Q&A
Q: How long will it take to rent my property?
Q: Where will you advertise my property?
Q: Do I get a say in the rental price?
Q: Do you perform background checks on possible renters?
Q: Who prepares the lease agreement?
Q: Do I get to hold the security deposit?
Q: When will I get rent each month?
Q: How do repairs get handled?
Q: What if the tenants don’t pay rent or are damaging my property?
Q: How is the security deposit claimed if there are damages to my home after the tenant moves?
Q: Do you provide me with financial statements?
Q: Will you pay my HOA/COA and mortgage?
Q: Why do you charge a flat $100 monthly management fee?
Q: Are you a real estate sales company?
Q: How can you charge a low monthly management fee?
Q: Why do you require a lock change between tenants?
Q: How long will it take to rent my property?
A: The length of time a property is on the market depends on multiple factors. The number one factor is the price. A property priced too high above the average rent for the area can stay on the market significantly longer than if it had been priced appropriately at the start. Other biggest factors are location, condition/cleanliness. While we cannot guarantee how fast we can rent your property, our goal is to rent it in 30 days or less.
Q: Where will you advertise my property?
A: We primarily utilize internet based advertising. Studies conducted by the National Association of REALTORS® have shown that prospects that come from internet advertising generally make more money and are better qualified than those coming from print based media. Internet advertising also enables us to reach prospects living out of the area looking to move to Anne Arundel County. We currently list with around 80* different websites to ensure maximum exposure. Which websites varies over time based on the response we’re receiving via those sites. We also place a sign on the property (unless prohibited by community covenants or restrictions) to target those prospects who are out driving around. *Advertisement sites can vary based on syndication agreement changes, however we ensure properties are listed on a wide array of rental sites.
Q: Who pays for advertising?
A: We pay for all up front costs associated with the advertising in our program. Our philosophy is that we should bear the up front expense of advertisement as our incentive to rent your property. If there is any specific advertising that you want which is not included in our standard advertising program, that would be at your cost. Most of our owners, however, recognize that we are experts in the renting of homes and leave the advertising to us.
Q: Do I get a say in the rental price?
A: Absolutely! We manage the home; we don’t own it. We recognize that the rent price significantly affects your bottom line and as such, you absolutely have the final say in the rent price. We will conduct a market analysis for you to determine what we believe the average fair market rent is for the area and will highly suggest you market it at or near that price. With that information, you can determine what price you want.
Q: How do showings work?
A: We conduct all of the showings for you. If you are still living in the property, or you have a current tenant finishing up a lease in the property, we will call ahead to notify occupants of a scheduled showing. If it’s vacant, we will simply show at will.
Q: Do you perform background checks on possible renters?
A: One benefit of renting your home through a management company is we have the ability to do thorough background checks. Our background check includes an evaluation of the applicant’s credit history, criminal record, eviction history, sex offender check, federal terrorist databasesand check and more.
Q: Who prepares the lease agreement?
A: We do. We have a very comprehensive, attorney reviewed lease agreement that covers almost every possible situation that can arise in a Landlord/Tenant relationship. Our Management Agreement with you gives us the authority to sign the lease on your behalf eliminating the hassle of having to send paperwork back and forth between multiple parties. We always send you a copy of all leases we execute on your property.
Q: Do I get to hold the security deposit?
A: No. While we are managing your property, in accordance with the Maryland Real Estate Commission we must hold all security deposits in our Escrow Account.
Q: When will I get rent each month?
A: Owner draws are posted on or before the 10th day of each month. This allows time for tenant rental payments to fully clear.
Q: Do you inspect my property?
A: Yes. We have three different inspection types. The first is the move-in photo inspection which is conducted prior to the tenant taking occupancy to document the condition of the property. The second type is a full interior inspection which we complete at least every 6 months during the course of a yearly lease to ensure the tenants are maintaining the interior of the property and not causing any damage. The last type is the move-out photo inspection which is conducted after the tenant has fully moved all of their belongings out and turned in keys. We document the condition at that time and compare it to the move-in inspection to determine if a claim on the security deposit is necessary.
Q: How do repairs get handled?
A: We relieve you of the hassle of receiving maintenance calls from tenants. All request are made through our online tenant portal or our 24X7 call center. We will notify and obtain authorization from you first prior to conducting any non-emergency repair exceeding $250. In the event of an emergency (i.e. pipe burst, electrical sparking, etc.), we will immediately dispatch a maintenance professional in order to prevent further damage and notify you as soon as possible. In most cases, the next months rent will provide sufficient funds to cover any repairs and it will not be necessary for you to send funds.
Q: What if the tenants don’t pay rent or are damaging my property?
A: Our tenants are made aware upfront that delinquent rental payments are not tolerated. If rent has not been paid, or the tenant is otherwise not complying with the terms of their lease (such as damage), we serve the appropriate notices of non-compliance and, if necessary, will file eviction against the tenants to force them to move out.
Q: How is the security deposit claimed if there are damages to my home after the tenant moves?
A: After we complete the photo move-out inspection, we will determine what, if any, cleaning or repairs need to be made that are the tenant’s responsibility. We will then claim the security deposit accordingly. The procedure to claim a tenant’s security deposit is strictly governed by Maryland Statutes and we ensure we follow the procedure to the letter.
Q: Do you provide me with financial statements?
A: Yes. We provide cash flow statements each month and make them accessible via the secure online owner portal for download at your convenience. We also will prepare and send you an IRS Form 1099 at the conclusion of the tax year to assist you with the preparation of your income tax return. You will also receive a Year End statement listing all income and expenses for the concluded tax year.
Q: Will you pay my HOA/COA and mortgage?
A: No. Some other full service property management companies pay those expenses from the owner’s funds, and it can be a great service. However, paying those items increases costs which result in higher management fees. The cost of paying us for this service outweighs the “benefit” and “convenience” of it, which goes against focus on efficiency and improving our client’s ROI.
Q: Why charge a flat monthy fee?
A: Managing a rental property is managing a rental property... Why should the owner be charged more for a property that demands more rent?
Q: Why do charge the same a tiered leasing fee?
A: On average, the more expensive a rental property the more selective the tenants tend to be. This leads to more property showings and more time spent selecting a tenant. This increased time is a cost, and it is the reason for the tiered leasing fee. Most property management companies charge 50% or more of the 1st month’s rent for a leasing fee, so our tiered leasing fee structure is still more cost effective for our clients.
Q: Are you a real estate sales company?
A: No. Wrigh Property Management Group, LLC is a property management company, and the owner is a licensed Maryland Real Estate Agent. Property management is not a side business for us during times of slow real estate sales.
Q: How can you charge a low monthly management fee?
A: Our business model is focused on property selection, technology and tenant screening. By focusing on those items we are able to streamline property management processes to reduce costs.
Q: Why do you require a lock change between tenants?
A: We believe in safety and preventive measures! Safety items are inexpensive preventive measures when compared to break-ins and fire. Safety items provide prevention and save lives; therefore, safety is a top priority for us. Re-keyable locks are installed to enable quick rekey between tenants. Locks are changed to decrease liability and to improve tenant relationships. Although tenants turn in the keys they were given, they might not turn in the copies they made or even remember who has copies. Everyone wants to live in a secure home, so the lock change helps build positive relationships with tenants. Other safety items include smoke and carbon monoxide detectors as required by current codes and a fire extinguisher in the kitchen.