Rental Owners’ Frequently Asked Questions
Will I lose control over my property if LeasingandManagement.com manages my property?
Absolutely not! We believe in full transparency and keep the communication lines open, not only with an online Owner portal, but also with calls and emails from our large team so our clients can see what is going on with their investments.
How does LeasingandManagement.com ensure competitive rent rates for my property?
At LeasingandManagement.com we employ various assessment tools to monitor the markets. Using our extensive market knowledge, comparative analysis and market saturation trends, we are able to evaluate the best rental rate suggestions for your real estate investment. We compare rent rates for properties similar to yours and come up with attractive rent rates for your property.
How does LeasingandManagement.com ensure effective marketing of vacancies available? How is the cost of the advertisement covered?
For new properties,we at LeasingandManagement.com market your investment immediately. We take professional photos and our marketing team publishes them with a well-written description to optimally show your investment to procure tenants. For existing properties, we implement a 4-6 month renewal service to allow appropriate marketing time to help lower the risk for any vacancy.
we use multiple web hosting sites to push your investment to more than 60+ websites. we also use an online system to monitor and report to our owners, the activity, showings and feedback on our listings.
What is the average time period for getting a vacancy filled?
Our historic vacancy rate over the past 20 years has been less than 2% and often times, the only vacancy we have is relegated to new properties that come to us vacant.
What is the policy around allowing pets on the property?
We welcome the discussion of the pros and cons on allowing or disallowing pets on the property.
Is there any screening criteria for prospective tenants?
At LeasingandManagement.com, we follow a strict screening process to ensure we have the best possible tenants residing at your properties.
All potential clients have background checks, credit history checks as well as verification of employment status and previous rental history from past landlords.
Only after the application screening criteria requirements are met, are tenants offered the rental property.
Are the tenants required to provide any security deposits before they move in?
We require tenants to place the full amount of the security deposit in trust at the time of approval.
At the time of signing lease agreement and before key is handed over, all money due for rent, pro rent and additional fees has to be paid in full.
How does LeasingandManagement.com handle utilities?
There are many ways to handle utilities and each property is different with regard to number of meters, users, units, etc. In most cases the tenants are responsible for utility turn-on and turn-off but in some cases it is necessary for LeasingandManagement.com to maintain the utilities and bill the tenants. These are handled on a case by case basis.
How does LeasingandManagment.com handle repair work that may arise at my property?
For our full service property management, we coordinate all the repairs. We have an extensive network of vendors who value our large amount of business. Utilizing our large market share for priority and preference. We also have a landscaping and maintenance company that caters to our needs exclusively.
How does LeasingandManagment.com handle tenants that do not pay rent or pay late?
We take pride in a strong enforcement of the lease which includes making sure tenants pay rents on time. When the occasions arise where they do not, we employ a prompt method of follow up on late payments and, if necessary, filing ejectment.
What process has to be followed for the tenant to be released from the lease agreement?
The tenant is responsible for the term of the lease. We do not allow a tenant out of a lease until a new, approved, tenant is procured.
Once a new tenant is approved, a detailed move out assessment of the property is carried out.
If the property meets the inspection criteria and no damages or changes are observed, the tenant can be released from the lease agreement and refunded the security deposit.
What is the application fee used for?
An application fee is a non-refundable fee charged to prospective tenants applying for a property. This fee covers costs associated with carrying out background and credit checks on the tenant.
How does LeasingandManagement.com handle calls made in the middle of the night?
Our professional and dedicated team at LeasingandManagment.com will handle all emergency, non-emergency and middle of the night calls.
When can I expect to have my monthly report and funds disbursement?
We have monthly statement processes.
We disburse funds on or about the 8th of each month depending on holidays and weekends.
Our standard statement dates range from the date of the last disbursement to the current disbursement.
LeasingandManagement.com suggests that you sign up for the electronic transfer via “Paylease” to ensure regular and timely delivery of your funds, usually within three business days.
LeasingandManagement.com prides itself on the online statement viewing feature. You will receive an email notification as soon as your monthly statement is ready.
You can log in to your password protected account to view your monthly statements at your convenience from the comfort of wherever you are at the click of a button.
What is your policy around insurance coverage of the property?
LeasingandManagement.com encourages all owners to have an in depth discussion about their property’s insurance needs and coverage with a professional insurance agent.
LeasingandManagement.com requires all tenants to acquire renter’s insurance as they move in to a property. While this is not a requirement by law, the insurance stands them in good stead in the event of a tragedy.
In addition, we clarify in the terms of the lease agreement that any loss or damage to a tenant’s contents during the period of tenancy will not be covered by the owner’s insurance.
What if I decide to sell my investment property?
Leasingandmanagement.com does not list properties for sale, however, we will help facilitate what is necessary for your listing agent and can even make a recommendation for an agent that specializes in investment properties in the appropriate area.