Reid Rental Management

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Frequently Asked Questions

Frequently Asked Questions
How long does it take to lease my property?
What are your fees?
How do you qualify prospective tenants?
How quickly do you process the monthly rents to property owners?
How often and how are property inspections conducted?
What if I want to sell my property, can you help?
Do you guarantee the tenants that you place in my property?
How fast and how are maintenance requests handled?
What kind of security deposit do you collect and who holds this?
Do I have to accept tenants with pets?
What is your application fee for tenants?
Where do you advertise properties for rent?


Q: How long does it take to lease my property?

This will vary based on the current condition of the market, location, price, condition of the subject property itself, type of property and a number of other factors. Our typical time frame though is 30 days.

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Q: What are your fees?

It is typically 8% of the gross lease amount and collected upon signing of the lease with the tenant(s). No money is due until we get your place leased for you. Our management fee is all inclusive and includes the initial advertising and marketing, conducting showings, screening tenants, assisting with move-ins and move-outs, coordinating maintenance requests, collecting rents and enforcing late fees, direct deposits into your bank account, and other miscellaneous day-to-day tasks that arise when effectively managing a property.

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Q: How do you qualify prospective tenants?

We have all tenants fill out an application and then complete credit checks, criminal background and eviction checks, verify landlord references, and verify employment and income.

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Q: How quickly do you process the monthly rents to property owners?

Usually within 48-72 hours.

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Q: How often and how are property inspections conducted?

Property inspections are conducted on a bi-annual basis. We do a thorough walk-through of the unit to ensure everything is in working and presentable order, check smoke detectors, change A/C filters, and complete many other miscellaneous tasks.

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Q: What if I want to sell my property, can you help?

Absolutely. We have a sales division as well and can handle all aspects of the sale. Please contact us to discuss in more detail. We’ll put together a marketing plan for your property right away.

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Q: Do you guarantee the tenants that you place in my property?

Yes, we guarantee tenants for ½ of their lease term which will be issued as a management credit on the following lease. It is very rare (less than 1%), that we select bad tenants. We take every effort during the initial screening process to ensure that we select good tenants for your property.

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Q: How fast and how are maintenance requests handled?

The majority of maintenance requests are handled within 24 – 48 hours. A tenant would simply submit a maintenance request online, via e-mail or by phone, and we would make arrangements with a licensed and insured repair service in your network to make the necessary repairs.

You can expect some level of discount on the pricing for the repairs due to the volume of work that we bring our service providers. Service providers typically invoice owners directly for the work. In some cases they may require payment from you upfront.

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Q:
What kind of security deposit do you collect and who holds this?

We typically collect a one month security deposit from the tenant; however, there are exceptions. If a tenants credit score is exceptionally good we may ask if you it’s okay to reduce the tenant security deposit. Likewise, with a sub-par credit score we may increase the security deposit required. Additional pet deposits are also collected at $250 per pet.

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Q: Do I have to accept tenants with pets?

This is entirely up to you. We recommend that you consider accepting pets so you do not rule out any potential tenants. Most of our owners do accept pets (asides from dogs deemed as “aggressive” breeds), so not accepting pets could hurt our ability to get your place rented out in a timely fashion.

We also collect a $250 per pet security deposit to further protect your interests.

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Q:
What is your application fee for tenants?

There is a $35 non-refundable application fee upon submission of an application.

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Q:
Where do you advertise properties for rent?

We have a comprehensive marketing campaign for each property we management with a primary focus in online marketing. Online, we advertise on over one dozen rental websites including Realtor.com, the MLS (Multiple Listing Service), Craigslist, Rentals.com, Rent.com, Google Base, LiveDeal, Oodle, Propsmart, Trulia, Vast, edgeio, Backpage, all search engines, and more. We also send out personalized bulk e-mails bi-weekly to our entire tenant base notifying them of new rental properties that we have available. And we receive a number of incoming referrals, both from current and former tenants and from other Realtors.

Locally, we advertise on an as-needed basis in local newspapers and publications, and post flyers around the community. All ads are professionally prepared by our full-time web designer.

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Q:
What happens if a tenant does not pay rent?

Tenants typically have a short grace period where they can still make their rent payment after the deadline without penalty. When this period expires we post a “3 day notice to pay rent or quit” form on the tenant’s door. If they fail to make payment within 3 days then we will contact the owner to discuss the next plan of action. At this point we will typically file for an eviction. An average eviction takes 30 – 45 days.

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