5 Questions to ask Property Managers
1) How will you manage my home?
First, we begin with a strict tenant screening process to assist in placing better tenants. Credit, background, evictions, income/employment, and references are all taken into account. We then follow the North Carolina Association of Realtors comprehensive forms as well as addendum that we have built and perfected in many years of experience. This is to ensure protection of your interest and to comply with applicable state laws. The condition of the property upon move in/move out/annually are documented and stored away safely. We set the rent due date on the first of the month and no later than the fifth. If the payment isn’t received by then, a late fee is applied.
Bottom Line has a 3-step process to collect late rent. This includes a series of emails, calls, and mail. If we are unable to collect from the resident by mid-month, we file for summary ejectment (eviction). We start eviction on the 20th if the rent due is still not paid.
Bottom Line will attend all court proceedings on your behalf and use a professional landlord/tenant lawyer when necessary. During this time, we enforce all provisions of the lease. We handle all of your City/County and Homeowners Association violations. All your monthly accounting, reconciliations, and year-end tax (1099) filings are handled. Finally, we work to renew the residents lease at the end of the term. This results in routinely increased rates.
2) How will you market my home?
Our marketing process begins with using a current rent comparable analysis and our Rent Range subscription to help produce higher rents and less vacancies. Advertising and showings begin as soon as the home is rent ready. Many of our showings take place on demand and at the convenience of the perspective resident. We then utilize mass syndication and online advertising on a wide array of websites. We also include, virtual tours and/or video of our vacancies placed where effective. Traditional marketing efforts are also used by placing yard/window signage on all properties, where allowed. All these efforts give your rental home maximum exposure.
3) How do you handle maintenance and repair requests?
Tenants and their maintenance requests can get overwhelming. One of the main benefits in hiring a property manager is you don’t get those 2 am phone calls. We deal with these things when you partner with us. Residents can make repair requests online through their resident portal, by phone, or in person at our office. In the event of an emergency, we have a live 24/7 maintenance line. We have a strong network of fully vetted maintenance vendors. These experts will save time, money, and make sure the job is done correctly and in a professional manner.
Bottom Line Property Management only works with highly qualified, reliable, insured, and licensed (if required) vendors. Our vendors must adhere to background checks as we want to ensure that there are no unlawful characters entering your premise and may be in contact with your residents. Finally, we handle all applicable sales tax and year end (1099) filings.
4) How do you keep me informed about my property and accounting?
Bottom Line Property Management uses a professional and industry specific accounting software called Property Ware. We send you a monthly statement via email. You will receive the email in an easy to read format. There are also copies of the repair bills and month end statements that are posted and available in real time on your owner portal. Your funds are sent electronically to your bank account via ACH. This reduces the chances of lost or delayed checks. Finally, we provide a year-end summary statement along with a 1099. Doing this will make your tax preparation a breeze.
5) How do you collect from past tenants?
We actively pursue collection of all balances due from past residents for 30 days in house. After one month, we send all details and documents to a professional collection agency. They place the collection with all 3 Credit Bureaus and continually attempt to make the collection in accordance with applicable Federal Law. They report to us each month on the status of collection. You will receive payment in the month following collection of the debt regardless of if you are still a client of Bottom Line or still own the property. Don’t worry, we handle clearing the debt from collections.
These are the Top 5 Questions to ask Property Managers. If you’re interested in learning more, we’re more than happy to help. Bottom Line Property Management doesn’t settle for the status quo. We want to help as many property investors and landlords succeed and hit their “bottom line.”
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