One Step Realty, Inc - Property management FAQ

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Frequently Asked Questions



Free consultation to determine your potential monthly rental income!

What needs to be done to my house?
How will you find tenants and how long will it take?
Can I say who I want as tenants for my house?
When do I get my money each month?
Who does the repairs on my property?
Can I use my own contractor?
What happens if a tenant does damage?
What happens if the tenant leaves before the end of the lease?

What needs to be done to my house?

The better condition your property is in, the better quality tenant will attract for you.  This means that the property should be clean, walls should be painted (a neutral color is best) if they are dirty or marred, and things should be in good repair.  It is best to have window coverings on the windows, such as blinds. Depending on the time of the year, snow removal or lawn care should be done prior to the new tenant moving in.
Upon taking over management, we will go through your property and make note of the condition and what we would suggest being done.  You would then instruct us what you want done.

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How will you find tenants and how long will it take?

Once we start management, a rental file is made up.  Your property is added to our list of available properties.  This list is distributed weekly to our list of relocation companies, real estate companies and businesses which are in constant search of rental properties for their clients or employees.  Your property is also listed on our website on the Internet and entered on our 24 hour rental hotline voicemail where prospective tenants can hear information about your property 24 hours a day.  Newspaper ads are generally run each week.  We pass along to your our contract ad rates so you save significantly on these ads.  We will also place a for-lease sign on your property in most cases.
The time of the year, the condition, location and price of the property will determine how long it takes for your property to rent.  Generally, it takes one to two months to lease a property in good condition during the spring and summer months.  Higher price ranges and properties on the fringes of the Metro area can take longer.  Some properties lease within weeks.  There are many variables.

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Can I say who I want as tenants for my house?

You can specify whether or not you want tenants with pets (in most situations) or even tenants who don’t smoke.  However, the more restrictive you are, the longer it could tae to rent your property.  You cannot discriminate against any protected class under the federal, state or local fair housing laws, such as saying you don’t want children.  Because of this, it is best that you stay out of the selection process. We are professionals in leasing.  We have specific criteria that every applicant has to pass in order to rent your property.

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When do I get my money each month?

Rents are due in our office on the first of each month.  In order to avoid violating trust accounting laws, we need to wait until rent checks clear before we can send payment to you.  We will collect the rent, pay the bills and then by the twentieth of each month, provide you with a detailed monthly statement showing all the income and expenses for the month along with payment of your cash flow.

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Who does the repairs on my property?

The tenants do have responsibility for some of the maintenance on your property.  They have to replace burned our light bulbs, change the furnace filters, change batteries in the smoke detectors, and provide other “maintenance” on the property.  Tenants are usually responsible for the lawn care and snow removal, and other yard maintenance, and for any repairs necessitated by their own actions or negligence.
When repairs need to be done outside the scope of the tenant’s responsibility, we would have one of our in-house technicians or one of our sub-contractors handle the job.  Anyone doing maintenance on your property is selectively screened and insured for liability and workers compensation to protect you from unnecessary exposure.  Our workers are available for your property maintenance needs 24 hours a day and their work is guaranteed.  Because of the volume of work we do with them, we usually get lower rates than you would get if you called them directly.

Can I use my own contractor?

We can use your contractor if you wish; however, as protection for you and us, they would need to have liability and workers compensation insurance as well as the ability to respond and complete the work on a timely basis.

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What happens if a tenant does damage?

A security deposit taken at move-in is usually adequate to handle most damage that a property screened tenant may cause.  Tenants with good credit and prior rental or ownership history seldom cause much damage.  The horror stories you may have heard about a property being “trashed” generally are less expensive properties that have been rented without the proper application and screening process.  Our screening process is very thorough and includes credit, rental and ownership history, income and employment, with specific acceptance guidelines for each.  Should the tenant leave your property owing more than is covered by the deposit, they will be billed.  If they do not pay, they will be turned over to a collection agency or court action may be taken if appropriate.

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What happens if the tenant leaves before the end of the lease?

The tenant is responsible for the rent for the duration of the lease.  If they choose to leave prior to the termination date of the lease, they will be charged for the rent until the property is re-rented again.  They are also responsible for paying us a re-leasing fee and advertising costs so you do not incur this expense.  Most responsible tenants value their credit and their commitments and therefore honor their lease.

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Free consultation to determine your potential monthly rental income!
 
One Step Realty, Inc. 6095 28th Street SE Grand Rapids, MI 49546