I meet with homeowners considering the option of renting their homes on a weekly almost daily basis. There is a consistency in what they fear most. Here is a list of these questions and how we, at Carolina Living Property Management, answer these concerns.
One disclaimer I will make and I communicate to every homeowner considering this option.
There is an inherit risk with renting your home. No one can watch the home on a daily basis to prevent damage from happening.
Having said that, here are the questions asked most frequently.
What happens if the tenant does not pay rent? The rent is due by the 1st and late after the 5th. When the rent is late, we send a letter to the tenant stating that eviction proceedings will begin within 10 days. At that point we use our attorney service to handle the eviction to make sure it is done correctly.
What can I do about and/or how do we prevent damage done to the home? There is nothing that can be done to 100% prevent this from happening. Carolina Living tries to do a good job with background checks and meeting the applicants to ward of inconsiderate questionable people.
How is rent collected? We encourage our tenant to allow us to debit their account directly. We also allow tenants to mail us a check. Sometimes we encourage our homeowners to offer a incentive with rent reduction for those that allow us to debit the account.
How do I get paid? We wire transfer rent proceeds to our homeowners accounts.
Who is responsible for HOA dues? The homeowner still has this responsibility.
Who maintains the yard? Every tenant is required to sign a maintenance agreement which includes yard maintenance. Some homeowners choose to maintain the yard themselves which is fine.
Will you visit the home? Yes, We drive by the home periodically. If we feel the need to enter the home we will do this at the 6 month interval or if it is brought to our attention that the maintenance is in question.
How do I determine how much my home will rent for? Carolina Living will do an analysis of previously rented homes in the homeowners area and help with determining a price.
Should I allow a tenant to bring a pet? This is a personal decision. We tell our homeowners that eliminating pets eliminates about 60% of potential tenants. Some say the amount is really 75% but our experience puts it at about 60%.
How do you advertise for a tenant? We are huge advocates of using all things Internet. Our listings can be found on many websites including the site we pay extra for: RentalHouses.com
What are your fees? Are there any upfront costs? We charge a 8% management fee and we do not change any up front fees!
How are repairs handled? We have a relationship with a handy-man service that has experts in all the major fields of service (HVAC, Plumbing, Electric…). However if our homeowners have their own handy many or service, we will call them instead.
What kind of insurance do I need? You need to call your insurance agent and tell them of your intention of renting. The type of insurance will change from the typical homeowners insurance. Your agent can guide you in this process but we have been told that the cost is about the same.
Contact us if you have additional questions about Property Management in the Charlotte and Lake Norman areas.
Professional Services at reasonable rates
