LANDLORDS/OWNERS FREQUENTLY ASKED QUESTIONS

PPM has put together a list of the most frequently asked landlord/owner questions that may answer many of your concerns in advance.

How do you qualify tenants?  Each potential tenant has a credit check and criminal report.  We check to see if there are any collections outstanding from previous landlords or utility companies.

Do you charge to vacant units?   No

How do you train your property managers?   Our property managers attend real estate continuous education classes and we conduct weekly meetings and training.

How do you determine market rents?  We assess the market conditions continuously with comparable properties and within the same neighborhoods.

Do you have contractors you can use for repairs?   Yes, if we cannot repair the problem with our in-house vendor, we have a network that we use.  All vendors used are licensed, bonded, and insured.

Do you always consult with the owner on necessary repairs and improvements?  Owners are contacted for all major repairs.  We do not get prior approval on emergency items or minor repairs.

How do you advertise properties?  We have discounted rates we can offer you through local news media.  We have signs in front of properties for drive-by inquiries.

Who pays for the advertising of properties?  That is the responsibility of the owner; we will bill them at our discounted rates and can take the money out of the rents once we get the units filled.

What kind of records do you provide to owners and how frequently?  We provide a monthly financial statement and then yearly we will send out the 1099 forms.

Do you take care of evictions if necessary?   We use an attorney service to help us with evictions.  We do handle this and can take the fees out of the rents or deposit.

When do I receive my rent income?  All rental income is forward to the owner by the 10th of the month in most cases.  We can set up direct deposit for the owners.

How often do you do an inspection of the property?  The property is normally inspected three times per year, upon occupancy, approximately six months, and again when the tenant vacates.

What are the requirements for the tenants?  Tenants have the responsibility of replacing light bulbs, smoke detector batteries, change heating system filters, lawn maintenance and landscaping, chimney cleaning annually and professional carpet cleaning.  Of course repairs of normal wear and tear are the responsibility of the owner.  The Tenant's Manual covers most situations for the tenant to help protect the property and the cleaning procedures while living there and at the time of moving. 

What about pets on the property?  Tenants having pets is determined at the time management begins on your property.  Many owners have determined over the years not to allow pets of any kind, including fish tanks.  Blind tenants are allowed to have aid animals.  Under any circumstances some pets are not allow due to insurance companies policies.  Pets should be an item covered with the property manager to insure there are no misunderstandings concerning pets.

What restrictions can I place on the tenants?  You as an owner have the right to place restrictions in the renting of your property.  Property Managers are trained in what restrictions an owner can place on a tenant.  Equal opportunity and Fair Housing provide both the owner and manager the current guidelines to adhere to during the time your property is in the rental service.

The Tenants have a manual, do we?  Yes, at the time we take the responsibility of your property you are given a copy of the Owner's Manual.  The manual provides to you a complete guideline for understanding your position in the "renting" of your property. 

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