Property Management FAQ
Below is some basic information about our company and our process so that you know what to expect from us.
How do I get started?
Our start-up is simple! You will be receiving a few documents to fill out and sign for us to manage your home. The first document is the Property Management Agreement. This is the contract that allows our firm to represent you in a Tenant-Landlord relationship. It details our duties to you and the price we will charge. With this agreement, we do have certain rights to make decisions about your property as it relates to a tenant.
Other Documents
The other documents you receive are the Owner Information Sheet and W-9 tax form. The tax form is necessary since your rental income is taxable. We will send you a 1099 at the end of the year for reporting.
Additional Requirements
Our agreement requires you to keep an Owner’s Reserve of $250 with our firm. We will use this money to pay for your home’s utility bills, $60/month advertising costs (while the home is vacant), mowing bills if applicable, and any other repair costs when needed. We will replenish this reserve with the first month’s rent income so you always have the reserve. You can supply this with a check or upload it to your owner’s portal once we have you in our system.
Where do you advertise?
Technology is the best tool in today’s real estate market. We advertise on several major websites including MLS, Zillow, Trulia, Rentals.Com, and dozens of smaller sites. Our staff does a great job with taking photos of properties so that your home’s ad looks professional and inviting.
How do you qualify a tenant?
Our basic criteria for all applicants for any home is the same. The potential tenants must have 3 times the monthly rent as income, no felony convictions in the last 7 years, good rental history, and credit scores above 500.
Questionable credit scores will require a double security deposit. Since we must treat each applicant the same, you as the owner will not be able to set your own criteria. You will also not be able to preview or approve applications. We will consult you if the potential tenant has a special request, has pets, or wants to negotiate the rent amount.
Do you allow pets?
No, you do not have to allow pets. As the property owner you can restrict or allow pets at your discretion, but Federal Laws prohibit you/us from restricting Service Dogs or Emotional Support Animals (ESA).
For pets, we utilize a pet screening service that will determine the risk a pet poses. The one-time, non-refundable pet fee will be set between $200 and $600 per pet based on the pet’s score. If a tenant claims to have a Service Dog or an ESA, the screening service will verify the certification or the prescription for the ESA from a certified health provider.
Fees are not allowed to be charged for Service Dogs or ESA. We will have the tenant sign an addendum for the appropriate animal.
Do I sign the lease?
Shearer Realty agents will sign the lease on your behalf. This is part of our management agreement that we provide the service of handling all the documents between you and the tenant! You will receive a blank copy of the lease we use for your review. There are sections that we can modify to meet the specific needs of the property or the owner.
How do you handle maintenance?
Our staff will coordinate repairs for your home when needed. When a tenant calls in or fills out an online request, we create a work order and assign a vendor to handle the request. All the vendors we use are qualified, licensed, and insured.
You are welcome to use your own vendors if you would like. In this case, if a request comes in for your home, we will contact you with the maintenance request. We then pay the vendors from the rent money that is collected or we may ask you to upload funds to pay for the bill. We do not charge extra for coordinating maintenance nor do we mark up the price from our vendors. What they charge is what you pay.
For home warranties, we will contact you if the home has a maintenance issue and you will be responsible for making the claim and handling the process with your home warranty company. We will not handle home warranty claims or processes on your behalf.
As the owner, how do I get paid?
We do electronic deposits straight to your bank account. Rent is due on the first of the month with a 5-day grace period. Once the rent is paid, we pay any outstanding bills for the property first. You as the owner will be paid between the 7th and 10th of each month. So, if your tenant pays on time, you get your rent money quickly. If your tenant pays later than the 10th, we do a second electronic deposit in the 3rd week of the month.
What if the tenant doesn’t pay?
We send late letters out on the 6th of the month that have a 3-day demand for payment. If the tenant does not pay by the 9th, we can file for eviction on the 10th. We will appear in court on your behalf and take additional action as needed until the tenant pays or vacates the home. The court fees and court appearance fee are charged back to the tenant.
What happens when the tenant moves out?
Our staff visually inspects the home when the tenant vacates. We create a spreadsheet of repairs and also provide you with photos from the inspection. In addition, we coordinate vendors to provide estimates for any work needed, and work quickly to get the home repaired to minimize vacancy time. Then, we calculate any charges against the tenant’s security deposit and send the accounting to them within 30 days of the lease ending date.
Still have questions? We’d love to help. Please contact us.
Shearer Realty
Phone: 704-567-8200
Fax: 704-405-5559
10210 Berkeley Place Dr. Suite 240
Charlotte, NC 28262
