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Do You Need A Property Manager?
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Ask yourself the following questions
- Do you have experience managing rental property yourself?
- Are you familiar with fair housing and landlord/tenant laws in the jurisdiction(s) where your property is located?
- Do you have relationships with contractors that ensure you can get 24 hour service at reasonable prices?
- Do you have a reliable means to determine market value and potential returns on your investment property?
- Do you know and have the proper notices and legal process to deal with non-paying tenants?
- Do you have a current, professionally crafted lease and related agreements/forms to minimize your exposure to liability should a tenant sue?
If you answered “no” to any of the above questions, it might be prudent to hire a professional management team. The cost of one bad decision could more than offset the cost of hiring a professional manager to help you avoid the pitfalls of rental property ownership. |
ApplAlert - To Comply Patriot Act
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AppAlert
First Advantage SafeRent's AppALERT is an automated search tool that identifies known terrorists and fugitives from various data sources including the FBI, federal agencies, and state and local law enforcement agencies. AppALERT helps you meet terrorist-checking obligations, required under the United States Patriot Act. With AppALERT, a search can be concluded on each applicant as part of our resident screening service.
Benefits
- Enhances applicant criminal information that, when used with other crime prevention measures, can reduce the risk of crime
- Provides a compliance solution for Presidential Executive Order 13224, which prohibits the leasing of rental house to known or suspected terrorists
- Improves Fair Housing compliance by ensuring consistent screening of all applicants
- Save time for the leasing staff-all searches are run automatically without any additional input from staff
- Meets or exceeds terrorist-checking obligations found in many multifamily property master agreements.
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Pets – Should you allow them?
Roughly 50% of tenants have a pet of some kind. Denying pets reduces your pool of potential renters.
Pros
- Pet owners are normally required to provide additional security deposits.
- Pet owners may stay longer as other property available to them is limited.
- Two or more pets can actually be better than one – since they provide companionship for each other and are less likely to cause damage due to boredom or anxiety.
Cons
- Pets can create odor and damage problems if not properly supervised by their owners.
- Items such as carpet generally require more frequent replacement in pet friendly properties.
- It can be difficult to obtain reliable references on pets from former landlords.
- Pet damages sometimes exceed the amount of deposits and it can be difficult to recover the excess from former tenants.
Recommendation
As with most such issues, each case is different and comes with its own set of risk versus reward considerations. The following are some factors to consider in making your decision:
- Do you have pets or have pets previously been in the property?
- Does the property have older carpet?
- Do you intend to occupy the property yourself at some point? Would you likely upgrade many items in that process anyway?
- Do you have allergies that might be aggravated by pet odor/dander?
- Would allowing pets provide significant reduction in projected market times?
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Landlord Frequently Asked Questions
Q: What do I get for my monthly management fee?
A: Among other things, your management fee buys:
- The market presence and reputation of ShellTree Realty.
- Rent collection and tenant relations.
- The expertise of one of the best property management teams in the upstate.
- Twenty-four hour access to a wide array of licensed, insured maintenance vendors.
- Professionally crafted and legally tested leases and related documents.
- Access to competent, effective landlord/tenant attorneys.
- Peace of mind.
Q; How long will it take to rent my property?
A: Many factors affect the speed with which a property rents including supply/demand, time of year, location, and condition. Your property manager will recommend a market rent based on these factors.
Q: Why do property management companies charge leasing commissions? How are these different from management fees?
A: Management fees pay the managing company and your property manager for the day-to-day tasks associated with conducting your rental business. Leasing commissions are offered as an inducement to get the property marketed and shown. Our goal is to maximize exposure for your property and encourage all real estate agents (who number in the thousands) to bring qualified tenants to the table. This is accomplished by offering a leasing commission or “finder’s fee” to the agent who markets the property and the agent who brings the tenant to the table.
Q: Can Shelltree™ Property Management make my mortgage payments?
A: Yes, provided the following conditions are met:
- A minimum of one month’s mortgage payment is held as a “minimum balance” or “funding” in your property account.
- You agree to pay an additional fee equal to 2% of the monthly rent for handling of the transaction.
- Sufficient funds are available to us when the payment is due.
Q: Will ShellTree™ Property management pay vendors or my condo fees if my account balance is insufficient when the bills are received?
A: No. Real estate regulations preclude any real estate company from advancing its own funds to settle an owner’s expenses. Bills are paid when the available balance in the property account is equal to or exceeds the amount(s) owed. For this reason, it is important to ensure your account balance is always sufficient to pay all anticipated expenses.
Q: I interviewed several managers and found a lot of variation in fees. Why is that?
A: Real estate companies operate completely independently of one another and set their fees according to what they consider reasonable returns for their efforts. There are no “standard” fees for particular services. At ShellTree™ Property Management, the emphasis is on quality and we work hard to attract and retain the best management talent. We believe our program provides excellent value to our investment property owners. Our philosophy is to gain market share by consistently delivering an exceptional range of services to our landlords and tenants.
Q: My property manager has suggested that I paint, replace a few rooms of carpet, and have the house power washed before placing it on the rental market. I’m not selling—why should I go to all this trouble and expense for tenants?
A: A well-maintained property attracts better tenants, leases in a shorter time, and generally brings higher rents. Well-qualified tenants realize they are sought after and shop homes that are in good condition and offer the best value for their rent dollars. The money you “save” by not having the property in top condition will be spent on longer vacancies and the problems associated with attracting lesser qualified tenants |
Rental Property Evaluation Form
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Please complete and submit the following Online Property Evaluation form. The more information given, the more accurate the evaluation. All information you provide is secure and will be kept strictly confidential.
To provide a more detailed analysis, we would be more than happy to also assess your property in person.
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