If you run a rental property, you might face several challenges regarding it daily. For instance, you may encounter issues with tenants and rent collection. The potential problems trigger several questions in your mind. And so you need a reliable resource to get answers to all your questions.
We are here to answer some common questions property owners often ask, and you may be one of them. So keep reading this article to learn more. You can also call a Real Property Management service to get solutions to your problems.
Moreover, let’s look at your questions as a rental property owner.
1. How to know if I have a good tenant?
You can ensure this by performing a tenant screening. You can contact a property management company if you don’t know how to do tenant screening. They will conduct tenant screening with the help of credit checks, national background checks, and employment and residence verifications. You can consider the recommendation of the screening as a final decision.
2. What to do if I don’t get rent on time from the tenant?
If you don’t get rent on time, all you need is to call a Real Property Management company and tell them the problem. They may start a rent collection procedure from now onwards to avoid issues in the future. It includes releasing a legal notice if the renter doesn’t pay rent on time.
3. How to receive the disbursement check?
If a renter has rent dues and doesn’t pay on the month’s payment date, they will be eligible to pay the late fee. After all, you may receive the owner disbursement check through email or deposit on a particular month’s date.
4. Who is responsible for collecting the rent?
Your rental property management company will collect the rent from tenants. With the help of the collection funds, the rental company takes care of the monthly operations involved in the property. The rest of the income will be dispersed to your account.
5. What about the tenant’s security deposit?
An escrow account collects all the security deposits at an FDIC-insured banking institution and will stay there until the tenant moves out the rental property.
6. Who is responsible for paying the recurring monthly bills?
Your property management company will handle all your recurring payments, including your HOA fee, lawn maintenance contract, pest control contract, and more.
7. Will I know if you make any changes or repairs on my property?
It depends on your property manager whether or not they will inform you that repairs occurred on your property. After all, in case of emergency repairs, you may not get informed of your property’s repair.
8. How to ensure that the repair professional will perform quality work?
To ensure this, you should always work with the best Real Property Management company. Going with a reliable property management service lets you get certified and licensed repair professionals. That way, you can ensure that your property is handled with quality work.
9. How many home inspections will I receive from a property manager?
It depends on a particular Property Management company. You can ensure it before finalizing one.
10. What to do if I have to use my plumber or AC company?
If you want the repair job done with your own professionals, you will have to finalize it with your property management company. So you can contact your property manager and ask them if they allow for the same. However, you may not need to use your professionals because the company has highly skilled professionals to handle all your property chores.
11. What do I have to do to prepare my property ready to rent?
If you want to attract tenants or put your property for rent, you will need to do some critical things. For example, you will have to do the essential repairs and prepare your property. You should also consider cleaning the carpets and appliances through a professional. After all, if you don’t want to be involved in these things, allow your property manager to do all these things even more for you.
12. Will I get a separate property manager who will take care of my property?
Usually, you will have one property manager, and the additional staff will take care of most things daily.
13. Can I refuse to rent to families with children?
According to federal, state, and local Fair Housing Regulations, children are related to the protective class of “familial status.” That is why it is not legally good not to allow families with children on your property.
Conclusion
These are the top frequently asked questions that most rental property owners ask. Besides these questions and their answers, a Real Property Management company will ease and transform how you manage your property.
We at RPM Choice try to solve your rental property management needs with a wide range of services. We serve in a way so that you get answers to all the questions coming to your mind. Visit our website to learn more.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
