Property Management FAQs
- Agent for the landlord (owner)
- Prepare properties for renting
- Inspect properties before, during, and after a lease term
- Market properties
- Make properties available for prospective tenants to view
- Receive applications
- Screen applicants
- Coordinate lease signings and lease renewals
- Maintain the investment property
- Provide administrative and financial property management
- For apartments, provide on-site leasing, maintenance, and management services
- Log correspondence in the property management system
- Rental Property Management Software
- Correspond with owners and tenant
- Your property, along with photos, will be advertised on our website and on various rental marketing directories. We also thoroughly screen applicants. A Property Information Sheet will be prepared for your property with all the necessary information.
- Stability of employment – this will give you an indication of whether the tenant will be likely to stay for the nominated lease period and whether they will have the funds to pay for it.
- Good credit history – ability to pay the rent.
- Avoid over crowding – ask about the number of people who will be living in the property. Over crowding can cause excessive wear and tear.
- Proof of identity – ask the property manager to take a photocopy of a driver's license.
- For a list of approval criteria, click here.
- Your lease rate is going to be determined by several market factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. Unfortunately, the markets that dictate lease rates vary vastly from the markets that influence value of properties. Please contact our office and we can discuss this with you as it relates to your specific property
- Regular inspections of the property are completed by the property manager when taking on the rental, midway through a lease term, and when a tenant moves out, and any other time as requested by the owner. Periodic inspections are recommended to determine preventative maintenance due and to gauge the extent of tenant damages (if any) to the property.
- Purchasing a property in poor condition.
- Even though the purchase price may be attractive, the amount of corrections required to make it inviting to potential tenants can consume every bit of profit made available by a tenant occupying the property.
- Requesting a rent amount that is too high.
- This mistake leaves you with long term vacancies while generating no monthly income. Tenants in the rental market have a good idea of what current rents should be.
- Not keeping an open mind regarding applicants
- The changing economy has forced us to make decisions and review tenant applications differently. On average, tenant prospects have lower credit scores than the applicants from a few years back.
- Failure to take advice from your property management company.
- The rental property business is complex. But years of experience have introduced us to almost every obstacle rental ownership may present. Trust in your management company. We are here to protect your best interest.
- Not addressing tenant concerns in a timely manner.
- Failure to respond to tenant requests can create additional issues for a rental owner. The rental market is highly competitive and tenants in the same area talk with each other. Failure to respond can lead to a search for better-managed living opportunities.
- Purchasing a property in poor condition.
- Would you prefer to hear from your property manager every time something occurs with the tenancy or would you prefer them to handle situations with your best interests in mind? Advise the property manager of your expectations to avoid confusion. Also, discuss your preferred method of communication – is it by email, your home phone, or your mobile?
- We do! We are on call 24 hours a day. Why worry you? That’s why you hired us! Most emergencies are prioritized and often can wait to the next day
- We Communicate Timely and Accurate Information:
- We research comparable rental properties to determine the highest market rent possible for your rental property. We provide a timely turnaround of your vacant properties so they can be re-rented quickly. We seek to obtain the highest market rent possible for your rental property and immediately provide a timely turnaround of your vacant properties so they can be re-rented quickly. We keep expenses low by providing maintenance services through our own contractors instead of using more expensive contractors. We handle all tenant calls for maintenance and thoroughly screen all applicants to provide the most qualified Tenants possible. Leasing Services For Your
- Rental Property
- Aggressive Marketing of Your Rental Property
- Prospective Tenant Screening
- Preparation of Lease Contracts for Your Rental Property
- Management Services For Your Rental Property:
- Collection of Security Deposits and Monthly Rents
- Move-In/Move-Out Inspection of Your Rental Property
- Preparation of Monthly Statements
- Maintenance Services For Your Rental Property:
- Response to all Tenant Requests
- Coordination of Contractors
- Complete repairs as requested of Your Rental Property
- Recommendation of Improvements of Your Rental Property
- For Owners
In response to the numerous questions we receive regarding evictions, here are some common questions and answers regarding the process. All procedures, fees and time frames are based on the North Carolina General Statutes and Landlord/Tenant Laws.
- When do we file eviction papers?
Eviction papers are filed after the tenant is 30-days late. We file on all tenants that have a balance of $300 or more in outstanding rent.
- How long does it take to get the tenant out?
Each State has different time frames for evictions. Residential Premier Real Estate & Property Manage work exclusively with our eviction attorney and turn around time is usually 21 days.
