When you own a rental property and you are considering property management, chances are you have many questions. What do property management companies do? What are the responsibilities of a property manager?
Davies Property Management makes it easy to get the information you need. View our list of frequently asked landlord questions below to find the answers to your inquiries.
No. Multiple listings confuse listing services, as well as potential prospects on both the for sale and for rent side. We do not want there to be a situation where a property is accidentally promised to a tenant and a potential buyer. If legal binding documents are signed by a buyer and new tenant at the same time, it can become a very big problem.
Property management is our primary function, and we are looking to foster relationships with homeowners looking to become successful landlords.
We can start the process immediately. Contact us so we can find out more about you and your property, and see if we're going to be a good fit.
Please contact us if you have other questions or wish to discuss letting us handle your property.
You can also sent us a request for a rental evaluation of your property - click here.
Do not talk with your tenant. Don't discuss anything with your tenant. That's why you hired us. We have systems and procedures in place to document all communications with the tenant. Our entire team is trained on customer service, best practices, and knows the applicable laws. Frankly, we recommend blocking the tenants numbers.
We will never release your contact information to the tenant.
All security deposits are held in our security deposit trust account until the end of the tenancy.
Our fees are very competitive, and therefore are non-negotiable. We realize you can probably find a cheaper property manager, but the price should not be the determining factor in deciding whom you hire to manage your property.
The ultimate cost of using a property manager is determined by many things other than the fee we charge, namely, the efficiency and manner in which we handle problems. We feel that our services, our systems, and the experience and expertise we offer are a very great value at the fee structure we have established.
Our monthly management fee ranges between 8-10% depending on the number of properties we manage for a particular client. Please contact our office for more details.
We will pay your lawn service and any other bills or invoices generated as a result of repairs, utilities or other services to your property. We will not pay mortgage or condo fees and property taxes on your behalf.
You have access to your property statement at all times 24/7. We provide you with access to an online portal where you can download your statement anytime. We deposit all rent proceeds to your account on the 25th of each month providing the property is occupied and the rent has been paid on time. Rent proceeds disbursements are made by direct deposit into your account.
Absolutely! We can deposit your rent proceeds directly into your bank account by direct deposit. We can only deposit money into your account.
We will be happy to invite them to join our vendor list if they are qualified and insured, and they agree to sign our Vendor agreement. We already have a stable list of very qualified and reasonably priced vendors that we have used for many years. If a company you prefer wants to be added to our vendor list, they can contact us and we will interview them and let them know what is required.
Our professional reputation, with both tenants and owners, is largely, if not entirely, determined by how well we handle maintenance. Therefore, we follow a practice that is most likely to ensure the best possible response and resolution to problems.
No, we only use our qualified vendors. We are not able, for liability reasons, to use your friends or relatives to perform work on your home unless they are in fact licensed vendors and they can provide us with the necessary documentation and insurance.
This is the greatest fear of most new owners. We promise in writing not to do that. Ordinary maintenance and repairs of less than $400 are paid out of your account, and you will see this in your monthly statement.
If we think a repair might exceed $400 and if we are unable to reach you, we may initiate repair work even if it is higher than $400 as stated in the management agreement; for the following cases:
We would only be acting in your (the owners) best interest.
Yes, we require a $300 in reserve per property in your account so that there are always funds to pay the vendors for minor repairs. For multi unit properties, the maintenance reserve is established on a case by case basis.
Tenants may submit requests through their tenant portal. For emergencies, they may call our emergency line. Once we have determined whether or not the issue is considered an emergency and needs to be handled after hours, we will dispatch the appropriate vendor to control and handle the emergency. Tenant safety is absolutely the top priority.
After receiving a routine repair request, we will contact the tenant and ask them questions in order to help us determine the exact nature of the problem before sending a service technician. We make sure it is not something the tenant can fix themselves (ex: reset button on the GFI, tripped breaker etc.) before your money is spent on a service call. After determining that it is a legitimate problem, we will send the appropriate service vendor to make the repair. We tell our tenants that we are able to handle most repair requests within 1 to 3 working days.
Our general rule of thumb is this; if something has happened, or is about to happen, that will disrupt your ordinary monthly cash proceeds by more than the $400 amount in your reserve account; we will let you know about it. We will call to let you know what has happened and the expected financial impact on the following month's statement.
If something may cause a potential interruption in your ordinary cash flow (loss of tenant or major repair), we will let you know about it right away. Otherwise non-emergency items will be notated in your monthly statements.
