Frequently Asked Questions
Rental Property Management
Many property owners, especially those who have never rented out property before have many questions about the process of renting their property and our property management services. These are many of the common questions we get.
Do you require tenants to pay security deposit?
We normally require tenants to pay a security deposit equal to the monthly rent amount. This is deposited into our trust account and held there until the termination of the lease.
Can I keep the security deposit if the tenant damages my property?
The North Carolina Tenant Security Act is very specific about what types of things a rental tenant can be charged for. The cost to repair damage to a rental property can be deducted from the tenant security deposit but but the rental tenant cannot be charged for ordinary wear and tear.
What about tenants with pets?
Rental property owners can decide whether or not they will allow tenants with pets but many potential tenants today do have pets and allowing them definitely opens your property to a wider market and may help your property rent more quickly. If you do decide to allow pets, we can advertise that pets are allowed "with owner approval". This way, you can decide whether or not to allow the pet based on the type of pet, size, breed, age and other factors that you feel might be important to protecting your property. We charge rental tenants with pets an addtional $300 security deposit.
How long is a standard lease term?
Normally we do a 1 year lease but lease terms are completely negotiable between the landlord and the tenant. If a tenant asks us for a lease term other than 1 year, we will contact you, the property owner, for approval.
When is the rent due and when can I expect to receive my check for the monthly rent?
All rent is due on the 1st of each month and is late after the 5th. We cannot deviate from this because it would just get too confusing when trying to manage many rental properties like we are. If a tenant pays rent by personal check we have to allow the check time to clear before we can disburse any of those funds to anyone, including ourselves. We allow ten (10) banking days from the date the check is deposited for checks to clear. Therefore, if a tenant pays rent by personal check on the 5th (which is still not late) it could be as late as the 19th before we are able to mail your check (depending on how the days of the month fall). It is therefore highly recommended that all owners build up a reserve of at least one month's mortgage payment so they can make their mortgage payment on time every month even before they receive the rent for that month.
Please don't hesitate to contact us if you have any further questions about our rental property management services.