- How much does this cost and who pays for it?
The cost is $500 and the tenant pays for the eviction
- Will I ever get the money owed to me?
The tenant’s security deposit will be applied to their outstanding balance which can include unpaid rent, fees, maintenance repairs and any damages to the property. The remaining balance owed will be billed to the tenant. They will have 45 days from the date of invoice to pay the balance or make payment arrangements with us. If the balance is not paid and they do not setup payment arrangements their account will be turned over to a collection agency to attempt to collect the debt.
- What if the collections agency is unsuccessful in collecting the debt?
Unfortunately, there is not much else that can be done legally. Their credit history report will have a collection account on it as unpaid. The blemish on their credit report will make it difficult for the tenant to finance anything or rent another property in the future. We will also give negative rental histories for the tenant to anyone who asks. There may be some tax advantages to this unpaid debt. Please consult your tax advisor for advice regarding write offs for uncollected debt.
In response to the numerous questions we receive regarding evictions, here are some common questions and answers regarding the process. All procedures, fees and time frames are based on the Indiana General Statutes and Landlord/Tenant Laws.
- Eviction papers are filed after the tenant is 30-days late. We file on all tenants that have an outstanding rent balance.
- Each state has different time frames for evictions. Indiana Approximately 14-21 days
- Cost is $500 for the eviction attorney. The Tenant is responsible for payment of all costs associated with eviction filings.
- The tenant’s security deposit will be applied to their outstanding balance which can include unpaid rent, fees, maintenance repairs and any damages to the property. The remaining balance owed will be billed to the tenant. The tenant will have 45 days from the date of invoice to make payment arrangements with Residential Premier Real Estate & Property Management. If payment is not made or arrangements are not setup, their account will be turned over to a collection agency to attempt to collect the debt. It will also be reported to the credit reporting bureaus by the collection’s agency.
We ask that you review our criteria for approval prior to filling out the rental application. If you have any questions concerning the criteria or application process, please contact a leasing consultant at 219-682-1058
Note: Each person 18 years or older who will be living in the home or co-signing must submit a separate application. This is because credit and criminal background checks are conducted for each individual.
The application will not be processed until the application fee is paid. Remember to include $35.00 per person 18 years of age or older (applicant or occupant). For co-signers and co-applicants, contact the Leasing team at the information above to let us know which applications are linked.
After you have provided all of the required information and application fee(s), we will begin processing your application. The application process can take 1 to 5 business days depending on the timeliness of responses from current and previous landlords and current employers. Application fees are non-refundable.
**Due to the high demand for our homes, at times, there may be more than one application for the same home. We encourage you to complete your application promptly as well as contact our office directly to ensure the order of your application. Applications are processed on a first completed basis. Applications are considered complete upon receipt of the Authorization to Release Consumer Information form and receipt of two (2) months of paystubs.**
Welcome to Residential Premier Real Estate Properties!
We are committed to providing Equal Housing opportunities for all applicants and fully complying with the Federal Fair Housing Act. Henderson Properties does not discriminate against any person because of Race, Color, Religion, Sex, Handicap, Familial Status, National Origin, or Age. Before you submit an application for rental, please take time to review the rental screening policy outlined below. All persons 18 years of age or older, not dependents, are required to complete separate rental applications.
Acceptance of a pet requires individual property owner approval.
- Pet Deposit of $250.00 per pet (Refundable at Move-Out if no damages noted)
- One Time Pet Fee of $75.00 (Non-Refundable).
- Pet Rent of $25.00 per pet to be paid monthly in addition to rent.
- Most updated Vet Records.
- Recent Picture of the Pet.
- Breed Restrictions apply with the following breeds not accepted: Rottweiler’s, Pit Bulls, Chows, Doberman Pinchers, Presa Canarios, or any mix of these breeds. This list is subject to change.
$35.00 per person 18 years of age or older (applicant or occupant).
The term “applicant” under this policy means the person or persons signing the lease as a “Tenant.” The term “occupant” in the policy means the person or persons authorized to live in the home under the Occupancy clause of the lease. (An example would be a college student who parents/guardian still claim the student as a Dependent on their taxes.)
- APPLICATION FEES ARE NON-REFUNDABLE
- APPLICATIONS ARE REVIEWED IN THE ORDER IN WHICH THEY ARE SUBMITTED AND ARE ON A “FIRST-COME, FIRST SERVED” BASIS.
