Q: What services does Turn Key Property Management offer?
A: Turn Key Property Management offers:
Tenant and Lease Administration
Monthly Property Management
Q: What does Property Management fees cover?
A: Management fees pay the managing company and your property manager for the day-to-day tasks associated with conducting your rental business. Property Management fees cover:
Exposure on the web, MLS systems, and our network of agents for your rental property.
Lease signings and Lease renewals
Rent collection and tenant relations
Accounting information and Rent Rolls
Periodic Property Inspections
Peace of Mind
Q: How will you find tenants for my property?
A: Your property, along with photos, will be advertised on our website and in the Multiple Listing Service (MLS), and on various online home directories.
Q: What are Tenants screened for?
A: Turn Key Real Estate utilizes VerticalRent.com for screening and credit checks for all tenants 18 and older. Tenant Credit Report data is an effective starting point when screening a tenant application. Credit Reports are available instantly online through VerticalRent.com with access to all three major credit bureaus, (TransUnion, Experian and Equifax). Tenants are screened for:
Good Credit History
Proof of Identity and citizenship
Q: Who approves the Tenant?
A: The property owner will be approve or disapprove the Tenant. We will provide you with a score card which gives you as much information about the tenant as permitted by law enabling you to make an informed decision.
Note: We cannot provide you with the tenant’s Social Security Number or credit report itself.
Q: What if I already have a tenant in the property?
A: We provide our property management services to owners with or without tenants current in the property. However, for owners with tenants, we require one year’s rent roll (payment history), transfer of security deposit and a copy of the lease. Our attorney will review the lease to ensure it covers all legal requirements by the state of Virginia. We will do a walk-through to ensure compliance with all the terms of the current lease. Last collect Maintenance Repair Reserve.
Q: What is Maintenance Repair Reserve?
A: The maintenance repair reserve is used primarily to complete minor repairs that are necessary to maintain the property in a first class condition. Repairs over $350 will be approved by the landlord prior to commencing work as long as it is not an emergency (lost of life, property, safety or health code issues) and we can reach the landlord.
Maintenance under $350 the Property Manager will use their judgment in approving the work to be done. All repairs must be paid from the maintenance repair reserve or paid directly by the owner to the vendor providing the service. Turn Key Property Management does not lend money. We require a minimum of $350 to be held in reserve. The owner can request additional monies held if they believe that more will be necessary to complete repairs.
Additionally, owners of multiple units can give us permission to co-mingle reserve funds and allow us to apply those reserves to any/all of their properties.
Q: What are Leasing Commissions?
A: Leasing commissions are offered as an incentive to get the property shown. Our goal is to maximize exposure for your property and encourage all real estate agents to bring qualified tenants to the table. This is accomplished by offering a "finder's fee" to the agents who market the property and bring a tenant to the table.