Q: I am a new landlord . . . what can I expect.
A: As with anything new, becoming educated is a very important first step. We personally love Real Estate as an investment, which is why we own rental property ourselves. We believe that you will find the following frequently asked questions, and other content on our website to be helpful. We would also be happy to talk with you in person, over the phone, or via email to answer any questions you may have.
Q: What does Solid Rock Property Management, LLC need in order to begin managing my property?
A: We will need the following items Before we can begin the managing your property:
* Executed property management agreement
* Completed IRS form W-9
* Lead Based Paint Form
* Completed property information sheet
* Completed Direct Deposit form
* Keys to the property, including mail box keys and garage door openers, etc.
Q: What needs to be done to my house before it is ready to rent?
A: In order for the property to rent quickly and for the best price, we recommend that your property be in its best condition. The property should be detail cleaned, all personal items should be removed (such as curtains, garage chemicals, etc.), carpets should be professionally cleaned, and you should consider painting any room that has dirty, dingy, or scuffed walls. All shrubs should be trimmed, flower beds weeded, and the lawn mowed, edged, and raked. Solid Rock Property Management, LLC will be happy to walk you through this process and coordinate with our vendors to get the property ready as a rental.
Q: How does Solid Rock Property Management, LLC communicate with their owners?
A: We value communication, especially with our owners, because communication is a crucial element required for us to provide excellent customer service. We welcome any communication from our owners and tenants. Our preferred method of communication is Email or Phone. We communicate every month with our owners by sending a detailed monthly statement via email. It is also standard for us to notify our owners of approved applications, notice of intention to vacate from tenants, lease renewals, and maintenance items above our repair limit.
Q: How much will my property rent for?
A: Several market factors such as location of the property, condition of the property, and rental rates of nearby properties will ultimately determine what the rent rate will be. Although setting rent rates is not an exact science, Solid Rock Property Management, LLC is experienced at successfully marketing properties. We are proud to have a low “days on market” average, which means more money for our owners.
Q: How will you market my property?
A: Since we live in such a technology driven age, we rely primarily on internet marketing. We list all of our properties on our own website and on several other heavily trafficked websites. We use high-quality photos in our listings. We also place a yard sign at each property, which helps increase the visibility of the property for prospective tenants. We also implement a lockbox key checkout system, which allows prospective tenants to view properties at their convenience, including after business hours, which we have found helpful to rent properties quicker.
Q: How long does it take to find a tenant?
A: Our average number of days on market has historically hovered around 30. There are many factors that affect this number though, such as: where the property is located (some areas are simply more desirable than others), what condition the property is in (tenants are generally attracted to properties that are in their best condition), what time of year the property is vacant (fewer people move around the holidays), does the property owner want the house to be rented as quickly as possible (lowering the rent rate will typically help), does the property owner want the unit to be rented for an amount above the market rate (this will increase the number of days on market). Typically however, if a property is in good rent-ready condition, then one can expect it to be rented in around a month.
Q: How do you handle security deposits?
A: It is standard for Solid Rock Property Management, LLC to collect a deposit that is equal to one month’s rent. Occasionally we will request a double deposit if an applicant is deficient in an area of their application. Any deposits that we collect will be held in our escrow account until the tenant vacates the property.
Q: When Can I Enter My Property?
A: After a property is rented, we only enter the property for maintenance requests, HVAC filter changes, and annual inspections. We are required by the terms of our lease to give tenants 24 hours notice before we enter the property, unless they approve otherwise or it is an emergency. We recommend that the owner only enter the property if required in emergency situations.
Q: How often do you have to evict tenants?
A: We place a high importance on selecting good quality tenants, which minimizes the need for evictions. We have rarely had to evict tenants.
Q: What is the process of evicting a tenant?
A: On the fourth of each month (or the next business day) we post a Notice to Vacate for any tenant who has not paid rent. Posting this notice technically starts the eviction process. After a notice has been posted we will make diligent effort to collect payment from the tenant, so that they stay in good standing with us. If a tenant fails to make payment arrangements or fails to pay off their balance, then we would ask the tenant to move voluntarily. If they refuse to move voluntarily, then we would pursue legal action, which currently costs approximately $650.00 and typically only takes a couple of weeks to complete.