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There are no set up or upfront fees. The Management fee is 10% of the monthly rent on all residential properties. We offer discounted management fees on multiple properties owned. Properties out of our normal service area may be charged a higher management fee. Once the property is rented, there is a leasing fee of 1 month’s rent which will be deducted from the tenant’s first month payment. At times, there is a leasing commission paid to the referring agent if the tenant was referred by an outside agent but this will be paid out of that 1 month leasing fee.
Yes. The tenants will need to sign a lease with us. If they are already behind on rents and have to be evicted you may need to attend any court cases because the lease agreement was prior to you hiring us. However, we will accompany you and assist you through the entire process.
Renting a property depends on price, condition, location, and the market. Our goal is to select a qualified tenant as soon as possible, but typically between 30-60 days. Since we have access to valuable rental statistics, it’s our job to advise you on price, condition, location, and market conditions so that we can achieve this goal.
We prefer that you do not and most tenants have their own belongings. It is very hard to keep track of items that were left once a tenant moves out without a very detailed itemized list.
We’ll start showing the property as soon as we have the property under contract. But you know the old saying, “first impressions are lasting impressions”. The better the property looks, the better the chances of it renting out. We’ll do our best to help them imagine what it will look like once completed, but the truth is, you’ll want to get the repairs done as soon as possible and not be disappointed if no one does an application until the work is complete.
If the property is a multi-family building, then you definitely want to sell it fully occupied. Investment Properties’ value is directly related to its potential income. If you decide to sell, please alert us as there are a number of things that we can do on our side to make it successful. This is also a good time to remind you that D-N-A Property Management is a full service licensed real estate brokerage. Think about it, D-N-A has a good relationship with the tenant(s), we intimately know the property, we already have all of the information needed to list the property, and we have the skills to work with the tenants to make this a success. We may even already have a buyer in mind.
We find that about 80% of the renters seeking a home have pets. We typically recommend that owners consider pets on a case by case basis so that they will tell us about the pets when they apply instead of trying to sneak them in later. We do not recommend puppies, as there is always a learning curve. If you allow pets we typically charge the tenants a one-time non-refundable fee of half of the monthly rental amount and the fee is paid to you. This does not alleviate the tenant from any responsibility of insuring that the pet does not cause any damage. We have an addendum that states all damage caused by a pet must be paid at 100% of the cost. Again, you will always have the final say. A longer vacancy period may be incurred as a result of not allowing any pets into the leased dwelling. Service animals, however, like those required to aid the blind, are exempt by law from these restraints.
To prevent overcrowding and undue stress on plumbing, septic’s, and other systems, we can restrict the number of people who may reside in a property if we place it in the marketing upfront. Please keep in mind in determining these restrictions, we must adhere to all applicable fair-housing laws.
Fair Housing Laws and their enforcement and subsequent penalties for not abiding them can be very tricky. We have taken over many properties that were self-managed, because after being fined for violating Fair Housing Laws, they came to us to manage. When you listen to their stories, we get the impression that they did not set out to intentionally discriminate, but because their selection process was not consistent and left room for interpretation, they were found guilty. We are trained in Fair Housing Laws. We offer an application to each and every person who makes an inquiry. We process every application in the same exact manner. And we accept or deny applicants based on our scoring system.
Tenants expect that a rental property have a stove & refrigerator. Because of this expectation we require that all properties be equipped with these appliances. Items such as a microwave, and washer and dryer are not required but can be left as a sole convenience to the tenant.
You are welcome to use your vendors as long as they are licensed and insured. A special addendum to the management contract will need to be signed and we will need a copy of these items from the vendors in order to protect your interest and that of D-N-A. All instructions need to come through our office. We have a work order system and if we do anything outside the system, things can go wrong.
As mentioned before, inspections are important and need to be done. The tenants do have legal rights to the property and there are laws and rules that we must follow. Therefore, we require that all inspections be scheduled through our offices. Additionally, for the protection of everyone, a D-N-A employee will accompany the property owner or their designee on any inspections. When you return to visit your property, don't be surprised if it doesn't look the same as when you left. Tenants do create wear and tear, but anything beyond that we will have repaired and charge the tenants from their security deposit.
We require residents to carry insurance in case of damage to the property. This saves claims on your property insurance or covers the deductible in more serious incidents. Knowing all of the units are covered also avoids the time and hassle of trying to collect from tenants who just don’t have the funds to pay for the damage.