rates.
What do you look for in a tenant? We are mainly looking for stability in income and longevity at their previous addresses. We do not look for perfect credit but do not want to see numerous open collection activity or multiple lates in the past12 months. We also run background investigations and verify employment income and past rental history.
Can I help pick out the tenant? No, choosing tenants carefully is part of our job and we feel we are able to do it faster and more efficiently on our own. It is not time or cost effective for us to have to call you each time a prospective tenant is interested in your property. We will give you weekly updates by email as to the status of your property and let you know immediately once we have secured a qualified tenant.
I already have somebody who wants to rent my property. Can I have them call you? Yes, of course! Have them give us a call and we will do all the screening and coordinate the move in. If this person is qualified and becomes a tenant, we will discount $100 off of your rental fee.
What do you do for the monthly management fee? It sounds easy but there’s actually a lot involved. We handle all the day to day operations of your property including but not limited to: handling tenant issues, rent collection & accounting,tenant / owner billing, maintain a 24 / 7 emergency call service, issue service repair orders, home warranty coordination, delinquent account servicing &eviction coordination.
Do you charge me when my property is vacant? No. We only charge on money collected. If you’re not receiving any money than neither are we! If you would like us to maintain the landscaping while the property is vacant or visit the property than that is an additional fee.
When do I get my check? Owner checks are sent out towards the middle of the month, usually around the 15th of the same month the rent is received.
Why can’t I get my check earlier than the 15th? The rent is due on the 1st& the tenants have a 5 day grace period. Once we receive the tenants check,we process it and deposit it in our broker’s trust account. The law requires us to wait until the checks clear which takes approximately 7-10 business days.
Do you collect interest on my rent money? No. All rent payments go directly into our broker’s trust account which is a non-interest bearing account and it is actually illegal to collect interest on these types of transactions per the Department of Real Estate. We do not make money or benefit off keeping your rent payments longer than we need to.
Can I contact the tenants or go over periodically to check on my property? No. When you lease a property you guarantee the tenants “quiet and undisturbed use” of the property. They are the current legal owners while in possession and you are notable to enter the property or do anything without their consent. Also, when you’re using property management the whole idea is to keep an arm’s length from your tenants and avoid getting involved personally. Contacting your tenants and visiting the property while occupied defeats this purpose and tends to confuse the tenants as to who their point of contact is.
Does your company do repairs too? Yes, we have an in-house maintenance crew that can handle any job large or small. Once we have inspected the property, we will evaluate the word that needs to be done and give you an estimate for the repairs.
How are your prices? Our bids on rent ready work are extremely competitive.
Can you call me before doing any repairs? We take service calls from tenants and qualify all repairs prior to making the trip to the property. For small repairs under$50.00 we take care of it right away without calling you. Emergency repairs also need to be completed right away and do no require authorization. All other repairs requested by the tenant need to be authorized by the homeowner and you will be given an estimate and need to sign off before any work is started.
What if I have a home warranty? No problem, we will utilize home warranties whenever possible. Please forward us a copy of the home warranty at the time of sign-up.
Should I allow people with pets in my rental property? Almost everybody has pets and to restrict them will greatly lessen the possibility of renting your property in a timely manner.
If there is anything else we can answer for you regarding our services please do not hesitate to call Monday – Saturday 9AM – 5PM.
