FREQUENTLY ASKED QUESTIONS
BILLING & ACCOUNTING
WHAT IS YOUR MANAGEMENT FEE?
Residential: Our rental rate is 8% to 10% of the rental rate. We determine the percentage based on the condition and number of properties we will manage for you. There is a minimum $100 charge per month condominiums and single family homes. Your first payment is due once a resident signs their lease and pays their first month’s rent and security deposit.
ARE THERE ANY OTHER FEES?
Setup Fee: $400; initial, one-time only, non-refundable fee.
Leasing Fee: 50% of the 1st Month’s Rent for Customer's that also would like Management. 1 Month's rent for Customer's who just want help with Leasing; $600 minimum for Single Family Homes and Condos. For Leasing-only clients, this cost is split into two payments, half up front and the remainder once a tenant is found. This cost covers professional photos and video, as well as website listings, social media listings, a welcome gift and more. We find great tenants with our extensive interview and screening process.
Lease Renewal Fee: $200
There is NO MAINTENANCE MARKUP for standard maintenance requests. There is a 10% MAINTENANCE MARKUP for any Maintenance Requests above the authorized amount noted in your Management Contract, for any one repair or Maintenance item.
We do not cover the cost of evictions.
HOW AND WHEN DO I GET PAID?
Residential: We pay our owners electronically by the 10th of each month (after rent funds have cleared the bank), but your banking institution may hold the funds for a day or two. Statements are emailed to you monthly and are also viewable in your owner portal.
HOW IS RENT COLLECTED?
Rent is due on the 1st of each month with a 4-day grace period. We prefer electronic payments through the resident’s online portal; however, checks by mail are welcome. We do NOT accept cash. All checks must be received by the 1st of each month.
WHAT HAPPENS IF A RESIDENT IS LATE ON RENT?
After the grace period of 4 days (5th of the month), there is a fee penalty of $50 for Late Payment of Rent, with a $10 fee added for every additional day that it is late. If rent is not paid, a legal notice will be sent to the tenant. If payment is further not received, we begin with the eviction process. (Grandfathered leases are subject to different grace periods and late charges.)
WHAT HAPPENS IF A RESIDENT'S PAYMENT IS RETURNED?
If a payment is returned, there is a flat fee penalty of $35 for Non-Sufficient Funds (NSF). They will then need to pay rent via a certified check. If the check is received after the grace period, they will incur an additional $50 late payment of rent, with additional $10 fee for each addtional day. (Grandfathered leases are subject to different grace periods and NSF charges.)
WHO DOES THE LATE FEE GO TO?
If the rent is collected by the 10th (the day payments are sent to owners), the late fee will go to Squared Away Property Management. Otherwise, it will be split 50/50 with the Landlord.
HOW OFTEN DO YOU INCREASE RENT?
Every 12 months we review the rental market and the resident's rental history to decide the appropriate rental rate.
WHAT TYPE OF REPORTS DO I GET?
Residential: On a monthly basis, you will receive an email with your “Owner Statement” which includes all rent income, and maintenance and management deductions. At the end of the year, you will receive a “Consolidated Cash Flow” and “1099".
Commercial and Associations: On a quarterly basis, you will receive an email with your “Owner Statement” which includes all rent income, and maintenance and management deductions. At the end of the year, you will receive a “Consolidated Cash Flow” and “1099".
MARKETING & LEASING
WHAT KIND OF CONDITION DOES MY PROPERTY HAVE TO BE IN TO BE CONSIDERED RENT READY?
The first impression of a vacant property is the lasting impression of that property. That’s why our owner/clients agree to take care of the basics – fresh paint (neutral colors), new floor coverings (or those that look new), nice window coverings (blinds), landscaping front and back (even if it’s simple), the home professionally cleaned (including carpets and windows), and everything in good working order – before we begin our task of marketing the rental home. The results are always much better when we approach the marketing process with a Rent Ready home!
WHERE DO YOU ADVERTISE VACANT PROPERTIES?
