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Owner FAQ’s

Property Owner FAQ’s

The following questions and answers will provide a general idea of our Office Policy & Procedures and how we conduct our Management business. Please feel free to contact us with any additional questions or comments.

  • How do I refer a friend, family member or business associate to you?
  • When will I receive my rental proceeds & monthly accounting statement?
    • We require all owners to establish a direct deposit for their owner’s funds. Owner’s funds are processed and direct deposited between the 20th and end of the month.
    • Monthly statements are posted to the owner’s online account via the Owner Portal, at the time that their funds are processed. Owners can view all their monthly reports and annual summaries through their online account. At the time of processing proceeds, an email copy of monthly report will be sent.
  • Do you make direct deposits in to my bank account?
    • Yes, we require all owners to have a checking or savings account established where we will direct deposit your monthly funds.   This account will be limited to only depositing your funds.
  • Can I receive my statements via email or fax?
    • Email copies of your monthly report will be sent when monthly proceeds are processed.  We do not fax any reports.
  • How do you show properties you manage?
    • We personally show each home to prospective tenants.  We place key boxes on doors during vacancies so our partner realtors can also show your home.   We do not allow homes to be shown unattended.
  • Do I have to handle my own evictions?
    • We can handle evictions for our full service property management clients.   See our services and fee schedule for more information.
  • What is the general procedure for an eviction?
    • If the eviction is for non – payment of rents, we will serve a 10 – Day Notice to Pay or Vacate on the 6th day of the month.  At the end of that time, if rents have not been collected or the tenant does not vacate, we will submit all required paperwork to begin the eviction process with the local magistrate’s office.
  • What is the time frame for an eviction to be completed?
    • We have seen evictions take from 30 days to upward of 60 days. Lots of factors determine an eviction process, i.e. court case load, proper paperwork submitted, holidays, previous agreements,  etc.
  • Do you screen tenants for credit, background, and/or prior evictions?
    • We complete a Verification of Employment & Income, Eviction check, Criminal Background check, Landlord Reference and a Full Credit Report is received. We also ask for Personal & Professional References, Previous Employment, and several other questions. Tenants complete our online application
  • Do you collect just rent or do you also collect a security deposit, last month’s rent, pet fees, etc.?
    • If an applicant(s) is unconditionally approved, we will always collect the full 1st months’ rent and associated security deposit. We will only collect additional rents or deposits when an applicant(s) has not met the residential selection criteria. Where pets are permitted, we collect a $200 to $250 non-refundable pet fee per pet and depending on the property, charge an additional monthly pet fee.  All pet fees/deposits are placed in an escrow account and will be used for property repairs needed after pet has been removed from the home.   If no repairs are needed then all funds are disbursed to you, the owner.   Security deposits are also held in an escrow account and disbursed within 30 days of a tenant vacating a property.
  • How long are the leases for?
    • Our leases are for a minimum (1) year and then renew on a month to month basis.  90% of our tenants are multi-year tenants.   All leases require 30 days written notice for termination.
  • How do you handle maintenance requests?
    • Tenants can report maintenance issues 24x7x365.   We offer our owners a discounted maintenance service through our StoneWright Home Services, LLC sister company.   If an owner wants to use their own contractors, we will work with owners, for a fee, to schedule and meet contractors at the property for repairs. If a tenant has an emergency repair, we send a maintenance person immediately to minimize any damage to your investment.
  • What type of insurance is required?
    • Property owners are required to maintain home owners insurance on each property to protect their investment.  In addition, we require owners to carry $500,000 in General Liability insurance per property or carry an umbrella policy with minimum of $1,000,000 coverage for multiple properties.  We require all owners to provide annually a copy of their insurance declaration page.
  • Do you require tenants to carry insurance?
    • We require all tenants to carry renter’s insurance naming the property management company  as an aditional insured.   We require minimum of $150,000 coverage to protect their personal belongings and other damages.   
  • Do you handle one-time management or will you just find me a qualified tenant?
    • Request our Services and Fee Schedule.
  • What is included in full service property management?
    • Our full service property management includes pre and post move-in inspections, preparing a property for renting, marketing of your home, screening and qualifying tenants, preparing lease paperwork, handling of maintenance calls/requests, monthly accounting of rents and expenses, direct deposit of owner funds, maintaining escrow funds,  handling evictions (when needed) and quarterly drive-by inspections.
  • What type of advertising do you offer?
    • Our standard advertising for a rental home will include yard sign, directional signs, local MLS and over 25 plus online websites like Zillow, Craigslist, Realtor.com, and our company website. We offer additional advertising options to owners depending on the property.
  • What contracts do you use?
    • We use standard lease contracts approved by the NC Association of Realtors and other agreements as reviewed and approved by our attorney.
  • Can I rent my home if it is already listed for sale?
    • Yes!  We partner with owners and their sales agents in the marketing of the home for rent. If a home rents before it sells, then we will notify the owner and listing agent that a lease agreement has been signed and request that the sales listing be withdrawn. If a home is sold before it rents, then we require you to provide a copy of the executed offer to purchase and written request to terminate your property management agreement. In addition, you will owe an early termination fee to cover any expenses incurred while trying to find a tenant for your home.
    • If you do not have a listing agreement with an agent, then we can also represent you for both your listing for sale and for rent.  If we represent you for both, then early termination fees do not apply to cancellation of your rental contract if the home sells.
  • Do you offer discounts for multi-home investors?
    • Yes, we offer multiple discounts if we manage 4 or more homes for a single investor and if we are the exclusive agent in our area for helping the investor procure or sell additional homes.  See our Services and Fee Schedule for more information.
  • Are you a licensed?
    • Our owner has been a licensed NC Real Estate Broker since 2002, SC Real Estate Broker since 2010 and our firm was licensed in 2011 with the NC Real Estate Commission.  In addition, our owner is a licensed NC General Contractor.   All agents for our firm will be required to hold a NC real estate license and strongly encouraged to maintain licensing in another complementing discipline.   We believe that learning is key to our ability to provide you the best service, so we are continually working to deepen our knowledge of our industry, our community, and residential home design, construction and maintenance.

 

We hope you have found the answers to all of your questions. If you have additional questions or would like to learn more about how we can serve you, please contact our office at 704-981-1601.