Frequently Asked Questions in Property Management
How much do you charge?
Our fees are simple and transparent. You can find our pricing here.
What are the property manager's responsibilities vs my responsibilities?
How do I know you'll find me a qualified tenant?
Making sure you have a good, qualified tenant is just about the most important part of our job, and something we don’t take lightly! Our standards are high! We have a 14 point tenant screening process, and everything is properly vetted (employment records, rental references, credit and background checks, social media checks, etc, etc). Our history speaks for itself – we have ZERO EVICTIONS!
How many evictions have you had?
We have had ZERO evictions. Our rental qualifications are higher than normal, as we are very picky about the tenants we choose for your property.
How long will it take you to rent my property?
It typically takes us about 1-3 weeks to obtain a signed lease.
What is your lease renewal rate?
Our lease renewal rate is 76%. Three out of four tenants renew their lease, which is much higher than the industry standard of 50%.
What kind of guarantees do you offer?
We have six guarantees that are automatically included!
Leasing guarantee – If your property doesn’t rent in the first 30 days, we’ll waive your first month’s management fee.
Tenant Guarantee – If your tenant breaks their lease in the first 12 months, we’ll find you a new tenant for free.
Pet Protection – We’ll cover up to $1,000 in pet damage.
Eviction Protection – If a tenant we place is evicted, we will cover up to $1,000 in eviction costs.
Service Guarantee – Cancel anytime, for any reason.
Maintenance Guarantee – Repairs are completed right the first time, or it’s fixed at no additional cost to you.
What if my tenant destroys my property?
Because our standards are so high in the tenants we choose, the likelihood of this happening is extremely low. But, I understand being worried about this! To help ensure the property is being well cared for, we do at least one property visit a year where we provide you photos and a report, and we also collect a substantial security deposit, so that if there is tenant caused damage, we have funds to pay for it.
What if my tenant doesn't pay their rent?
Again, because of our high standards, this rarely happens. If your tenant doesn’t pay their rent, they are sent late notices and we are calling them personally to find out why rent hasn’t been paid. This typically resolves the problem. If it gets to be mid month and rent still isn’t paid and there has been no communication from the tenant, then we will contact an eviction attorney to start the eviction process. Even during this process, the tenant may end up catching up on rent. If they don’t, then the attorney goes to court and represents you during the eviction hearing. We handle this all for you.
Who is responsible for maintenance on the property?
As the homeowner, you are responsible for the cost of most repairs, unless it is tenant caused. Tenants will be responsible for furnace filter changes, replacing light bulbs, smoke detector batteries, and lawn mowing and landscaping. We oversee all of the maintenance for you, and dispatch vendors we have good working relationships with. So you don’t have to worry about taking midnight calls because the AC broke! We also troubleshoot with the tenant for common maintenance items before we dispatch service. Many times common maintenance calls (like the garbage disposal reset button) can be avoided this way.
Can I do my own maintenance?
While the property is vacant, you’re welcome to do your own maintenance or hire your own vendors. When the home is tenant occupied, we will use our approved vendors. We do this because in order to protect you, the homeowner, we require all of our vendors to have proper insurance and licenses in place, and to agree to our standards of workmanship and professionalism when dealing with your property and tenants.
Do you hold money for repairs?
When you sign up with us, we will collect $500 for your escrow/maintenance account. This is always your money, and it will be used to pay vendors that do maintenance on the property.
Do I need to get a different insurance once my property becomes a rental?
Yes! You will need to talk to your insurance carrier and get a landlord policy and umbrella policy.
Who pays taxes, HOA dues, etc?
As the homeowner, you will still be responsible for paying these.
Who pays for utilities and lawn service?
The tenants will be responsible for paying the utilities, and also for lawn care.
Should I allow pets?
My answer on this is always YES! About 70% of the tenant pool will have pets, so by not allowing pets, you won’t have as many applicants to choose from. It takes us 2x as long to rent homes that don’t allow pets. You can put any kind of restrictions on size, type of pet, and we also have a pet guarantee, where we will pay up to $1,000 in pet damage repairs that exceed the security deposit. At the end of the day, though, the choice to allow pets is up to you!
Should I leave my washer/dryer for the tenants?
I don’t recommend this. It’s not a selling point of the house, and it’s just extra appliances that you have to cover if they would break down. The only exception to this would be if the space requires a stackable washer and dryer.
What items should I leave behind for the tenants?
You will want to leave the kitchen appliances for the tenants (refrigerator, range, built in microwave, dishwasher).
I have furniture in the house I would like to leave for the tenants. Is this recommended?
No, it is not recommended to leave the furniture for the tenants. Long term tenants will have their own furniture to bring into the house, and if you leave yours behind, you can’t count on it being preserved for later use. Believe it or not, furnished properties for long term rentals (1 year+) do not market well.
Am I locked into a long term contract with Keyrenter?
No! You can cancel any time, with 30 days notice.
I found a cheaper company. Will you match their prices?
We do not offer price matching. Our services are custom designed, and we have found that by trying to match competitor’s pricing, we have to eliminate too many of our services and then cannot lease and manage your home at the standard that we are used to providing.
Ok, I want to rent my property. When should I get started?
Once you know your timeline on when the house will be ready for a tenant, we can start the process! We will help outline anything that needs completed to have the house “rent ready”, and once that is complete, we can start marketing the house. I recommend letting us know as soon as you know you’ll be moving forward, as we always have prospective tenants looking. So, even if we aren’t officially marketing the property yet, we can possibly have some people lined up for it.
Who sets the rent price on the property?
We want to get you as much as we possibly can, in the shortest period of time. While we all have expectations on what the property should rent for, the market will dictate the price. We run a full rental analysis of the property, and provide you with the pricing recommendation.
When do the fees get charged?
The property management fees won’t kick in until the property is occupied by a tenant (we don’t get paid unless you’re getting paid!). The leasing commission is paid once we have a tenant – we take that out of the first month’s rent collected from the tenant.
How do I get paid?
Rent is always due on the 1st of each month, and we send you your funds on the 10th of the month (or next business day if it falls on a weekend/holiday). Those funds are deposited into your checking account, and it takes about 3-5 business days to become available.
I hope this FAQ list helps shed some light on what we do, and helped answer some questions you have.
I’d love to chat! You can schedule a call directly in my calendar link below in my signature, or let me know a good time to reach you.