How long have you been a property manager?
We have been managing properties since April of 2011.
What types of properties do you manage?
We manage residential properties, ranging from townhomes, single-family homes, duplexes, triplexes, fourplexes, and up to large 30 unit buildings as wells a mobile home courts.
What type of insurance do you carry?
We carry errors and omissions insurance and general liability insurance.
How many units are you currently managing?
Currently we are managing 425 units.
How many property managers does your company have?
We currently have three licensed property mangers and three full time office staff.
We typically try to keep no more than 75 units per employee to provide effective, responsive service.
How many vacancies do you have right now? Out of how many total units under management?
We currently have 21 vacant units. That puts us at basically a 5% vacancy rate.
What is the average length of time it takes to fill a vacancy?
On average we rent an apartment in 2-3 weeks time. Sometimes we are able to fill a vacancy in just a day or two, other times it can take 5-6 weeks for difficult units.
What does your lease look like?
We have a very thorough 8-page lease with an additional 3-page addendum. If you’d like to see a copy please request it and we’d be happy to provide you with one.
What is your late rent policy?
Rent is due on the 1st and we have a 5-day grace period. On the 6th of each month we charge a $50 late fee to tenants who have not paid their rent. We retain this late fee to help offset the additional administrative costs associated with late tenants.
Do you perform regular property inspections?
Yes, we perform a thorough exterior / common area inspections once every month. If you’d like an example of a monthly inspection report please request one.
What percentage of tenants do you have to evict?
We typically evict 2-3 tenants per month (less than 1%). Most evictions are for tenants that we have inherited when we take over management.
How does the eviction process work here?
Tenants have until the 5th to pay rent. On the 6th, if they have not paid, they will be posted with an eviction notice. In Alaska that is called a 7-Day Notice to Quit. This gives the tenant 7 days to pay their rent in full. On the 14th of the month, if they have not paid, we will file an eviction. Alaska Law requires that we hire an attorney, unless the property owner will do the eviction himself or herself. Total costs are typically $490 for court fees and attorney fees.
Once an eviction is filed, the court date is typically set about 2 weeks later (around the 28th of the month). The judge typically gives a tenant 2-5 days to vacate the apartment after the court hearing. So usually by the 30th of the current month (or 3rd- 4th of the following month) the tenant is required to vacate. At that point we can take possession of the apartment back, and start showing the apartment to find a new tenant.
What are your management fees?
We charge 8% of the rent collected. We have a $95 minimum monthly charge.
Are there any other fees (cancelation, eviction, renewal, marketing, account setup)?
No, we only charge a management fee percentage and the lease-up fee for finding a new tenant.
What do you charge for finding a new tenant and leasing the property (lease-up fee)?
We charge $600 or 1 ⁄ 2 of the first month’s rent, whichever is more. This fee is guaranteed for 12 months. If a tenant moves out before the 12 month lease has expired or been renewed, we will find a new tenant at no additional cost. This fee includes all advertising costs, including a for rent sign placed on the property, flyers, and multiple online advertising sources. We occasionally will also advertise on the MLS (typically for larger, more expensive homes or apartments).
If another broker helps find a tenant, we split our commission with him or her. There is no additional cost to you.
Do you charge a fee when a unit is vacant?
No, we only charge our monthly management for actual rent collected. So if a tenant fails to pay rent, or you have a vacant unit, we will not charge our management fee for that unit.
What are my guarantees?
We guarantee our lease up fee for 12 months.
We also guarantee your satisfaction. This means you can you cancel your contract with no fees if you are unhappy.
What is the average length of occupancy per tenant?
Typically most tenants stay for 12-18 months. This is usually longer for houses and larger / more expensive units.
How do you market your properties?
We advertise on the following websites:
- The Zillow Network(Zillow, Trulia, HotPads)
- The Rent Path Network(Rent Path, Lovely, ApartmentGuide ,Rent.com, Rentals.com and RentalHouses.com
- Apartment List
- MLS for larger units
We also post a For Rent sign and flyers at the property.
What is your repair process?
We typically set a cost limit on repairs (usually $500). Any repairs over that price must be approved by you. Repairs under that price we will take care of and you will be informed of them via email or on your monthly statement. This repair limit and policy is customizable.
You will receive competitive rates due to volume discounts that we receive from vendors. Typical maintenance costs are $45 an hour; plumbing and electrical are $80 per hour. You will receive multiple bids if there is a large repair or project.
How do you screen prospects?
Our background checks consist of 4 elements: Landlord reference / rental history, Employment / income verification, Criminal background check, Credit check. We usually want to see 2 years of solid rental history. We require that their gross monthly income is at least 3 times the monthly rent.
Ensuring that we find great quality tenants saves us a lot of headaches and keeps your property in better shape. So we will sometimes turn applicants away, which can extend vacancy time, in exchange for finding the right person.
When will I receive my rents?
We will pay you your monthly proceeds between the 15th and 18th of each month.
Do you do direct deposits?
Yes, we have the ability to electronically deposit into your bank account.
Can tenants pay rent electronically?
Yes, we have an online tenant portal where they can view their account ledger, submit requests, and pay their rent.
What types of reports do you provide?
Typically we provide three standard reports:
- Income Statement (monthly). This shows your income and expenses and is sent to you at the same time that we deposit your monthly proceeds.
- Exterior and Common Area Inspection Report (monthly)
- MoveIn /MoveOut Inspection (during tenant turnover)