Owner/Investor FAQ

How many properties does your company manage?

Approximately 250

How much do property management services cost?

Our full service management fees range between 6-10% of the gross monthly rent collected and are dependent upon the number of units managed. Leasing fees are calculated separately from the monthly management fee.

Our A La Carte Management fee is based on the variables of services needed. Please Call Tim Penick at (434) 385-7233, ext. 103 for a personalized quote.

Am I charged a fee while my unit is vacant?

No

Which services are included in the management fee and for which services do you charge extra?

Included: Property Showings, Tenant screening (criminal background checks, credit checks, employment and rental history verification), Lease drafting and signing, Rent collection, Monthly owner statements (available on the web) with accounting information on the property, direct deposit of monthly disbursements, and Fielding Routine and 24 hour emergency maintenance service calls

How do you determine market rents?

We perform a comparative market analysis by using our knowledge of the area, like property, and recently executed leases of like property.

What move-in specials, if any, do you recommend?

Depending on the time of year and the rental market we typically do not recommend move in specials for the first 30 days. If your property has not rented after this period has passed (and we feel your asking price is fair) we suggest a ½ month to full month free with a 12 month lease.

How do you advertise vacant units and what is the cost?

We use an aggressive mix of web and print mediums that are specifically chosen with each property’s demographic and needs in mind.

How quickly do your property managers respond to landlord calls?

In the event a property manager is not available to take your call, it will be returned within 24 hours – Guaranteed!

Do you always consult with the landlord on necessary repairs and improvements?

If we expect a repair to exceed $250 we will obtain an estimate first and contact the owner for approval. If the repair is expected to be under $250 or if it is an emergency situation that involves an immediate threat to life or property we will remedy the situation and then contact the property owner.

Do you have a network of vendors you can use for repairs?

Yes, we have a comprehensive vendors list which we use for repairs. Each of the vendors we use has been evaluated by us to make sure their prices are fair and their work is of the highest quality. We also recommend each owner purchase a home warranty to minimize their out of pocket expenses. If your property is still covered under a builder’s warranty we are happy to communicate with the builder to have the problem fixed as quickly as possible

Do you take care of evictions if necessary how many evictions have you done?

We handle the eviction process from start to finish. Any and all legal/filing fees will be charged to the tenant, however until the process has been finalized these costs are deducted from the owners account. Fortunately our company has an excellent tenant qualification process so our eviction rate is very low. However we have gone through the eviction process enough times to know how to have the process completed as quickly as possible for your peace of mind.

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