How much will my property rent for?
Proper pricing requires experience in and knowledge of the current rental market. Charlotte Homes and Rentals is actively engaged in the ever changing trends within this market. Some of the factors that we use to determine a property’s rent are:
- Comparable properties in your neighborhood/area
- Condition of the property
- Current market conditions
- Location of the property
- Neighborhood amenities
- Time of the year
Before we can give you an accurate assessment of your property’s rental value, an agent of Charlotte Homes and Rentals will need to walk through your home.
How will you market my property?
Charlotte Homes and Rentals will market your home to reach the largest amount of potential tenants. Some of the ways we market your property are as follows:
- Promoting your property at www.CharlotteHomesAndRentals.com
- Your property is added to the Multiple Listing Service (MLS) which is accessed by Realtors andprospects going to www.carolinahome.com
- Arranging and showing properties seven days a week
- Digitally photographing the property and posting the pictures to MLS and 100’s of other websites
- Professional yard and directional signage
- Your property is also added to other internet websites including: Oodle.com which posts to 100+ sites
Including: Military.com, Classifieds.com, Rentbits.com, Apartments.com, Rentals.com, RentalHomesPlus.com, FreeRentalSite.com, Rentlinx.com, Rentmyhome.org, Condo.com, Cazoodle.com, RentLizard.com, RentalAds.com, OLX.com, HomeTownRent.com, Vast.com, Googlebase.com, Tenant.com, HotPads.com, MyNewPlace.com, RentJungle.com, RentalHomePros.com and many more.
How will my property be shown?
Unlike many real estate companies, Charlotte Homes and Rentals will always send a licensed real estate agent to show your home. We do not give out keys or leave properties unlocked for prospective tenants. If the property is occupied while we are marketing the home, we will coordinate showings with the current tenant to make the showings as least intrusive as possible.
How long will it take to lease my property?
There are several factors that contribute to how quickly a property will rent. These include the following:
- Is the property priced at market value?
- Is the property in good condition?
- Is the property in a desirable area?
- How many other rentals are on the market?
- What time of year are you marketing the property?
While there is no guarantee for how quickly a property will rent, our experience and knowledge of area rentals combined with an aggressive marketing plan will help you avoid extended vacancies. We strive to rent your property in the shortest possible time to the most well-qualified tenant.
How do you screen potential tenants? How do I know I am getting a good tenant?
A good tenant is one who pays the rent on time and takes care to preserve the value of the property. The best way to find a good tenant, and also avoid a bad one, is by having a detailed screening process. Charlotte Homes and Rentals uses the following five resources to gather the needed information:
- Credit report
- Employment and income verification
- Nationwide eviction report
- Criminal report
- Prior rental/mortgage history
Do I have to rent to roommates? How about families with children? Pet owners? Smokers?
There are seven protected classes according to Federal and State housing laws. The protected classes include: Race, Religion, Color, National Origin, Sex, Handicap, and Familial Status (children under 18). You are not required to rent to smokers, pet owners, roommates, etc. You may want to consider renting to tenants with pets as 80% of all tenants have them.
Do tenants pay a security deposit? How much? What happens to the tenant’s security deposit?
Yes, all tenants pay a security deposit. The required security deposit for tenants who qualify with our top rating is the equivalent of one month’s rent. For instance, if the tenant rents a home for $1,200 the tenant will pay a security deposit of $1,200 at the time they sign the lease, and then the first month’s rent of $1,200 is due when we walk through the property before their move-in date. The security deposits are held in a trust account in accordance to N.C. General Statutes.
Who collects the rent?
All rent is due and payable to Charlotte Homes and Rentals. Property owners will have no involvement in the collection procedure.
Can you deposit the rent payment money directly into my checking account?
As rents are received by Charlotte Homes and Rentals, the collected rents are placed into our trust account. When we disburse proceeds, we can wire the money via ACH directly to your account.
When do you mail the property owner their checks?
Owners will receive the rent that is collected each month on or before the last day of the month in which the rent was collected. Owner checks are usually mailed on the 25th of every month. Direct deposit is available is typically the quickest way to get your rental proceeds.
Do I get a written statement accounting for income and expenses?
Yes, as an owner you will receive a monthly report accounting for the financial activity for your property for both month-to-date and year-to-date. The year-end summary provides you with accurate accounting records for your property, which will be useful in your income tax preparation. Direct deposit payments will receive emailed statements.
Who is responsible for repairs to the property?
By law, the owner of the property is responsible for maintaining the property in a “safe, fit and habitable” condition. This means that the owner is responsible for structural and mechanical upkeep. The only exception to this is if the tenant damages the property through intentional or negligent misuse. If this happens the tenant is responsible for repairing the damage. The tenant always responsible for the following items:
- Changing heating and air conditioning filters
- Keeping the plumbing lines free of hair, grease and debris
- Keeping the gutters free and clear of leaves and debris
- Replacing smoke detector batteries, as needed
- Yard maintenance (mowing, raking, trimming shrubs, etc.)
Am I informed of all repairs you make on my property?
Yes, except in the case of an emergency. The property management agreement does allow us to make repairs to the property without your consent as long as the repair does not exceed $200. Nevertheless, it is our policy to try and reach you before a repair is made.
What happens if there is an emergency?
We are available to the tenant 24 hours a day 7 days a week for emergencies. In the event of an emergency such as a broken water line, sewage back-up, electrical problem, roof leak, or any other dangerous occurrence we will be available to handle the situation. We will make every attempt to contact the homeowner, but the most important matter is protecting the safety of the tenant and preserving the value of the property.
Who pays for the utilities at the property?
The tenant is responsible to pay all utilities at the property including: power, gas, water, cable, telephone, trash pickup, etc. unless otherwise negotiated in the lease.
What happens if a tenant fails to pay rent? How do you handle evictions?
We are very proactive in collecting the rent. For each of our leases the rent is due on the first of the month. The tenant has a five day grace period in which to pay the rent without a late fee being charged. If the rent is not received by the fifth of the month, a late fee is assessed. If the rent is not received before the sixth day of the month we will contact the tenant by telephone and/or email. If the rent is not paid by the tenth day of the month, we will file eviction papers in small claims court the next day. We believe that keeping in close contact with the tenants helps keep collection problems to a minimum.
How often is my property inspected?
There will always be a thorough, written line-item inspection of the interior and exterior of the property before a tenant moves in and when the tenant moves out. In addition, there will be interior and exterior inspections every six months and at tenant’s renewal date.
Can I sell the property while the tenant is under lease? What if I need to move back in to my home?
It is important that you understand that once we have signed contract between a tenant and Charlotte Homes and Rentals the tenant is entitled to remain in the property for the duration of the contract. The contract would remain in effect even if you sell the property. If there is any question that you may need possession of the property in the foreseeable future, you should not lease your home.
How soon can you begin managing my property?
If you are not currently under contract with another real estate firm we can begin managing your property as soon as the property management agreement is executed by everyone. If you are under contract with another real estate firm we cannot manage your home until your current agency is terminated.
How long is the property management contract?
The property management agreement will begin on the date that you sign it and it can be ended by either the Landlord or the Manager with a 60 day written notice, if the home is vacant. There is a $200 early termination fee if the agreement is cancelled within the first 90 days. Property management agreements that are cancelled while a lease is in effect will entitle the management company to all leasing and management fees that would normally be owed through the course of that lease.
What are the next steps to have Charlotte Homes and Rentals manage my property?
Contact us to schedule a time for one of our licensed real estate agents to meet with you. We look forward to hearing from you.