Homeowners Questions and Answers

landlords home owners questions answers

1. What does the cost of marketing include?
The cost of marketing includes the following:

2. What is the cost of marketing the property for rent?
The cost of marketing each vacant unit for rent is $549.00.

3. What does the cost of monthly management include?
Our monthly management services include, but are not limited to the following:

4. What is the cost of managing the property?
Our standard minimum monthly fee is $95.00 or no more than 8% (whichever is greater) for management. However, owners with multiple properties, high rent properties, apartments and multi-family units are reviewed and negotiated on a case-by-case basis.

5. What is the term of the management contract?
The contract is for one (1) year and automatically renews for six (6) month intervals thereafter.

6. How does First Choice Property Management remit payment to property owners?
First Choice Property Management will collect rental funds on behalf of the property owner and remit payment for any expenses incurred on the property and then remit payment via ACH (direct deposit) to the bank account designated by the property owner per contract.

7. Who is responsible for property expenses?
The property owner is responsible for property expenses, such as maintenance, management fees, and expenses relating to the property per contract, however, First Choice Property Management can and does provide accounting services such as, mortgage payments, HOA dues, property taxes and more upon request by property owner.

8. What happens with the security deposit and advanced or prepaid rental payments?
First Choice Property Management holds all security deposits and advanced rental payments in an insured and non-interest bearing trust account.

9. What is the cost of a lease renewal?
The cost for re-signing a lease with an existing tenant upon lease expiration is 10% per each year of the newly executed lease. Prior to notification of lease expiration, a rental survey is performed and provided to you to evaluate current market rents. Tenant information and income is verified prior to executing a new lease to ensure continuing qualifications. This is equivalent to a mini-screening process.

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