Frequently Asked Questions About Residential Management
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What do I get for my monthly management fee?
Your management fee covers a multitude of services, including 1. The expertise of one of the most experienced property management companies in the state. 2. Professional marketing of your rental property, with extensive exposure on the internet, MLS system, and throughout social media. 3. Qualification of prospective tenants and agent lead showings. 4. Lease execution, rent collection, and professional management of tenant relations. 5. 24/7 availability to tenants to address concerns, repairs, etc. 6. Itemized monthly owner statements, direct deposit of income into your preferred bank account, and 1099 preparation and filing at year end. 7. Option to purchase an annual maintenance contract to complete needed repairs at little to no cost to the homeowner. 8. Peace of mind that your management company is close and able to respond immediately when issues arise.
How long will it take to rent my property?
Many factors affect the speed with which a property rents, including supply/demand, time of year, location, and condition of the property. Your property manager will recommend a market rate based on these factors and work diligently to market the property and secure a lease with a qualified tenant.
How will the rental rate be determined?
We compare your property to similar rentals in a specific geographic area with like features, to help you determine the ideal monthly rental rate. This will include properties available for rent, as well as those that have recently rented.
What type of wear and tear can I expect from tenants?
The wear and tear most commonly found in rental properties are scratches or small dings on walls or furniture, small stains on carpeting and small tears in screen doors. It is normal to need to repaint or touch up paint the interior walls between tenants, or every couple of years on average, to keep the property looking fresh.
How and when do I receive my rental income?
Checks are electronically deposited into your bank account by the 10th day of each month. Our accounting team will send you timely, electronic monthly reports and accurate year end summaries. They will also process all lodging and sales tax owed on your behalf and complete a 1099 each year for your rental income. Finger Lakes Premier Properties pays all credit card fees associated with the rental, therefore these are not costs you will incur.
Do you conduct property inspections? Is there a charge associated with this?
We perform a detailed inspection prior to a tenant taking possession, and again when the tenant moves out of the property, as part of the management services provided. All student rentals are inspected on a monthly basis, and there is no cost to landlords for this service. Additional inspections of the premises can be scheduled for standard residential and seasonal leases, and a small fee is charged to cover your agent’s time and expenses to complete these inspections while the tenant is in-house.