Property Management FAQ's
Q. How do you advertise the property?
A. First, if possible, we place a sign on the property or in the window. Then we add the property to our available property list and place it on our website for initial marketing. Then we schedule a photograph session which will take place as soon as possible depending on the weather and the condition of the home. We will make a virtual tour, we will place it in the local magazine where we run a full page, full color ad, and we will put it in all available media.
Q. How is the property shown?
A. Our office is open M-Sat., 8:30am – 5:00pm. We will typically show property until it is dark outside, so depending on the time of the year, we may show property until 8:00pm. We can also make arrangements to show property on Sunday, and sometimes, even many holidays (except Thanksgiving, Christmas, New Years, Easter, Memorial Day, and 4th of July).
Q. How do you screen applicants?
A: We require separate applications for each adult on the lease and each adult who will be living in the property. We then perform credit and background checks on the lessee’s and background checks on inhabitants over 18. We verify employment and rental histories on the lessee’s and, if necessary, call references.
Q. Do I have a say in who rents my property?
A. Yes, you do. We perform all the checks and gather all the necessary information. Then we present this information to you for you to make the final decision.
Q. What happens if a tenant doesn’t pay?
A. We begin calling any tenant who has not paid on the 7th of the month. We also send a breach of lease letter notifying the tenant that eviction will proceed if the rent is not paid. On the 10th, we can begin eviction proceedings if needed.
Q. What happens when the tenant gives a Move-Out Notice?
A. Typically, tenants notify us of the impending move out 30 days in advance. At that time, you are informed and we begin advertising the property for rent at the current rent. If you want to change that figure, you must inform us in writing, as quickly as possible. When the tenant moves out, we perform a move-out walk thru and access the property. We will get the property in rent ready condition as quickly as possible; perform any repairs needed, and any general maintenance needed. If you want to request special maintenance or repairs, please call us. Then the property will be ready for rent, again!
Q. Do you offer Direct Deposit?
A. Yes, we do. Please visit www.greatsmokyinvestments.com/oforms to download the form.
Q. When do I get my money?
A. On April 1, 2010, we will begin paying owners once a month, on the 10th. If your tenants have paid by the 8th, you will get all funds due to you on the 10th. *If the 10th falls on a weekend or a Bank Holiday, you will be paid the following business day*
Q. What is the ‘Operating Reserve’?
A. The operating reserve is money from the owner placed into our escrow fund at TN State Bank. It is only used when an owner’s balance falls below zero. This case may arise if an owner receives no money from rent (say in a time of vacancy), has emergency repairs, general maintenance issues require more money and so on. The operating reserve can be replaced with monies from collected rents so you do not always need to send a check to replenish the account. If this account falls near zero or below, we will request additional funds from you. The reason for this account is we do not want to bother you each time a random repair is needed or in times of vacancy when you are already hurting, but only when a major problem arises.
Q. The advertising fees seem high, why?
A. Paying a photographer is not an inexpensive measure. $150 per virtual tour is a fee we feel is very fair. It takes a lot of time to photograph a house and photograph it correctly. Then it takes additional time to get the virtual tour put together and placed on all available media. $2.50 per day fees is for advertising on our website, in color in the widely distributed Homes and Land magazine, we also place a sign in the yard (if allowed), we place directional signs too, etc… Advertising is one of the more expensive aspects of our management, but we feel it is the best avenue to attract potential tenants, second only to word of mouth.
Q. A keyless locking system?
A. We strongly believe this system will save our owners a substantial amount of money and we feel as though this is a great and more secure system. Currently, when we take on a property and between tenants, all locks are changed. This can cost an owner between $100 - $500 depending on the number of locks and the type of locking system. This could be a yearly cost if an owner has the unfortunate problem of frequent tenant changes. Interestingly, our new system will cost an owner a onetime fee for the initial change of locks. The keyless system will allow us to quickly change a code and the old ‘key’ will not work. Our owners will only be billed for the cost of the new ‘keys’, between $10-20 each tenant change. We feel this will be a drastic reduction in costs for our owners and we are anxious to get it started.
