FAQ for Owners:
What do your property management services include?
We are a full service property management company with an emphasis on building a management relationship with our owners that fits your individual needs. We do it all, from finding you the right tenant through advertising and screenings, to keeping your property maintained and your investment sound.
2. What are your management fees?
Our management fee is a flat fee. We do not have any start up fees, inspection fees, administrative fees etc. Our fee is a percentage of your monthly rent and can vary depending on how many properties you own. Please call our office for more information.
3. When would I receive my rental proceeds each month?
Our owners receive their rental proceeds on the 10th of every month. Most of our owners have direct deposit or a check will go out in the mail to you. You will also receive an owner packet, which consists of a statement and any invoices for work performed at your property.
4. Do you require a reserve of cash be held on my account to be used towards repairs/maintenance?
Yes, We ask that each of our owners carry a reserve of $250 on their account to only be used toward repairs/maintenance.
5. Do you authorize repairs with or without owner approval?
Any repair that is under your cash reserve of $250, will be taken care of automatically. You will see the invoice included in your owner packet. However, if the repair is over $250, you will be notified and estimates provided before any work is performed.
6. Do you have a lot of vendors you use?
Yes, we have a long list of vendors we use within the community. We strive to have several vendors for different areas of expertise so that we can provide multiple estimates. Each vendor must be licensed and insured.
7. Where do you advertise?
When your property has a vacancy it will be advertised on our website and through the regional MLS. From the MLS it is picked up on several real estate websites, Realtor.com, Trulia.com, Zillow.com etc. It will also be listed on Craigslist.
8. How do you show properties?
Prospective tenants are instructed to come to our office and sign out a key to the property when it is vacant. We pre-qualify them at that time to make sure they can financially afford the property. We then ask the tenant for a $20 cash key deposit and we make a copy of their driver’s license. The tenant then brings the key back to us and receives their deposit back. If the property is occupied, the current tenant sets up showings with the prospective tenant.
9. Will I receive a financial statement at the end of the year for my taxes?
Yes, absolutely, year-end paperwork is sent out in January. It will summarize your monthly rent income and expenses.
10. What is the screening process for tenants?
In order for a tenant to qualify for a property, we have them fill out an application. There is a $65 fee per person over the age of 18, which our company retains. The screening consists of a credit check (we look for a score of at least 600), back ground check and a rental history verification. We also ask for proof of income to be at least two to three times the rent in their gross monthly income. We verify this through pay stubs, tax returns and/or bank statements. Once we have compiled all the information on the tenant and any pets, we submit it all to our owners for their final approval.
11. What is your pet policy if I allow/disallow pets at my property?
If an owner chooses to let a tenant have a pet at the property, there is a non-refundable pet fee that is charged to the tenant that goes directly to the owner. Our pet fees are usually $200 for the first pet and $150 for each additional. Pets will be discussed during the application process and owners have final approval of whether they accept the pet or not.
12. What about late fees, NSF charges if a tenant pays their rent late or bounces a check?
Our company retains late fees and NSF fees. NSF fees cover the bank fees we must pay our bank should a tenant bounce a check and late fees cover the cost of our additional costs incurred for rent collection when a tenant pays late.
13. How do we start the management process?
If you are interested in Unlimited Property Solutions, Inc managing your investment, we will set up a time to meet you at your property/properties. This gives us an opportunity, to not only meet you in person, but also helps us in determining a current market rental rate. It also gives us a chance to go over the management agreement and additional paperwork that is needed to start management. Just give us a call and we will get you set up with an appointment.