We will update you with progress reports as we handle situations outside routine maintenance or if there has been an emergency. You'll hear from us when you need to hear from us. Of course you are welcome to call at any time and get an update, or visit our office and chat with our team.
Rent is due on the 1st of the month and considered late if it is not received at our office by the 5th of the month. If payment has not been made by the 2nd day of the month, we send the tenant an email letting them know that we haven't received the rent. If we get no response from the tenant by the 5th, then we will post a 14 day eviction notice.
We handle the entire rent collection process. Although it is rare - should a tenant not pay rent, we handle the entire legal eviction process on your behalf.
We give them an opportunity to correct the situation, and usually they will. If a problem persists, we will make a decision based on that specific situation.
During the lease term, we may have occasions to enter the property for repair or maintenance reasons and will use that opportunity to examine the property.
In addition, we will generally schedule a property assessment walk-through to see how the tenants are maintaining the property. We make sure the air filter is being changed, that the smoke alarms have batteries and that there are no unreported problems at the property.
We will also schedule a visual assessment walk through prior to offering a renewal on a lease. This protects both you and your property. The right for us to make routine assessments of the property is part of the tenants lease agreement.
All leases are in writing and normally cover a period of one year. Longer or shorter leases are approved after discussion with the property owner. During slower rental periods, we accept leases for less than one year, or more than one year, in order to have the lease expire during a more active rental period. On occasion we may elect to place a tenant on a month to month to accommodate a sale of the property by the owner or moving the property into a more active rental period like the summer months.
"Restricted Breed Of Dog" shall mean any Pit Bull Terrier, Staffordshire Terrier, Wolf dog, Staffordshire Bull Terrier, Bulldog (Old Country Bulldog), Dogo Argentino, Canary Dog (Canary Island Dog, Presa Canario, Perro De Presa Canario), Presa Mallorquin (Perro de Presa Mallorquin, Ca De Bou), Timber Shepherd, Chow-Chow, Rottweiler, Doberman Pinscher, Akita, Tosa Inu (Tosa Fighting Dog, Japanese Fighting Dog, Japanese Mastiff), Cane Corso (Cane Di Macellaio, Sicilian Branchiero), Fila Brasileiro or any dog displaying the majority of physical traits of any one (1) or more of the above breeds. This list is subject to change.
We look at an applicant's past behavior and assume their future behavior will be the same or similar. An applicant must demonstrate a history of being a good, responsible tenants as well as meeting our screening requirements, as outlined below.
Credit Score: All applicants must have a credit score (individual or group average) of at least 530 and above to qualify.
Income: All applicants must earn a (combined) gross income of minimum 3 times the monthly rent.
Bankruptcy and Active Collections: Bankruptcy and active collections on your credit may be grounds for denial.
Rental History: A clean rental history free of eviction or outstanding balances.
Multiple Applications: In the case of multiple applications we do not operate on a first come/first serve basis. We run credit on all fully submitted applications and the final decision is based upon a point system mainly derived on Credit Score. In a case that there was a more qualified applicant we will hold your application for 90 days should the applicant decided to move the application to another listing in our portfolio.
Pets: Pets are allowed at the owner's discretion. We do not allow any dogs of an aggressive breed (list can be found below). There will be an additional monthly pet fee of $25 for a cat and $50 for a dog. All approved applicants are required to acknowledge our pet policies. Only two pets allowed per property.
Yes. Our Property Managers, Broker and Real Estate Agents are licensed real estate agents. Our administrative and maintenance staff are not required to be licensed.
We do not manage large apartment buildings over 40 units, industrial properties, or do Condominium or HOA management. We aren't interested in managing homes with chronic repair issues or conditions that might adversely affect the health or safety of a tenant.
We effectively manage your rental property through:
We specialize in Single-Family homes, Condos, Townhomes, Duplexes, Tri-plexes, Four-plexes and small residential buildings.
Renting homes is highly dependent on marketing. We acquire tenants through internet web searches, sign placement, walk-in business, repeat tenants and referrals from satisfied tenants.
Normally, there are several factors that can make a property difficult to rent – undesirable neighborhood, the property doesn't show well, pets are not allowed or the rent is not competitive. If one of the last two problems appears to be a factor in marketing your property, we will make suggestions to correct them. We do our utmost to keep all properties rented, not only for your benefit but also because our income is based on a percentage of the rental income.
Davies Property Management is a full-service property management company focused on helping real estate investors become successful landlords.
Learn how much your home could rent for. Discover how to maximize your profitability and see if we are the right choice for your goals.
For Owners
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