Owners/Landlords FAQ’s
Should I sell or rent my home?
This is a popular discussion point in our given economy. If you are undecided on renting versus selling then consider this scenario: Why not market your home for sale and rent at the same time? Park Avenue Properties has the resources and expertise to market your home for sale while searching for a well-qualified tenant at the same time. When the first one comes along then terminate the other option. Because resources are invested from both the Park Avenue Properties Real Estate and Property Management group to help you try and sell or rent, respectively, there is a $100 service charge to be paid to the group that does not procure the buyer/renter. This charge is only billed to you once when of the two scenarios is realized.
What if I have a Realtor already listing my home?
The law of Agency is upheld and we will be delighted to work with your Realtor. If a Tenant is found before a Buyer is found, then you simply remove it from the sales market. If your Realtor finds a Buyer before a Tenant is found, then you simply send us a copy of your contract and you can terminate without paying the full contract termination penalty. It is requested that you reimburse for half of the property marketing expenses (Note: $125 per month will be your portion) for the months your property was advertised for rent up until you found a Buyer and you notified Park Avenue Properties in writing that it went under contract.
How do you screen and select a rental applicant(s)?
Park Avenue Properties is a TransUnion approved partner. Tenant applications are processed electronically through TransUnion and include credit, criminal, sex offender and past eviction background searches. TransUnion’s scoring and tenant recommendation policies built on industry standards are followed to ultimately accept or decline prospective tenants.
When do you disburse monthly payments to property owners?
All rent is due on the 1st and late after the 5th. This said, property owners are paid after rent is collected and cleared. Rents collected by the 15th of the month will usually be disbursed via ePay between the 16th and 23rd. Rents collected after the 15th will usually be disbursed between the last day of the month and the 4th of the following month. Please keep these dates in mind when scheduling your monthly mortgage payments.
What is ePay?
ePay is a direct deposit to a checking or savings account of your choosing. There is no additional charge for this service.
What contracts do you use with the Owner / Landlord and Tenant(s)?
Master agreements that have been reviewed by Park Avenue Properties’ legal counsel are used and are compliant across the States where business is held.
What is your pet and smoking policy for the rental properties you manage?
It’s recommended that a property owner be pet friendly where possible. It is, of course, ultimately up to you. If pets are allowed, our standard fee to charge the tenant is $250.00 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 to the tenant if pet damages do not exceed the non-refundable portion. Please note that by not accepting or considering pets you will often restrict your rental audience. “Agressive” dog breeds are restricted. This includes: Pitbulls, Rottweilers, Doberman Pinschers, Mastiffs, German Shepherds (unless service dog certified.)
No smoking is allowed at any of our managed properties.
Do you require insurance for the Owner / Landlord or the Tenant(s)?
Yes, for the Owner / Landlord. The 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. Park Avenue Properties’ insurance provider has reported the $200K increase in liability coverage will add no more than $10-20 per year, not per month, to your existing policy(s). 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 the insurance provider and you will need it to do business with Park Avenue Properties. As proof of coverage, a copy of your declaration policy page from your insurer showing the $500K liability coverage will be requested upon signing a property management agreement. Simply put, the extra coverage is for your protection and Park Avenue Properties respectfully encourages you to increase your coverage even if you do not use this firm’s services.
All tenants are not required but are strongly encouraged 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, although it is recommended, it is not enforced or tracked by Marcus or Park Avenue Properties.
How do I know if I am getting fair market rent for my property?
Prior to taking management services for a property, we conduct a comparison of rents for similar properties in the area. This information is shared with you so that you can be fully aware of what rents you can expect to receive for the current market conditions.
Who does the tenant send the rent payment to?
Under full management services, rental payments are made to Park Avenue Properties. Management fees and any applicable expenses will be deducted from the rental income before disbursement of the property owner’s payment.
What happens if the tenant doesn’t pay rent?
Non payment of rent receives our prompt attention. If rent is not paid within the first 5 days of the month, we personaly follow up on all tenants. This will usually generate the rent payment. If not, we will follow the procedures to terminate the tenancy as per the State requirements.
How do I know the repair people will do quality work?
We have established excellent relations with experienced tradesmen. Because of the volume of work they do for us, we are able to obtain both prompt service and extremely competitive volume rates.
Who looks after tenant complaints and problems?
This is part of our function as your Property Management Company and the reason we have trained experts to manage every cog in the wheel. We are always available to handle calls from tenants and deal with their problems or complaints so that your investment is stress free.
Am I informed of all the repairs you make on my property?
When we enter into a Management Agreement, we will discuss an expense ceiling meant to cover minor repairs and maintenance. If a bigger problem arises we will contact you to discuss the situation.
What happens to the tenant’s security deposit at the end of the lease term?
We hold the tenant’s security deposit in our trust account during the Tenancy. When a tenant vacates, we conduct a walk-through inspection on your property to assess any damages. Security deposit funds are allocated to any repair costs above and beyond normal wear and tear as well as any outstanding charges or balances due on the tenants’ account. Any security deposit remaining after the allocation of funds will be returned to the tenant.
How long is a standard lease term?
Normally we do a 1 year lease but lease terms are completely negotiable between the landlord and the tenant. If a tenant asks us for a lease term other than 1 year, we will contact you, the property owner, for approval.
