Here are some Property Management FAQs:
If Tyre Property Management manages my property, what fees will i incur?
Our fees are 10% of the gross monies collected, typically rent, from the tenants each month. We also charge a marketing fee equivalent to the value on one month’s rent for the procurement of tenants from your property. Any late fees collected from tenants are split with our owners 50/50. Our Residential Management Agreement explains our fees more in detail but if you have any further questions, please don’t hesitate to call us!
When can I expect to receive rent each month?
Rent is due the 1st day of each month, and must be paid by the 5th to avoid a late fee. As long as rent is received by the 5th of the month, disbursements will be mailed or processed by the 10th of each month, or the first business day after the 10th should the 10th fall on a weekend or holiday. Deposits should show in your bank account around the 12th of the month, as it takes banks a day or two to process deposits. If rent is late, we will make every effort to get disbursements out to you as quickly as possible after receiving payment.
What is needed to put my property in management?
Initially, all paperwork will need to be completed and entered into our system. We ask that you make sure you have the home cleaned thoroughly and the lawn manicured prior to listing the home and the tenant moving in. When tenants go into a clean house with a manicured lawn, we can hold them to the same standards upon move out. The better the property looks, the faster it will rent which is also very important. All appliances should be in good working order; if they are not in good working order, please have them repaired or replaced. Obtaining a home warranty can give you peace of mind that your appliances and systems in the home will be covered in the event that they fail, but it is not required.
What will you do to market and rent my property?
Your home gets maximum exposure through our Pro-Active Marketing System. We also rigorously scrutinize the backgrounds of all prospective tenants. Some of the features we utilize in our marketing system include:
- MLS – Your rental property data is entered in the Greenville Area Multiple Listing Service (MLS), giving access to more than 2,500 other Realtors and the many prospective renters who utilize websites with a direct MLS feed. All MLS rental listings are now available to home searchers through the various public Internet gateways such as: Realtor.com; Zillow.com; Trulia.com; and TyreRealtyGroup.com, as well as many others.
- INTERNET LISTINGS – For the convenience of those searching for their new home, our inventory of currently listed homes for rent are posted online on the most popular rental websites complete with photos, maps, and property details. Rest assured, you will find your home on Zillow, Trulia, Yahoo Homes, and the local MLS.
- WORD OF MOUTH / REFERRALS – Satisfied current and past tenants, friends of our tenants, and referrals from other Greenville real estate agents all help to generate prospective renters. Referrals are some of the best compliments we receive!
- CORRECT PRICING – Even the best and most incredible homes will not lease if they are overpriced. From the very beginning we make sure your rental home is priced correctly so that we are able to get your home leased quickly and for the highest rent possible. Remember, no amount of marketing can overcome an overpriced listing.
- THOROUGH PREPARATION – Even the best-located and well-priced rental homes will not lease quickly if the rental home is not in top showing condition. Homes for rent in the Greenville market absolutely must have an attractive “curb appeal” to show well or they may sit empty for extended periods of time. As your property manager it is out job to make sure your home is presented to the prospective tenants in a clean and attractive condition so it will attract the absolute best tenants.
What happens when my home becomes vacant?
When a home becomes empty, the first question we try to answer is: “What is needed to place a new tenant into your home as soon as possible?” We understand that every day a home sits empty is a wasted opportunity and a non-recoverable cost. After a 30 day notice is received from the tenant, a “For Rent” sign is placed in front of the property. With that being said, it is not uncommon for us to re-rent a home before it becomes vacant. Once the property becomes vacant, it is thoroughly inspected and digitally photographed. With the information we’ve gathered at the home and using our inspection report and photos, we will determine what needs to be done to re-rent the home and assess what repairs are chargeable to the prior tenant’s security deposit. We will also review our findings with you and let you know of any updates or repairs we feel will be needed to attract a quality tenant.
How are tenants screened?
We have found great success with our two-phased screening process. We utilize Transunion’s powerful screening technology to request a prospective tenant’s credit and criminal background reports. After we review those reports, we call the prospective tenant’s current landlord, prior landlord, and their employer. The current landlord provides us with a recap of the tenant’s most recent payment performance, as well as any comments or problems they have experienced with the tenant. The prior landlord gives us an overview of the tenant including, but not limited to, the condition in which the applicant left their former home, which gives us an insight of how they may leave your property. Their employer verifies their current wage, length of employment, and often offers additional insights. With taking all of these steps before we rent to anyone, we feel we’ve gotten to know them pretty well.
Can I exclude smokers, pets, or children?
