Here are some Property Owner FAQs:
How do I get started?
Once you’ve a signed Property Management Agreement with us, we will add your property to our powerful marketing system. When someone is interested in your property they will be given an application to fill out.
Our application process involves:
- Credit Check
- Current Employment Verification
- Past Rental History
- Criminal Background Check
If the applicant passes our thorough screening process we will ask them to sign a lease with us for one year, unless you have instructed us a shorter term is agreeable. A security deposit will be paid at the time of lease signing and any applicable pet fees are due as of the lease start date. The pet fee will be mailed to you with the first month’s rent proceeds to cover professional carpet cleaning, deodorizing, and any other applicable needs at the end of the tenant’s lease. Deposits are usually equal to one month’s rent. Non-refundable pet fees are usually $250 per animal, up to two animals, unless otherwise agreed upon.
The tenant’s security deposit is held in an escrow account, in compliance of North Carolina Real Estate Law. At the end of the lease and after our move out inspection, the security deposit will be reissued to the tenant, minus any damages beyond normal wear and tear, pet-related damages, etc. The escrow account is managed under strict North Carolina Real Estate Commission guidelines.
When is the tenant’s rent due and how do you collect it?
- All rent is due by the 1st of the month.
- Rent is considered late on the 5th. (A $35.00 late fee is assessed after the 5th.)
- A delinquency statement is mailed out on the 6th to any tenant who has an outstanding balance. Their file may also be turned over to an attorney who will then send a 7-day Notice to Vacate letter, pursuant to North Carolina law, which tells the tenant what needs to be done to bring their account back to a current status and avoid eviction.
To avoid bounced checks for late rent, we do not accept personal checks from tenants after the 5th of the month. We also strongly encourage all tenants to pay online.
If rent is still unpaid by the 15th, eviction papers will be filed on or about the 20th. You will be contacted before any papers are filed with the courts. A court date will be set approximately one week after the papers are filed. It is NOT necessary for you, the owner, to be present in court. We will take care of the proceedings for you. If eviction is awarded, the tenant will be ordered to vacate the property approximately 10 days from the court date. If the tenant does not vacate at that time, we will file a writ of possession, which will be delivered by the Sheriff’s office. If the tenant does not vacate within 10 days of the writ, we will accompany a Sheriff’s Deputy to the property on the 10th day to remove the tenant from the house and subsequently change the locks.
How much is charged for security deposits?
The North Carolina Landlord and Tenant Act of 2006 mandates Landlords may not charge more than the total of one month’s rent as a security deposit.
How will I know if my tenant renews their lease?
You will be contacted about renewing the lease approximately 45 days before your tenant’s lease expires. We do this to determine if you still want to rent out your property and/or if you desire any rent increases. With your permission, a lease renewal letter is then mailed out to your tenants. This letter gives them the option to renew for one year, on a month-to-month lease (if you allow), or to give their 30 day required notice. If your tenant renews, you will be mailed a copy of the renewal. If they wish to remain on a month-to-month basis, you will be contacted for approval. If they give a move out notice, you will receive a letter letting you know when they plan to move out.
What will happen when my tenant moves out?
When a tenant moves out, whether due to an eviction or lease expiration, a final inspection of the property is made to determine if any charges need to be withheld from the tenant’s security deposit. We will determine any necessary turnover repairs, and report to you if any need to be made so we can make the property ready to re-rent as fast as possible. If funds are withheld from the tenant’s deposit, they will be transferred out of our tenant security deposit escrow account into the owner’s rental account to be used toward outstanding bills. If you received a non-refundable pet fee at the beginning of the lease, we will deduct that charge from your rental proceeds to cover the costs for carpet cleaning/deodorizing, in accordance with this fee’s designation in the tenant’s lease.
When will I receive my rent check and statements?
Owner statements are mailed out on the 10th & 11th and if the 11th falls on a holiday weekend, we will mail checks out the next possible business day. Any rental proceeds, plus any late fee collected after the 5th, will be mailed to you in a second mailing on or as close to the 20th of each month. This includes any pro-rated rent from tenants moving in or out. If your tenant has not paid rent by the 5th you will still receive your monthly statement, but it will not include any funds at that time. You will not be charged a management fee until rent is received.
Will I still get statements when my property is vacant?
If your property is vacant you will still receive a monthly statement. If applicable, it will include any outstanding bills that cannot be covered by funds in your reserve account. Please send payment for these bills immediately so our vendors can be paid in a timely manner. You will receive copies of all work orders in your monthly statement when the bill is paid.
Are there any other services that I can take advantage of?
Tyre Property Management offers some additional services to help make your financial life a little simpler. If you pay homeowners’ dues for the property we manage, we can pay them directly for you out of your rental account. All that is required is either your HOA coupon book or the necessary account information. However, if your tenants pay late, this can make payments late and because of this we suggest saving at least one to two months worth of payments to protect against this possibility. This is also a good action for when properties become vacant, if the market is slow, or simply for emergency funds. If you live out of state or out of country, we can also directly deposit your monthly proceeds into your bank account. You will still receive your monthly statements in the mail or you can opt to have statements emailed, but your check will be deposited into the bank account you provide. All that will be needed is a deposit slip and/or mailing address of the bank.
We hope this system will reduce the time it takes to forward your rental proceeds and help cut down on any confusion your owner statements may cause. Tyre Property Management is here to serve you; if you ever have any questions or concerns about your monthly statements or how our accounting process works, please contact us at (252)758-4663.