What are our general Property Management Services?
Property Management
We will exclusively manage your property by finding and screening a qualified tenant, prepare and execute the lease, perform pre and post move-in inspections, collect rent, collect and hold the security deposit, disburse monies to the owner, handle all maintenance issues, evict, if necessary, and respond to any and all tenant / 3rd party issues.
Tenant Procurement Only
We will find a qualified tenant, prepare the lease between the tenant and owner, collect the first month’s rent prorate and collect the security deposit. The owner then assumes the lease and security deposit responsibilities for the lease term.
We give you a 1% management fee discount for your referrals! How does this work?
We know that the best referrals come from our clients. For every referral that you send to our firm we will discount your management fees by 1% beginning the next full month after the new client signs with our firm. Please see Property Management Fees tab for more details.
Where do you advertise?
We exclusively advertise each and every property. We do not charge a separate marketing fee but pay for our advertising charges from our finder’s fee.
- 107.9 FM The Link (FM Radio Station)
- The local MLS (We use our Realtor ® status to list every rental on the Charlotte Area MLS and open your unit to 11,000+ area Realtors ®)
- Our firm’s website, www.parkaveproperties.com
- Park Avenue Properties’ yard signage (where allowed by HOA)
- Rentals.com
- RentalHomesPlus.com
- Hotpads.com
- Craig’s List
- Charlotte Observer
- Huntersville Herald
- Cornelius Today
- Business Today
How do we screen and select a rental applicant(s)?
We screen prospective tenant(s) by processing completed applications and completing a scorecard that is comprised of several categories. We perform a credit and federated criminal background check, on-time payment history, employment status and income verification, just to name a few. The scorecard system is an example of our commitment to Fair Housing guidelines. If a tenant does not meet the required minimum score for the target rent of the specific property he/she has applied for, then they are denied. If the applicant(s) meet or exceed the minimum score, then they are approved.
When do we disburse rental monies to the Owner / Landlord?
All rent is due on the 1st and late after the 5th. This said, we only pay the Owner / Landlord once we have received the rent check and it has posted with our bank. We have invested in an electronic check processing machine for our office that eliminates the need for us to make manual deposits at the bank teller any longer. We simply scan each check and a digital image is used to make the bank deposit. This investment allows each check to process a day or two faster than the manual bank deposits.
Disbursements will be made once tenants(s) rent has been collected and posts to Park Avenue Properties' bank account. Rents collected by the 15th of the month will usually be disbursed (via ACH direct deposit or U.S. Mail – your choice) between the 16th and 23rd. Rents collected after the 15th will usually be disbursed between the 28th and the 3rd of the following month.
If you need the monthly disbursement check to make that month’s mortgage payment, we respectfully recommend you budget to be able to make your mortgage payment without these funds.
What is ACH?
ACH is an acronym for Automatic Clearing House and is an electronic banking process where our firm can make a direct deposit into your bank account. You will receive your tenant statement via e-mail when you choose ACH. There is an ACH Direct Deposit Form that you will sign and also provide a cancelled bank check.
For tenants, we also can collect rent monies from a designated account by using an tenant completed ACH Withdrawal Form.
What contracts do we use with the Owner / Landlord and Tenant(s)?
We use standard Association of Realtors approved forms and contracts for all of our clients. The Association recommends that we use these approved forms which are time tested and written to be very fair to all the parties involved. We do not use any amended forms that would negatively impact the Owner / Landlord or the Tenant.
What is our pet and smoking policy?
We recommend that you be pet friendly where possible. It is, of course, ultimately up to you. If pets are allowed, we will charge a $250.00 pet deposit for up to two (2) pets. $150.00 is non-refundable (our firm uses this money for a pet cleaning, if required) and the remaining $100.00 is refundable as a financial incentive to the tenant(s) to make sure the pets do not damage the property.
Please note that by not accepting or considering pets you will often restrict your rental audience. We recommend you consider pets as our experience has been very positive. We do not allow a few specific breeds of dogs due to their declared guard dog status such as Pitbulls, Rottweilers, Doberman Pinschers, Mastiffs, German Shepherds (unless service dog certified).
No smoking is allowed at any of our managed properties.
Do we require insurance for the Owner / Landlord or the Tenant(s)?
Yes, for the Owner / Landlord. Our Error and Omissions (E & O) insurance provider requires that Owners / Landlords carry a minimum of $500K liability insurance. The minimum liability coverage allowed in the State of NC is $300K. You will need you to call your insurance agent and inquire if you have $500K in liability coverage. There is a good chance you already have $500K coverage or already have invested in the $1M umbrella policy allowed in the State of NC. Our firm’s insurance provider has told us that the $200K increase in liability coverage will add no more than $10-20 per year, not per month, to your existing policy(s.) In fact, the agencies we frequently use has said that $20 per year would likely be enough to obtain a $1M liability policy. Rest assured, this small annual increase is well worth the extra $200K in coverage. Due to rising attorney defense costs, this is a requirement by our insurance provider and you will need it to do business with our firm. As proof of coverage, we will request a copy of your declaration policy page from your insurer showing the $500K liability coverage. Simply put, the extra coverage is for your protection and we respectfully encourage you to increase your coverage even if you do not use our firm’s services.
No, for the Tenant(s). We encourage all tenants to obtain Renter’s Insurance to protect their household goods. Their decision, yes or no, does not impact our Firm or the Owner / Landlord so we merely recommend it but do not enforce or track any coverage.
What are our firm’s professional affiliations?
- National Association of Realtors ® (NAR ®)
- NC National Association of Residential Property Managers (NARPM ®)
- Carolina Multiple Listing Service (CMLS) Member
- Lake Norman Business Group
- Better Business Bureau (BBB)
- Lake Norman Chamber of Commerce
- City of Charlotte Chamber of Commerce