Property Management FAQS
What property management services does EPM offer?
We are a full service property management company. We will handle the management of your property from vacancy to tenant move out, minor maintenance to major insurance claims, rent collection and all forms of accounting, legal representation and evictions, electronic reporting, and online access to your account. We also provide property rent range analysis, tenant screenings, and professional marketing of your home.
How do we begin the property management relationship?
Initially we will discuss your objectives and goals to determine if we can help you achieve them. Next, a thorough analysis of your property will be performed so that we may establish an estimated rent range. During this process you will be sent a PMA, property management agreement, which is our contract with you to review. When you have all the data and have made the decision to partner with EPM, we will collect your property management agreement and the maintenance escrow payment. Then the fun begins. We place a sign in the yard, take interior and exterior photographs, create a detail description and build your property profile which will appear on epmleasing.com Finally your property is live on the Internet and we begin the process of finding your tenant.
How much money do I have to come up with upfront?
The payment of the maintenance escrow is all that is required to begin our relationship. Any other money required will be billed to your account and provided by you as needed. Remember, the maintenance escrow is your money and is used for any expenses pertaining to the property. The payment of the maintenance escrow is all that is required to begin our relationship. Any other money required will be billed to your account and provided by you as needed. Remember, the maintenance escrow is your money and is used for any expenses pertaining to the property.
What is the leasing fee for and when do I have to pay it?
The leasing fee covers the expense of leasing your home and will be deducted from your tenant’s first month’s rent. This may seem like a simple procedure but there are several steps involved. All the steps demand due diligence and compliance with local, state, and federal fair housing laws and the residential landlord tenant act. Items included are the professional creation of your property profile with accurate and attractive description and photographs, the fielding of phone calls concerning the renting of your property, all efforts extended by the leasing department including the scheduling of appointments and showing of your home. The skilled processing of prospective tenant applications of which there is usually more than two per vacancy period, and the negotiation of their rental terms and conditions between you and the prospective tenant. Finally the execution of the lease agreement and required addenda.
Where do you advertise my house?
Although we can’t give away all of our advertising secrets, here are a few of the ways we to ensure that your property receives the most exposure possible in the rental home market.
Our leasing website located at MyMemphisRental.com This is the main website for advertising your property, it attracts a huge volume of prospective tenants, and is the core landing site to which all other advertising media refers. It allows prospective tenants to search by location, home size, or rent range. Each property listing shows pertinent information about the property, including a description, photos of the interior and exterior of the property, a map of its location, and the ability to request an appointment online. EPM staff keep the website updated daily, and the site offers a downloadable version of our rental application, a sample lease agreement, and a link to our policies and requirements.
There are several major house and apartment rental websites where we advertise, including Zillow, Trulia, Hotpads.com, Yahoo and more. The list of these websites can be provided to current clients and customers in the process of signing on with Enterprise. #3) Lastly, Enterprise offers a referral fee to any Memphis realtor who brings us an approved client.
Our advertising has proven so successful that we now enjoy about a 95% occupancy. That’s unheard of in our marketplace. It is our recommendation that you utilize our proven marketing services. This will allow you to experience maximum advertising exposure and the fewest possible vacant days on market.
How long will it be before my property is rented?
Several factors are involved with determining the time a home will remain vacant. The home does have to be in an occupancy ready position, in a good location, and price correctly. Also, the market and economy will greatly determine the amount of time it may take to rent your home. All things considered, we have experienced a 30-60 day vacancy period.
Does my home have to be empty to show?
The home must be empty to show. The main reason is to reduce liability for you and for our company. The second reason is timing. Most renters want to rent the home as quickly as possible and an empty home encourages them to commit to your property as quickly as possible.
Do I have options on the quarterly inspections by your home inspector?
Yes. Although we recommend using our home inspector on a quarterly basis, even a semi-annual inspection of your property can be beneficial to your home and helpful to your peace of mind. The quarterly change of your air conditioning filters included in the inspection can greatly extend the life of your HVAC system and reduce possible repair due to negligence. Where as a semi-annual inspection of the property presents the home owner with a snapshot of the state of the home and the tenant behavior, the quarterly inspection will provide a more progressive picture for the home owner and a regular presence to the tenant.
May I do some of the maintenance myself?
EPM strongly recommends using our team of professional and highly competitive vendors to perform repairs and maintenance. Our goal is to make the tenant’s rental experience exceptional. By providing very reasonable and quality maintenance the level of tenant satisfaction will increase, there by benefiting the property owner. Although you will not be prohibited to perform some maintenance of your property, we encourage you to use our services to do so.
I have a home warranty, can I still use this?
Absolutely. All you have to do is designate Enterprise as a user of the home warranty services in question, on your behalf. Our offices can facilitate your home’s maintenance needs through and kind of home warranty program
Why do I have to pay the lease renewal fee and what does it cover?
Tenants are notified about 60-days prior to the lease expiration that it is time to renew the lease. If they are interested in renewing, property managers will notify you to discuss renewal terms you would like to offer to the tenant. The property managers initiate notices and communicate between you and the tenant to secure a new lease. Once the lease is executed, the $250 fee is assessed.
How will EPM respond if the tenant stops paying rent?
If your tenant stops paying their rent, and our in house collection efforts have not been able to secure the rent payment, we will call and consult with you concerning the starting of the eviction process. Once the appropriate paperwork is filed at the Shelby County Court, the typical eviction process takes about 25 to 45 days to complete. Of course, we will represent you in court, so that you do not have to attend. Should the tenant come up with the money to pay rent during the court proceedings, we will communicate your legal options with you, at that time. If they do not pay, the judge should grant us possession and in many cases a financial judgment for the lost rent. Once the 10 day waiting period has passed after receiving possession of the property, we will perform the set out and move out inspection. A detailed analysis of the property including exhaustive pictures of any damage which has occurred during the tenant’s stay will be performed. If the amount of the damages exceeds the financial judgment and security deposit, Enterprise will send the tenant file to a professional collections agency to collect on this debt. Typical Collection agency fees are around 40% of the amount collected from the debtor.