How complete are your services? Will you find a tenant for us?
We take care of practically everything. Depending on your city, we may need you to interact with the water/sewer company before we can take over, but that’s usually the extent of it. We will market your home, finding you an excellent tenant, then collect the rent each month and disperse it to you.
Do you pay our bills?
Yes we do. Since we keep a reserve amount of money in an account bills are sent to us and we pay them. The cost of the bills comes out of the monthly rent you are sent the following month.
How do we get our money each month?
We have gone to a completely paperless system. Each month you will be emailed a statement outlining the activity for the previous month and current year. We have the ability to transfer funds into your account electronically, so you aren’t mailed a check, the money just shows up in your account. Because of this we are able to get most of our owners their monthly statements and rents in the first two or three days of the month.
Do you pay our mortgage payment?
No we don’t. There are tax implications on your behalf that get very complicated when someone else is paying the mortgage on your rental home. Also, we don’t pay your mortgage because if your home is vacant for any amount of time there is no rent to pay toward the mortgage.
If tenants don’t pay what are you responsible for versus what are we responsible for? What is the eviction process in the state of Arizona? How would it take to get a tenant out of a home once they stop paying?
If the tenant hasn’t paid the rent the process starts with a 5 Day notice (which is 5 business days) typically sent the second week of the month. Then, if the tenant has still not paid the case is referred to an attorney, and the attorney files the paperwork for a forcible detainer, effectively beginning the eviction process. Typically inside of a week it will be before a judge, the judge will give a specific date for the tenant to pay or move, and if they don’t do either we contact the attorney who will file a writ of restitution, that is transferred to the constable who will go to the home and typically will give the tenants 24 hours to vacate the premises. The constable then returns the following day with the intent to secure the property. The process will almost always take less than 30 days from the time the tenant did not pay their rent.
Should we buy a home warranty?
It all depends on your personal experience with home warranties. Owning a rental home is not a lot different from owning your own home, the majority of our tenants take care of our rental homes like they are their own home, so if you would be inclined to buy a home warranty while you live in a home, you probably will want to buy one for your rental home as well. There is no cut and dry answer, ultimately.
How long are the leases typically?
Always a minimum of one year, and over 40% of our leases are multiyear leases, remembering that our average tenant will stay with us for more than 4 years.
What do I do with my HOA information?
We recommend that you contact your HOA and provide them with our information while authorizing the HOA to send all of your billing and any other correspondance to our mailing address. We will pay the HOA dues on your behalf, typically a year at a time, in order to easily differentiate between normal HOA dues and fines that can be accrued.
What are your fees?
12% of the rent, as it is collected. We don’t charge a minimum monthly fee, or a leasing fee, marketing fee, photography fee, or any of the other fees that have become commonplace. Simply put, if you aren’t making money off of your home, neither are we.
Do you charge application fees?
No. We’ve structured our fees to be simple and fair, if you aren’t making money we aren’t making money. And by doing so, we’ve created a team concept – we’re all working toward the same result, a strong long term tenant. Typically application fees are solely in the interest of the management company, not their client the property owner, or their potential customer the tenant.