Q: How much should I have in savings to be properly prepared as a landlord?
A: Each landlord's financial situation is a little different.
At a minimum, a landlord should have at least one month's rent
set aside in savings to cover the mortgage each month. Waiting
for the tenant rent payment to cover the mortgage each month is
dangerous and stressful. Every landlord should put money away
in savings each month to afford general and major maintenance and
repairs as well as plan for a tenant shortfall or vacancy.
Q: How much will I be involved in the ongoing management of my property?
A: Minimal involvement of the owner of the property is best when the property is occupied. We have to follow the laws and procedures to comply with housing regulations. Making special exceptions complicates the landlord tenant relationship. For owners who like a more active roll in managing their property, the leasing only option is recommended.
Q: How soon will I receive rent proceeds?
A: Tenants pay rent generally between the first and the fourth of the month. We must allow sufficient time for the tenant checks to clear our account to verify the tenant had sufficient funds. Contractor and any other invoices must also be paid prior to sending rent proceeds to the owner. We typically pay owners around the 15th of the month.
Q: May I do my own repairs?
A: Repairs are best left to the professionals. Only licensed contractors may do work on properties when tenant occupied. Owners may make their own repairs while a property is vacant as long as the repairs will meet the standards of any incoming tenant. The contractors we use understand how to work with tenants while making repairs thus making the task of completing the repair easier.
Q: What do I do about utilities?
A: We will coordinate all utility transfers. Some utility providers require forms to be signed by the owner to allow transfers to occur. We will contact you if any difficulties arise.
Q: What do I need to do once I turn over management to you?
A: Once we are managing your home, please relax a little knowing the daily operations associated with your rental property are in good hands. Please answer our questions as quickly as possible so we can provide resolutions to your tenant in a timely fashion. And remember, just because we make it look simple, that is rarely the case. We work hard for our clients every day!
Q: What should I do if I have a question or concern?
A: Ask. We are here to help you. Email communication is highly recommended as the most efficient way to have your questions and concerns answered.
Q: When and how will I be notified of expenses?
A: Many expenses are never planned. Rarely do we have the luxury of consulting with an owner first before a repair is ordered. Once a repair is ordered, we may not know the full expense until the invoice arrives. Invoices often arrive around the 1st of the month. We review the invoices, approve them for payment if applicable, and subsequently pay the invoice. Once the invoice is paid, we scan a copy of the invoice to you.