General:How soon can you start managing my properties?
Immediately. We maintain a low property manager to property ratio to ensure a quick response.
How much rent should I charge? / How much will my home rent for?
Paying close attention to the market is the most effective “proven” method in determining a starting rental price. Our agents can run a comparative market analysis which will give us an accurate starting point. From there we pay close attention to what the market is telling us and address feedback/questions/concerns as necessary.
How long should the lease term be?
70% of renters are looking in the summer. We know this and will adjust lease terms so that your property is active during the time where rents are at a premium. Additionally, a longer lease term is beneficial to the landlord because you won’t have to think about your rental for x amount of years. So, depending on the time your property goes active, there are different leasing strategies.
How will I know what’s going on with the property?
- You’ll be assigned a Property Manager who you can contact when you have questions. When you hire LEAP you’re hiring a team of professionals, so in addition to a property manager, you have an accountant, repair coordinator, & real estate broker that can give you details of your property.
As the owner, how involved do I need to be?
- As an owner we want you to be as involved, or uninvolved, as you wish. That being said, we are a “Turn Key” property management company. The majority of our clients are out of state and out of the country. We cater to this. There is NEVER a time where you physically have to anywhere. We only ask that you’re available via phone or email to make any executive decisions. If you’re an owner who likes to be actively involved in your property we’ll be happy to keep you in the loop and work together more closely.
How do you handle rent increase/lease renewals?
- When you succeed we succeed – so we always want to ensure you’re getting top dollar for your rental. Your property manager will contact you 60 days prior to the lease expiration to review your options for renewals and rent increases.
What should I do if the tenant calls me?
- It’s not uncommon for a tenant to reach out to you after we’ve taken over management of a property. Please direct them to LEAP as this is why you hired us. We are never unprofessional or rude however we do enforce lease terms according to the lease contract.
Our property is owned by several partners. Can we get separate disbursements?
- Absolutely – we manage multiple properties that fall into this category. Please let your Sales associate know that multiple disbursements are needed.
Should I use an LLC?
An LLC is an extra layer of protection and we would never instruct a client not to use one. However, an LLC does not make you invincible and should not be treated as such. We are not attorneys and you should obtain legal advice regarding this matter.
Marketing:What steps should I take to prepare the home for rent?
The two most important factors to prospective renters are price and condition. Prepare your rental property as if you were going to live in it. Your property will rent quicker and demand a higher rental value if it’s in great condition. The condition of the home will also have a direct effect on whether or not a prospect applies for your home. The condition of the property will attract the same type of tenant. Contact us for more information on “21 Point Tenant Screening Process”.
How long does it take you to find a tenant?
Assuming you understand and comply with the question above, our average days on market is 21 days. We lease our properties quickly because we pay very close attention to what the market is telling us. – (See Showing Reports)
How do you market my property?
We advertise on the MLS as well as on over 100+ websites. All the popular home search sites. 85% of tenants are found online and this number is increasing.
Tenant Screening/Selection:How do I know the tenant you find is going to take care of the property?
We take pride in our tenant screening and tenant selection process. We only approve the most qualified tenants. A qualified tenant understands the importance of protecting their credit as well as their deposit. After a tenant is selected, we regularly inspect properties to ensure they are being taken care of as well as schedule inspections if any red flags are noticed. (e.g., late rent, frivolous repair request, letters from the city or HOA, calls from neighbors, etc.)
How do you screen the tenant?
This is the SINGLE most important part of this entire process. Who you/we place in the property is CRUCIAL. Contact us for more information on our 21 Point Tenant Screening Process.
Do I get to decide which prospective tenant is approved?
Absolutely – you make all decisions. LEAP is just here to offer our suggestions. We’ve screened thousands of tenants and we know what a qualified tenant looks like. Therefore, we’re here to offer guidance and share our past experiences with you. We’ll tell you what we like or dislike about the different applicants.
What if we have to evict a tenant?
LEAP handles every aspect of the eviction process, all the way to getting you possession of your property. We’re very confident in our screening process, so if LEAP places the tenant that is being evicted, we’ll handle the entire process FREE of charge. This includes sending the certified notices required by the court, abiding by the time limits, representing you in court, presenting the case to the judge, being awarded a judgment on your behalf, and working with a 3rd party collection company to collect the unpaid funds and getting you back possession of your property. LEAP offers this service to clients for $500 (if LEAP didn’t place the tenant.)
How do I know you will select a good tenant?
We’ve screened thousands of tenants and we’ve seen thousands of situations. We also employ a very strict screening process which weeds out the unqualified. We understand the importance that qualified tenants place on your success. Our goal is to build a lasting relationship with our clients that are profitable for all parties. You can learn more about screening tenants in our guide here.
How much security deposit do you charge the tenants?
The amount of the deposit is based on the application results. We charge a higher deposit if a tenant has bumps and bruises from the past but has since proved they financially qualify and have proven they can pay rent timely. This is determined on a case by case basis as there are many different situations. We ensure that the amount collected matches the risk of the tenant. In most cases our tenants are qualified and only require a single deposit.
Repair Request/ Property Preservation:Who pays for maintenance and repairs to my property?
This is very simple. If the repair is caused due to the tenant’s negligence then the tenants pays. If the repair was out of their control it would be at the owners expense.
How do you handle maintenance request?
Every repair must be submitted in writing – we do this so we stay very transparent with you as a client. We have a dedicated staff member who ONLY coordinates repairs. The tenant submits a repair request in writing and we check if there are any special notes on your property, (e.g., owner wants to be first contact, owner has his own vendors, home warranty, etc.) If none of these are true, we’ll contact a vendor off of our preferred vendor list. Our vendor will provide an estimate free of charge which we’ll then send to you. We’ll wait for your approval before moving forward. Because our maintenance is outsourced, we’re always happy to provide multiple bids for larger jobs. You’re not required to use our vendors and we don’t complete any repairs without your approval. We do, however, get very competitive pricing from our vendors due to the volume we provide them.
How do you handle after hour/weekend problems?
We have an emergency line that’s available for emergency repairs that arise after the office has closed and on weekends.
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