Q: Do I need to keep my utilities on in between tenants?
Yes. It is important to be able to keep the landscaping up and lights on to be able to show the property. It will cost you more in the long run if you allow all your landscaping to die and you may loose a potential tenant if it looks as though the property will not be maintained during their stay. Company policy is we do not show properties after dark when there is no lighting.
Q: Should I pay any utilities?
Yes. Most renters will expect to pay a majority of the utilities. Trash and Water is typically paid for by the property owner. We strongly suggest that you keep your gardener or we can get you one. All renters are not created equal, some may not have the proper tools or landscaping knowledge as others. In order to insure the look and quality of your landscaping you should be prepared to pay for this service. This goes double for a pool.
Note: This also gives us another set of eyes on your property weekly.
Q: How long will it take to rent my property?
Typically between 30-45 days. That’s why it’s always recommended not to wait until the last minute to contact your Property Manager. This allows ample time for advertising and screening. A clean, painted, ready to move in property will rent much faster than one that needs lots of repairs. Of course if you have an unusual property location or living arrangement that may also factor in the timing. Owners should be able to make payments for 2 months without a renter.
Q: Can I do my own repairs?
Once we have placed a tenant in your property, NO. We only work with vendors that are bonded and insured. This is important to protect you and the resident. In addition there should be a certain amount of anonymity between you and the tenant. When the unit is vacant, YES. Talk with your Property Manager for more details on this subject.
Q: When do I get paid?
You will be paid by the 10th of the month. We typically receive payments between the 1st and the 3rd, we then need to pay the bills and then forward you your payment. If you have chosen the direct deposit option of course you will receive your payment much sooner than by check. To insure faster turn around time of your monthly income talk with your Property Manager about our Automatic Deposit Option.
Q: How often will you contact me?
During the marketing phase of your contract, you will be informed weekly as to the activity on your property. We will discuss any issues with you and we can brain storm if there are any issues that need resolving. Then again once we have taken an application to rent for your approval. Otherwise, once your property has it’s new resident we will contact you if there are large repairs that need to be dealt with(water heater replacement or roof leak). For example we will not be contacting you to replace a disposal or minor plumbing repair. At any time you may access the Owner Portal and see in real time any communication, repair orders, etc… on your property. Contact your Property Manager for more details.
Q: Who pays the bills for my property?
There are no extra fees for 5th Avenue Property Management Inc. to pay all or part of the bills for your property. This is all inclusive of your monthly management fee. You can choose to have one, all or none of the bills paid by us. We can develop a package that is specially suited for you. Your Property Manager will discuss this further to get an understanding of your needs.
Q: How much rent do I ask for?
This is strictly determined by the market. Your Property Manager can research your property’s location and market rents for the area. Due to the current market climate, we cannot ask for the typical dollar a square foot. Ultimately you will have the final say, but you won’t want to end up loosing income month after month, when you could have asked for a current market rent and filled the vacancy quicker. If you have an unusual property or situation, your Property Manager can discuss different marketing techniques to fill the vacancy.
Q: What if the rent is late?
In the event this were to occur, we have procedures in place to handle the situation. You can trust that we will take decisive action with appropriate late fees, notices and postings. Tenants are late after the 3rd business day of the month. Once rent is collected you will be paid immediately. Talk with your Property Manager about Automatic Deposit, this could save you valuable time in collecting your income.
Q: Should I allow pets?
This is entirely up to you, however, if we receive an applicant for your property and I have met the pet and feel that you should consider it, we will contact you for your approval. We always take additional deposits appropriate for the pet in the event there is damage. When we take on your property to manage we can see based on the size and style of property what type of pet would be acceptable. If this is out of the question, your property manager will make sure to screen applicants accordingly.
Q: Can you find a qualified tenant and let me manage it myself?
Yes. We will search out a qualified tenant for you as if we were going to do the on going management. We will prepare property for market, advertise, screen calls, show the property, perform a move in inspection for your records, negotiate and draw up all contracts. Once we have found a qualified tenant the fee for this service is 50% of one month’s rent with a minimum of $500.00
Q: What am I getting for the monthly management fees?
In addition to peace of mind and professional service you can expect:
- Full access to the Owner Portal for real time updates
- Direct Deposit of monthly proceeds with monthly reports
- Payment of your taxes and mortgage should you wish us to do so
- Monthly rent collection with many payment options for your tenant
- Handling of all maintenance supervision with our Licensed and Bonded Vendors
- Property Inspections
- All day to day interaction with tenant
Q: I’m managing my own property, the tenants are paying later and later can you help?
Absolutely! Many of our clients started out managing their property and eventually came to us for help. For example you may have a hard time collecting rents from tenant. You have come to like your tenant and may have become very friendly. They start paying later and later each month. It’s now the equivalent of collecting money from a friend and can become very uncomfortable. You now will simply be happy to get it late and not have to confront the tenant. When in fact you have entered into a legally binding contract with your tenant and they have now become comfortable paying whenever because they “know the owner”. When you use property management, this situation won’t happen. We have procedures to legally give notice so they understand we mean to keep it all business. Once you have entered into a Management Contract with 5th Avenue Property Management Inc. we will give your tenant notice and let them know whom they will communicating with and paying rent to from now on. This usually is enough to start getting your rents collected in a timely manner.
Q: Are your fees tax deductible?
Normally yes (consult your tax preparer to discuss your particular taxable deductions), in addition at the end of the year we email you a detailed Year End Report for you to hand over to your tax preparer. Please consult your tax preparer for additional deductions regarding your investment property, such as; repairs, updating and maintaining your property, landscaping service, pool service, etc…
