Owner's FAQ'S

OWNERS FREQUENTLY ASKED QUESTIONS!!!!

Please be take a moment to review The Most Frequently Asked Questions, with Realistic and Honest Answers, just let us know if we can answer any additional questions for you by emailing us at merlyn.banks@bankspropertymanagement.com

1. How long will it take to rent my property?  It is impossible to predict exactly how long it will take to find qualified tenants for your property. A number of factors are involved: the size, location and overall condition of the property, the asking price relative to that of comparable properties in your neighborhood, and the time of year. However, the market time for renting is generally much shorter than the time required selling the same property, and landlords can usually expect to have tenants within 30 to 60 days. If a property does not rent within this length of time, it is generally a sign that it is overpriced relative to its size and condition. Pricing your property competitively and having your property in the best condition possible are crucial to effective marketing.
2. I am a First Time Investor, Is Investment Property a get-rich-quick business?  NO!  It is a long-term approach to financial success.  Typically, a minimum time-frame of 5years is required before significant gains are realized.  If you have a little patience, you will most likely be very pleased with the results. Is it easy? NO!  Owning and managing Investment Property is not for the faint-of heart.  There will surely be problems; however, with an experienced, professional Management Team behind you, problems will be minimized.  Over a period of time, the small backward steps should be far outweighed by the forward steps.
3. Can I say No to pets?  & Smokers? :   Yes you can, as Pets and smokers are not protected classes; unless the Pet is a service animal. We work with each owner individually on the possibility of accepting pets. All our properties are strictly non-smoking properties and we include this rule in the lease.   Also Families are a protected class and we do not discriminate based on family structure or size.  We are a very fair and professional management company and take pride in our knowledge and practices, abiding by all Federal, State and Local Fair Housing Laws.
4. What happens when the tenant doesn't pay rent on time? If rent is not received in our office by the 5th of the month the tenant is called immediately and a follow-up letter is sent the same day. We will also send you this letter, by email delivery. If we still do not receive the rent we will communicate with you on you and advise you of the eviction process, and wishes to proceed with legal action for eviction.
5. When should I expect my monthly report and checks? The closing cycle of our monthly bookkeeping happens on or before the 10th of each month.  If the 10th falls on a weekend or holiday, checks and statements will be mailed on the nearest business day. If you currently have your funds deposited to your bank please note that these transfers can take up to three business days to be processed.
6. Will I need to change my insurance coverage?  Yes! We advise all our property owners to consult directly with your insurance agent to be certain they are carrying adequate insurance for their property. We require current proof of insurance to be on record in our office for all properties we manage. We also require BANKS Property   Management To be named as "Additionally Insured". We also inform your tenants during the move in process to obtain renter's insurance. 
7. What methods do you use for tenant selection? We verify rental, employment, review credit history; our specially designed tenant criteria and financial guidelines both will determine whether or not an applicant should be approved for your property.
8. Do you pay mortgage, HOA, Taxes, Insurance payments? No, we try to avoid taking such a huge responsibility, since rents are not guaranteed; the obligation of the mortgage, HOA fee, taxes, insurance, is the owner responsibility.
9. How often will you inspect the property? We will conduct the initial tenant movein, an dmove out, during the vacancy timeframe, and An Annual inspection which is typically done in February/March; and the tenant move out inspection; 

10. a.  Annual Inspections:  Smoke detector "Safety Inspections":  There will be a $25 minimum charge to the owner for the annual testing of all Smoke detectors in the home; this is required under the Virginia Residential Landlord Tenant Act (VRLTA).  We must also issue a “Smoke Detector Inspection Certificate” upon this inspection for proper functioning.   If replacement or repair is needed then the additional cost and labor will be billed to the owner.

     There are Two (2) other types of Annual Property Inspections conducted for your property at NO CHARGE!  Once this is accomplished we will notify you by estimate and pictures, if any repairs are needed. This inspection will include the below items:

     

    b.  Any “Visible Signs of Moisture” We will also check all bathrooms, under vanity sinks, tubs and showers and determine if caulking is needed.  

    c.  Preventive Maintenance: We will conduct a physical walk thru interior and exterior to determine if any preventive maintenance is needed, i.e. deck/house, power washing, trim repairs, safety rails, etc.  We will also provide you with a report and our recommendations regarding recommended maintenance/improvements with the most reasonable estimate.  In addition we also conduct drive by inspections, and also schedule owner visits with the tenants.

11. After the tenant move out what should I do as an Owner to re-rent the property? We will make suggestions to you, such as painting, carpeting, and preventive maintenance etc.
12. Do I need to be present to sign a lease? No, your agreement with our firm will authorize us to sign the lease on your behalf. “As Agent for Landlord” .
13. What happens if there is an emergency at my property? Tenants are given the appropriate orientation, and action to take, which is included in the Tenant Handbook, and our website where the Property Manager can be reached 24 hours a day to personally handle the situation.
14. Who arranges for maintenance and repairs? The tenant will report any maintenance issues to our office and we will follow up with arranging for the necessary repairs using licensed vendors. We will also notify you.
15. Can I utilize any service contracts and/or home warranties I may already have in place? Warranty compaines are no longer reliable, we have seen a huge lack in responsiveness resulting in unhappy tenants. and do not rely on them to make the repair however we will attempt to use your warranty company. We will notify you upon the repair claim to your warranty company and their action taken... In cases of emergency such as no heat, no a/c , plumbing, issues etc, We may make other suitabable decisions in getting the repairs done, and oyu may seek for reimbursement with your warranty company.
16. Can you do an Inspection of My Property? Yes After the free phone consulation, we will also conduct a free site pre-acquisition inspection of your property and make suggestions on maintenance items you may need to accomplish before listing the home for rent.  This consultation can be a true benefit to you while making decisions about property management services. Our Property Management consultation service is offered to you at no charge.