Tyre Property Management Properties generally prohibits smoking in the interest of protecting your investment. Pet owners are not a protected class but allowing pets increases the number of potential renters since tenants with pets are a large majority of the market for rental homes. Tenants with pets are charged $250 per pet with a maximum of 2 pets per home if you decide to allow pets in your rental home. This is a fee, not a deposit, so the fee is non-refundable to the tenant. If you feel very strongly about not allowing pets, we will agree not to show your property to anyone with pets. Children are under the protected class of “familial status” making it impossible and illegal to discriminate against anyone with children.
How long does it take to evict a tenant if they fail to pay rent?
This is not an issue we deal with frequently. With our thorough screening of all applicants, we find we are seldom in this situation. However, when we are faced with a delinquent and uncooperative tenant, we are just as effective in the eviction process. A tenant who does not pay their rent is typically removed within 30 days from when their rent was due.
What if a tenant moves out before the lease expires?
Tenants are responsible for rent through the expiration of the lease and are required to give a 30-day notice. If a tenant skips, the property is secured by changing of the locks. We make any repairs to bring the property back to rentable standards, and will begin the process to re-lease the property immediately. We will also attempt to locate the tenant to collect outstanding rents, damages, and any other costs. If a tenant breaks their lease, they remain liable for the rent payments up until the day your home is rented again or through the end of the lease, whichever occurs first. It is illegal to collect rent from two parties for the same time period. Most tenants do not want negative reporting on their credit and/or a poor reference to a future landlord. Paired with our tenant screening procedures, these two factors help ensure we have as few incidents as possible.
How do you know if the tenant is taking good care of my home while renting?
There are several ways your property manager learns whether the tenant is taking care of the home or not. Above all, careful tenant selection from the outset protects your property from being rented to irresponsible people. During the lease term, we may have occasion to enter the property for repair or maintenance reasons and will use that opportunity to have a good look at the condition. If we are fortunate enough not to have any repairs or maintenance at your property over an extended period of time, your property manager will schedule a preventative maintenance walk-through once a year to ensure there are no unreported problems at the property.
What do you do if they are not taking care of the property as they should, or if they have unauthorized pets?
Your property manager gives the tenant an opportunity to correct the situation, and usually they will. If a problem persists, we will make a decision based on that specific situation.
How long can i expect my property to sit vacant?
Unfortunately, we cannot predict this. It all depends on what kind of property a prospective tenant is looking for, and if they will even have adequate credit. However, we make every effort to lease a property as quickly as possible as vacant properties are costly to both of us. Factors like the time of year, the condition of the property, location, and price all contribute into the time it takes to lease a property. Generally the rental market does go through slow periods but most properties rent within 30 to 60 days, some even within weeks!
Can I do my own repairs or use my own contractor?
As a protection to you, the tenants, and our company we require contractors who do work on properties we manage have general liability insurance. To maintain good trust with our tenants, we also ask that they be able to respond and complete all work in a timely manner. Should you choose to do your own work, you must assume all liability and risk. North Carolina’s Uniform Residential Landlord & Tenant Act of 2006 requires 48 hours written notice before entering the property and only upon tenant’s permission. To avoid violating any of these laws, please coordinate all maintenance and inspections through our office. We never charge additional fees for the supervision of routine repairs; you are only charged for the amount on the vendor’s invoice.
Who handles emergencies?
Tyre Property Management will handle all emergency and non-emergency repairs 24 hours a day. We will keep you informed, but rest assured that you will never receive a call in the middle of the night.
How often do you inspect my property?
We want your home to present the best appearance possible, and we can only do this with frequent visits. An empty home receives more attention than one that is occupied. Occupied homes receive many different types of inspections with varying frequencies. We perform a renewal inspection when a lease is about to expire and if the tenant is interested in renewing. This is a detailed inspection of the interior and exterior of the home, identifying any possible differed maintenance and/or tenant damage. With this inspection, we are better able to make a partial decision on possible rent increases based on market trends and how well the property is being cared for by the tenants.
Will we be charged a lease-marketing fee each time our home is re-rented?
You will only be charged a marketing fee (1 month’s rent) if there are new tenants rented, not when a tenant renews their lease. If the home is leased to the same tenants for a new term, there is only a $250 administrative lease renewal fee.
Are your Agents licensed Property Managers?
We are licensed Real Estate Agents & Realtors. There isn’t a “Property Management License” in North Carolina, but professional property managers in North Carolina must have an North Carolina real estate license in order to charge commissions and must be supervised by a licensed North Carolina real estate broker.