Long Term Rental Owner FAQs
Do I have a written agreement with the Management Company?
Yes. We present owners with a Management Agreement that outlines the terms and conditions for the management of the property. The Agreement along with several other forms should be completed and returned along with keys and access codes for us to put the property on our rental program. We also provide additional information which includes a description of our company and rental program, the services we provide, our fee structure, a property information sheet, disclosures and forms.
What fees are involved with the Management Agreement for an annual rental?
CRP collects a monthly management fee and a one-time leasing fee for each new tenancy. We do not charge extra fees for processing owners’ paperwork, advertising the property, accounting statements or routine supervision of the property and residents. While there are instances where other costs arise in connection to a property, we try to contain those costs and protect the property owner from excessive or unnecessary expenses.
Do I need to have reserve funds set aside for the property?
Yes. We recommend you have your own personal reserve for unexpected maintenance or improvements, however, we request owners maintain a reserve of $300 with our company to cover minor maintenance and expenses. This allows us to remedy minor issues without taking up the property owners’ time. Regardless of the issue or expense, we communicate all information to owners in a timely manner.
Do you provide monthly statements for the transactions involved with my property?
Yes. We email monthly statements to owners and direct deposit any funds due into owner’s bank account typically between the 6th – 15th day of the month. Disbursement dates may vary depending on when rent is collected, holidays, weekends, severe weather, etc. Statements show all income and expenses for the month. We also provide an annual income/expense statement to assist owners in completing their income tax returns.
How do you market a rental property?
Initially, we will take marketing photos of the property. Photos, along with information from our inspection, a property profile report and our market analysis of the property allow us to present it effectively. We utilize a wide range of media and technology resources including our Website which syndicates our listings throughout the Internet to hundreds of locations (ie. Zillow, Trulia, Hotpads, etc), Social Media (ie. Facebook, Instagram, Youtube), Craigslist, VRBO, signage, brochures and through our expanded network of professional associates, realtors, vendors and clients.
How do you screen and select tenants?
Based on Fair Housing Laws, applicants cannot be discriminated against based on race, color, religion, sex, handicap, familial status, or national origin. Our company follows the guidelines for offering equal housing opportunities to all applicants. Applicants are screened based on other acceptable criteria related to credit worthiness, criminal background history, employment status/references, household income, pet ownership and previous rental history/references.
Do you require security deposits?
Tenants will pay a refundable security deposit typically equal to a month’s rent. In cases of a furnished property, utilities or services provided by the landlord, pets being allowed or other concerns based on the tenants screening profile, additional documentation and deposit monies may be required.
Is an inventory taken of my property if it is furnished?
Yes. A detailed inventory is taken when your property first comes on our rental program and then on an annual basis or when the tenancy changes. After a tenant vacates, we will inspect the property for cleanliness; damages, alterations, or maintenance issues; and any missing items or furnishings.
Do you inspect the property during a tenancy?
Yes. We generally perform a walk-through inspection of the interior and exterior of the property 2 to 4 times per year during the first year and typically 1 to 2 times during subsequent years of the tenancy if previous inspections show the tenant being responsible and caring for the property. We also perform “drive-bys” every month or so to verify that our standards and any HOA rules are being met.
How is maintenance handled?
Our maintenance team is utilized for repairs and services at the property. Our team of vendors are experienced and licensed. Their work is handled with professionalism and their fees are competitive and reasonable. Charges for maintenance and repairs are a reflected on the owner’s monthly statement. If the expense is minor, it may be deducted from the owner’s reserve fund. If the issue is due to a tenant’s negligence or misuse, the tenant will be responsible for the charges involved.
How are emergencies handled?
CRP is always on-call for emergencies. Residents are provided with our contact information as well as contact information for police, fire and rescue services. Residents are also provided notifications/information on preparations and evacuations for hurricanes or named storms and winter weather conditions that may include specific preparations for your property.
Do I ever have to deal with the residents or the property?
No. Our commitment to you involves screening, placing and managing all residents and property maintenance issues. We will communicate with owners but there is no expectation or need for owners to have communication with residents or services at the property. Residents are not furnished any personal information of the owner. We also assist with the eviction process through the local magistrate’s office in cases of default.