Owner Frequently Asked Questions

How are repairs handled?

The repair manager is responsible for approving all maintenance requests. It is our policy to get owners approval of all maintenance requests over $500.00 unless other arrangements have been made. You can see all work orders on your property by login on to the Owners Portal. If funds are available the expense will be deducted on the next month’s accounting statement. If funds are not available the repair manager will contact the owner for payment arrangements. Sometime a request falls into the category of a maintenance emergency. Emergencies are scheduled immediately and the owner notified at the first possible opportunity. Some maintenance requests can result in a rent abatement if not handled timely. The owner is notified immediately when there is a rent abatable maintenance issue.

How do I determine the rental amount?

The competition determines the rental amount. As experts in the field, we know the market and the competitive rental ranges for your home. If the home is marketed too high the home will be vacant much longer. The leasing agent assigned to your property will run a competitive market analysis and guide you in determining the rental amount.

How do you market the property?

The property is immediately added to our rental availability list, over 45+ syndicated web sites, and other resources. A sign is placed and marketing photos are taken within 48 hours. Each property is assigned to a leasing agent the marketing effectiveness for the individual property.

How is the owner protected if the resident damages the property?

A refundable security deposit taken at move-in is usually sufficient to handle the minor damage caused by residents. Residents with excellent credit and references seldom cause significant damage. If the resident leaves the property owing money for rent and/or damages they will be billed.

How long will it take to rent?

Vacancy periods are market driven. There is also some luck involved in the right person looking at the right time. On average in today’s market it takes between two to four weeks to rent a home. Homes rent more slowly between Thanksgiving and New Years. Location and price effect vacancy.

Is it possible to refuse to rent to families with children?

In federal, state, and local Fair Housing regulations children come under the protective class of “familiar status”. It is unlawful to discriminate against children in any way.

What about smokers?

It is common to restrict smoking inside the property. This does not significantly reduce the marketability of the property.

What are the policies regarding Pets?

Statistics indicate that 75% of renters own pets. Restricting pets reduces the number of available qualified residents. In general, a well-behaved cat or dog causes less wear and tear on a home and yard then a young child.

What happens if the rent is late?

The rent is due on the first of each month. If the rent is not paid by the 5th we take the first step in the eviction process and send out a 14-day notice to pay rent or vacate. If the resident does not pay by the 15th of the month the owner is notified and eviction process is finalized. Most evictions are the result of loss of employment. We always try to work with tenants and owners on a mutually agreeable termination of the lease over an eviction.

What happens if the resident leaves before the end of the lease?

The resident is responsible for the rent for the term of the lease. If residents leave before the termination date they will be charged for rent until the home is re-let. We, on behalf of the owner, will do everything possible to re-let the home and minimize the residents’ cost.

What is the average length of tenancy?

Over 75% of rental agreements are for one year. Other agreements range longer than one year. At the end of the lease term the owner can decide to renew to the resident (if the resident wishes to remain), vacate the resident, or allow the resident to remain month-to-month. If the market has changed the owner can raise the rent at lease end.

What needs to be done to prepare a property for rent?

The property should be in the best possible condition to attract a quality resident. Paint should be in good shape with marred or dirty areas touched up. Neutral colors for walls and floors are best. Blinds or shades are ideal window coverings. The home should be “detailed” clean and the yard in excellent shape.

When are monthly funds distributed?

Payments to owners are sent out on the 10th & 15th of each month. Statements are processed around the 15th of the month. Disbursements are made by ACH direct deposit into the owners’ accounts and statements posted online the same day.

Who handles emergencies?

Repair managers are always on call for emergencies. We have an extensive network of maintenance personnel and sub-contractors to handle any emergency on your property, day or night. We are on call 24 hours a day 365 days a year.

For more information about Four Points Property Management, LLC, please email us at info@fourpointspm.net