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Q: What do Property Managers do?
A: Our mission is to help people create wealth through real estate. As property managers, we protect your assets and maximize the return on your investment
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Q: How will you manage my property?
A: We perform five tasks; Fill Vacancies, Communicate with Tenants, Enforce Lease Compliance, Arrange Maintenance and Repairs, and Perform Routine Bookkeeping.
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Q: When do I receive my rental income?
A: Rental income is released on or before the 10th of every month unless otherwise agreed with you.
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Q: What if a tenant does not pay their rent?
A: We maintain a close relationship with all of our tenants to help ensure this does not happen. Unfortunately there are instances where a tenant does not pay their rent. We initiate proceedings according to the law in order to return your property to you in the shortest time possible.
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Q: What happens at the end of the lease?
A: We complete a Move Out Inspection, assess damages, charge the tenant when necessary, and disperse security deposits with itemizations in accordance with all North Carolina rules and laws.
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Q: Is there a service charge for repairs and maintenance?
A: Depends on the scope of work needed. Our preferred vendors work at competitive rates and we do not profit above vendor charges. Major repairs or equipment installation that require onsite supervision, may incur project management fee. Any anticipated fees will be discussed before work begins.
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Q: Do I need a Business License/ Transaction Privilege Tax Registration?
A: No. We hold the necessary Business License and the Transaction Privilege Tax License. Unless instructed otherwise we pass on the payment of rental tax to the tenant and make the required payments to the relevant City departments. The amount of rental tax due is determined by the city your property is in. Please click (Here) for rental tax information. Darwin Jones will complete and send annual 1099’s to you. These are needed for your annual tax returns.
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Q: What is Tenant Placement?
A: The Tenant Placement process begins by completing a detailed analysis of your property which we use to determine the maximum market rental rate for your home. We will then assist with any make ready maintenance work (if necessary), take professional photographs, advertise your property, take calls and answer tenant inquiries, show your property to interested prospects, qualify applicants, draft the lease, set tenant expectations, and complete move in documentation.
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Q: What if I already have a tenant?
A: If your home is already occupied by tenants not placed by Triangle Flats, you find your own tenant, and want us to take over with a lease already in place, we must approve your lease and then determine the appropriate service level agreement.
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Q: How long will it Take to Lease My Property?
A: There are several factors that affect the leasing of a rental property. Supply, demand, price, location and condition, we cannot control the supply and demand however, we can do a market analysis so that the property is listed in the appropriate price range. The condition of the home will be reviewed with you and the property manager should there be any repairs or issues that may need to be taken care of prior to showing the property. We do not like to put any expectations on time frames as we can never control the market, or people; however we do our best to get the property leased within 30-60 days.
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Q: What is the Process Once You Have a Qualified Tenant?
A: Once the tenant clears all screening we require the prospective tenant to give us a nonrefundable deposit to take the property off the market. The deposit is usually equal to one month’s rent and upon signing of the lease and receiving first month’s rent the deposit turns into their rental deposit which will be held in a non- interest-bearing Escrow Account. Once all funds are received and move- in date is set the tenant and property manager will do a move-in form. This form will protect you the owner/investor as well as the tenant should there be any damages or future damages.
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Q: What Happens if a Tenant Fails to Pay Rent?
A: All rent is due on the 1st of each month, rent is considered late on the 2nd. Late notices are generally sent out on the 5th of the month. The notice requires them to pay their rent within a specific number of business days after the date it was delivered. If rent is not received by the expiration of the late notice, we then have our attorney file for eviction against the tenant. This normally takes 2-4 weeks and costs the owner $300-$600 in legal fees. We do everything in our power to prevent this additional cost by our stringent screening process prior to tenancy.
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Q: What Repairs are Tenants Responsible For?
A: All tenants are responsible for keeping their unit in good repair. AC filters need to be changed on a monthly basis. Smoke detectors are to be checked and batteries changed regularly. Clogged toilets, drains, jammed garbage disposals, abuse, misuse or neglect of the property are the tenant’s responsibility. Owners are responsible if plumbing issues are a result in a crushed pipe or roots in the line. Pest control is a tenant’s responsibility. The lawn and pool care are negotiated on a case by case basis when applicable.
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Q: What Happens When a Tenant Moves Out?
A: Tenants are required to give 30 days notice should their lease be up for renewal. Once receiving the notice to vacate, we begin to market the property immediately. The property manager will do a move-out form and walk through with the tenant prior to vacating the premises. The appropriate claims against the security deposit are imposed should there be any damages. We then would recommend to the owner any necessary repairs and with approval and funds begin working on making the property ready for re-rental. We always suggest this to be a good time to make any major or minor improvements.
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Q: How are Needed Repairs and Maintenance Handled?
A: We always inform our owners of any repairs needed and send them quotes for any such repairs and ask for your approval before proceeding on anything that this not an emergency maintenance issue or over $200. There are two options for paying for repairs we can simply deduct from rental income or you can pay the vendor directly. In the case of maintenance emergency we have a 24/7 number where a live person answers the phone and will delegate the emergency to the property manager.
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Q: Am I required to make my property available to Section 8?
A: There is no requirement to make a owner enter the Section 8 subsidized housing program. That being said, depending on the goals and objectives of the investment, the program may be a good method of maximizing your financial return.
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Q: Are you licensed?
A: Yes. We have individual and firm licenses by the North Carolina Real Estate Commission, the North Carolina and National Board of Realtors, the Better Business Bureau and the National Association of Residential Property Managers.
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Q: Can I reach you after hours?
A: Yes. You can reach us through the owners portal and our 24/7 phone service. We monitor these channels routinely.
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Q: Can you put the money directly into my account?
A: Yes. That is our preferred method of funds dispersal. Once you have completed registration, we will provide an ACH agreement that enables us to send funds electronically.
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Q: Do I get to see the lease or sign it?
A: Depends of the service agreement you select at registration. If you are going to manage the property, then you must execute leases and retain documents for statutory purposes. If we manage the property, you can have a copy of our blank agreement for your records, and a copy of executed leases will be available through the owner portal.
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Q: Do you sell real estate too?
A: Yes. Our focus is to support the investor in obtain wealth through real estate. That includes acquisitions and sales. Our sales are processed through partnership with Highgarden Real Estate.
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Q: How much security deposit do you charge the tenant?
A: Security Deposits are determined based on the financial status of the applicant and the property being considered. Typically, the amount ranges from 1-2 months of rent.
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Q: How soon can you start managing my property?
A: Assuming all required paperwork is readily available, we can start management in 48 hours.
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Q: What type of properties do you manage?
A: Single family homes, Duplexes, Triples and Quads, Office Space, Retail Space, Leisure and Vacation rentals
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Q: What type of reports do I get and how often?
A: All reports are available 24/7 through the owner portal.
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Q: Who holds the tenant security deposit?
A: We are required to hold the tenant security deposit for all properties that we manage.