Our software enables us to post to hundreds of listing sites with the click of a button including popular sites, Apartments.com, Rentals.com, Zillow and Trule. This allows us to speed up the leasing process and fill your vacancies faster.
HOW DO YOU SCREEN PROSPECTIVE RESIDENTS?
Once a prospective tenant has decided they want a specific unit, they must formally submit an application. There is a non-refundable $50 application fee per adult. Please note that any person who will be living in the unit and is over the age of 18 will need to fill out an application. All applicants may receive a copy of their background check upon request. The resident screening process begins with pre-screening questions followed by a credit check, income verification, employment verification, criminal background check, eviction check and a landlord reference check.
CAN I KEEP MY CURRENT TENANTS?
Absolutely. We can introduce ourselves to your resident and make arrangements to have all future dealings handled by Squared Away Property Management. We we will just need to review your lease to ensure your legal binding contract is current.
SHOULD I ALLOW PETS?
If you (as the owner) are allergic to pets and plan to move back in, then we would suggest that you not allow pets. That said, statistically, roughly 66% of Americans have pets so to market a home as a "no pets" property, means we're eliminating over half the pool of qualified renters for your property. Not only this, people with pets are less likely to move if pets are allowed. Should you decide to market your property as "pet friendly", we will always look at factors such as the breed of the animal, the animal’s age, and the prospect’s history in renting with a pet. We also collect significantly higher security deposits when a pet is approved, thereby giving you added assurance that, should there be any damage to the property, the tenant has enough at stake to make it right when they vacate.
Our Official Pet Policy is as follows:
- An additional $300 - $600, per pet, added to the Security Deposit. We also charge additional pet rent of $25 for small animals (under 40 lbs) and $50 for large animals (41+ lbs), monthly.
- 2 pet limit per household
- Guard dog breeds are not permitted
- Rental applicants with household pets or service/companion/assistive animals are required to submit a per pet application through a third-party pet screening vendor as part of our rental application
HOW MUCH DO YOU CHARGE FOR A SECURITY DEPOSIT?
We typically charge 1-2 months rent. If the resident has a pet, we charge additional security deposit, but we do not earmark it as pet deposit so that we can use it for any damages (not just pet damages) in the future.
WHO HOLDS THE SECURITY DEPOSIT?
We do. After the resident has surrendered the rental property to the landlord (that is, returned the keys and vacated the property), we will return the resident’s security deposit with an itemized statement of deductions, within 21 days.
DO YOU HOLD RESERVE MONEY FOR MY PROPERTY?
We do not usually hold reserve money for your property. Typically, any maintenance requests below $500 will be automatically deducted from your monthly receivables and any maintenance requests above $500 will be approved by you before we deduct it from your monthly receivables. If your monthly receivables is less than $1000, we may choose to hold a $500 deposit.
DO YOU REQUIRE RENTER'S INSURANCE?
While we cannot mandate that each Renter maintain Renter's Insurance (which insures the tenant's belongings), we do require that each tenant maintain at least $100,000 coverage of Tenant Liability Insurance for the duration of their Lease Agreement. This protects agaainst damage to the landlord’s property for no less than the following causes of loss: fire, smoke, explosion, water damage, backup or overflow of sewer, drain or sump. Tenants may purchase their own renter’s insurance (which typically also covers Liability) or they may choose to opt into Appfolio’s Liability Insurance for $12 a month.
MAINTENANCE & PROPERTY REVIEWS
HOW ARE MAINTENANCE REQUESTS RECEIVED?
Residents may submit their request online through our resident portal. Once received, we evaluate the situation and coordinate with the maintenance vendor(s).
HOW OFTEN DO YOU COME REVIEW THE CONDITION MY HOME?
As a standard, we do property reviews every 3-4 months. These reviews allow us to take care of deferred maintenance and check for any possible lease violations.
CAN I CHOOSE MY VENDORS?
We can definitely work with vendors that you already have relationships with; however, they must register to become one of our preferred vendors and must be licensed and insured. Additionally, if they are not available within 48 hours, we will contact our other pre-negotiated vendor(s) in order to ensure a quick turnaround.