Why should I hire a property manager?
Real Estate is a wonderful investment but it can provide a lot of hassle and even legal issues if not done properly. Sloane Realty has over 20 years experience in the Residential Rental Market. This becomes especially important if things go wrong. Not making repairs in a timely manner or improperly accessing the property can lead to serious legal issues that many individual homeowners must be aware of. Sloane Realty strives to make the Landlord experience a pleasant and profitable experience.
How do you find a good a tenant?
Finding a good tenant is more about screening than advertising. Sloane Realty advertises on over 100 websites plus local business and university housing sites as well as the MLS.
To screen our tenants we look at 3 factors:
- Credit: Credit is pulled for each person living in the home above the age 18. There is no set rule on credit with regards to a credit score per se. It is more important to look for housing and utility types of credit issues with special attention placed to judgments and other collections.
- Employment History: Each employer is individually contacted so that the information provided by the tenant can be verified.
- Rental History: We check back at least 2 years and reach out to other Landlords to be sure that the tenant left their property in good condition and has paid any debts owed. We also research the properties to verify the information provided on the application. Criminal and Civil Judgment History: We screen each tenant for any court records including, but not limited to, criminal history.
When will I receive the rental payment?
Rental proceeds are disbursed to owners between the 20th and 23rd of every month. Disbursements are made by ACH payment–they will electronically transferred into your account each month.
Can I use my own maintenance people?
We are happy to work with maintenance providers of your choice, provided they complete our vendor information form and meet our vendor requirements. If, however, your preferred vendor does not respond within an appropriate amount of time, the work order will be reassigned. Vendors must be licensed and insured for the type of work they have been assigned.
How much do management services cost?
Do you offer short term leases?
Our preferred lease term is one year, but certain properties and/or owners have needs that are better met with a shorter lease term. In those circumstances, we are happy to comply with whatever lease terms are most advantageous for the owner. We are not, unfortunately, adequately set up to manage vacation rentals (with a weekly tenant turnover).
What is your pet policy?
We understand that the majority of the population travels with at least one pet and we strive to make our homes both pet friendly and protected from pet damage. Each homeowner can set the specific pet policy for his or her own house, but our general policy and guidelines can be found at our Pet Policy page. We find that a high percentage of potential tenants have pets. Please consult with your property manager about the different options and restrictions we have available.
How involved will I be with maintenance issues?
You may be involved as little or as much as you like! Once a work order comes in, it will be assigned to a vendor and sent to that vendor via email. At that time, you will be blind copied on the email so that you are informed in real time of the issue as it was reported and aware to whom it was sent. If you have additional information to add, or questions to ask, this method allows plenty of time for that to take place. If you have given us a list of preferred vendors for your home, we will be happy to contact them first, provided they have complied with our vendor requirements.
Per the standard Management contract, Sloane Realty has the ability to act in emergency situations to ensure that your investment is not further damaged by delays in response time and that no Landlord Tenant laws are violated. Examples of units that require more immediate action are the heating system and water heaters. Items of security may also require immediate response.
If you have a home warranty, please disclose this prior to signing a contract with Sloane Realty. It has been our unfortunate experience that home warranties can add some significant issues and concerns that we would like to discuss with you.
How do I pay for repairs to my home?
The vast majority of maintenance invoices can be paid with the rental proceeds. We deduct the cost of the repair from the rent payment and disburse the remaining funds to you. Should a more extensive repair be required, you can remit payment for the additional amount by check or credit card.
Will I receive documentation of income and expenses?
Yes! You will receive monthly owner statements outlining income and expenses for each month, and you will receive both an end of year statement and a 1099 with numbers totalled for the year.
Do you inspect the homes you manage?
We inspect each home at a minimum of once per year, at the time of renewal. If we have any indication that the house may not be properly maintained, we schedule additional inspections.
What happens if a tenant damages my house?
Any damage done by the tenant in excess of normal wear and tear will be charged to the tenant. If (worst case scenario) collections or court documents need to be filed, Sloane Realty will handle that also.
What happens if an eviction needs to be filed?
In the unlikely event that your tenant needs to be evicted, Sloane Realty will handle all aspects of the eviction process.