FAQs for Property Owners
What is typically involved in preparing a property to be rented?
Generally, you should expect to make the property move-in ready for a tenant. This may involve painting or patch work, carpet cleaning or replacement, minor repairs, etc. Your property will rent quicker and demand a higher rental value if it is in good condition.
What determines the optimal rental rate for my property?
Your Property Manager will complete a detailed market analysis to determine the optimal rental amount for your property. This determination will be based on the current market value for like kind properties in the same geographical location as the subject property. Property condition and marketability also plays a role in determining the optimal rental amount.
Who pays for maintenance and repairs to my property?
The owner is responsible for maintenance and repairs, unless the tenant has caused damage outside of normal wear and tear. In that case, we will seek reimbursement on your behalf from the tenant. Because we deal with a large volume of properties, we can normally contract at considerable savings to you for repairs and maintenance. We save you money whenever possible and we do not mark up the cost of repairs and maintenance.
Who pays for the marketing of my property?
Premier Property Solutions pays for all signage and labor costs related to marketing your property for rent. The owner pays for the cost of advertising the property for rent in local periodicals and the Multiple Listing Service (if chosen). For more information, please see the Advertising Options section in this management package.
Are management fees deductible?
Generally, as a direct expense item. However, you should confirm this with your tax advisor as your specific situation may be different. A tax advisor can be recommended upon request.
How are tenants selected?
All applicants 18+ must submit a rental application and provide valid picture identification in order to be considered as a potential tenant. A professional screening company will be used to screen each applicant. This will ensure that all State and Federal Laws including Fair Housing Laws will be enforced. The applicant’s credit history, rental history, employment, income and criminal background will be reviewed. An approval, approval with requirements (such as co-signer or full deposit) or denial will be determined based on the results of the screening process.
Do I pay for the processing of tenant applications?
All application fees (currently $35 per applicant) must be paid upfront directly by the applicant. The owner will not incur any expenses related to tenant screening.
How are security deposits handled?
All security deposits are forwarded to the owner with that month’s income statement. When a notice to vacate is received, the last month’s rent will be held on file to be used for tenant deposit reimbursement. By law, all security deposit money due to the tenant must be refunded within twenty-one (21) days from the date of move out and receipts for repairs must be provided.