Application: Application Fees are paid online as part of the application submission process. Please allow 5 business days for processing of the application. Timing may vary depending on the timeliness of responses from previous landlords and current employers.
Deposit: The standard Security Deposit amount is equivalent to one months’ rent and payment MUST BE MADE IN THE FORM OF A MONEY ORDER OR CASHIER’S CHECK.
- Payment of the Security Deposit and signing of the lease rental agreement are required within 24 hours of application approval for the home to be taken off the rental market.
- Move-in should occur as soon as possible, with required move-in no later than 21 days from the date application is approved. If move-in does not occur within 21-days of application approval, the home is placed back on the rental market.
- Cancellation of the lease may result in forfeiture of some or all of the deposits paid.
- For the safety of our tenants and per our management agreement with the owner, all units will have the locks changed prior to the move in of a new tenant. If an approved applicant requests a move in date within three (3) business days of the notice of approval, then the tenant will receive a $75 charge for the rush lock change.
APPLICATION APPROVAL CRITERIA
Credit Report: A credit report is completed on all applicants with results factored into a credit scoring model. Examples of unfavorable accounts which could impact the overall credit score include, but are not limited to:
- Evictions within the last 3 years
- Applicants must have a minimum credit score of 550.
- Applicants must have a minimum combined gross income (before taxes) of three (3) times the monthly rent amount.
- Rent plus all long term debt cannot exceed 50 percent of gross monthly incomes
- Verification of income is required. Email any/all documents for use in verification of income to: screening @rprworld.com Examples of verification include the following:
- Consecutive and most recent pay stubs for Gross Monthly Income
- Bank Statements (for the most recent 90-day period)
- Social Security or Retirement Income verification
- Legal documentation supporting other income (such as child support, alimony, etc.)
- Where new employment may be applicable, a copy of “letter of intent to hire” from future employer verifying start date and compensation
- Verification of income for self-employed, retired or unemployed applicants may include CPA prepared financial statements or copies of current and previous year tax returns filed with the IRS and two of the most current bank statements
- Rental history should reflect no outstanding debt to any landlord or management company
- Acceptable Rental Payment History (no more than 3 late payments for any 12-month period in the last 3 years)
A criminal background check is conducted on each applicant and occupant age 18 years or older. The application will be denied for criminal related reasons that have occurred within the timeline identified below prior to the application date. All records are evaluated from the date of disposition.
Offenses include, but are not limited to, the following:
- Crimes Against a Person (Homicide, Murder, Robbery, Assault, Battery, Kidnapping, Domestic Violence, Child Abuse, Spousal Abuse, Violating Order of Protection, Abandonment, Sexual Assault, Rape, Prostitution, Obscenity, Molestations, etc.)
- Offenses Against Property (Theft, Vandalism, Arson, Embezzlement, Destruction of Property, etc.)
- Offenses Involving Illegal Drugs (Possession of Drugs, Possession of Drug Paraphernalia, Possession of Drugs with Intent to Sell, Sale of Drugs, Drug Trafficking, etc.
- Offenses Involving Firearms (Possession of Firearm, Weapons, etc.)
- Offenses Involving Fraud (Bribery, Fraud, Forgery, Falsifying Documents, Passing Bad Checks, Misuse of Official Information, etc.)
- Deferred Adjudication and/or Adjudication Withheld
Co-signers are accepted for applicants who have no previous rental history or who do not meet the required income criteria outlined above.
- Co-signers are screened the same as an “applicant” and must therefore meet all screening criteria
- Co-signers are required to sign the rental agreement
- Co-signers may be relatives or an employer; friends may not serve as a Co-signer.
- Co-signers are required to make FIVE times the monthly rent amount.
In the event that an applicant has no credit, does not meet the income criteria, and/or where a co-signer cannot be obtained, Henderson Properties reserves the right to require a higher Security Deposit. In this case, the higher Security Deposit would not exceed an amount equal to two (2) times the monthly rental amount. Acceptance of higher Security Deposit would require individual owner approval.
Property damage liability insurance coverage, including a minimum of $100,000 of liability coverage for perils of fire, smoke, explosion, water discharge, and sewer backup is a requirement of the lease.
If you have any questions or need additional information concerning how to submit an application, please feel free to contact a member of the Residential Premier Real Estate & Property Management Leasing Team at 219-682-1058or via email at [email protected].
Should you have any questions concerning the request for required documentation for the application and/or status of your application, please contact a member of our leasing team at 219-201-2859.