Owner FAQs

To ensure our properties receive maximum visibility and attract a wide range of potential tenants, we employ a comprehensive advertising strategy that leverages both digital and traditional marketing channels. Our listings are featured on several leading real estate websites known for their extensive reach and popularity among house hunters. These include:

- Zillow.com: A leading real estate marketplace that provides detailed information about rentals, making it easier for prospective tenants to find their next home.

- Rentals.com: Specializes in rental listings and offers a variety of tools to help renters find the perfect match.

- Trulia.com: Offers a user-friendly platform that combines property listings with local community information, helping renters make informed decisions.

- HotPads.com: Known for its interactive map-based search, making it convenient for users to explore properties in their desired location.

- HomesForRent.com: Focuses exclusively on rental properties, offering a wide range of options for potential tenants.

- Advertising on social media and newsletters

In addition to these platforms, our listings are syndicated across over 20 other rental listing websites, ensuring extensive exposure. This multi-faceted approach increases the likelihood of quickly finding the right tenant and helps us reach a diverse audience.

By leveraging the strengths of each platform and ensuring our listings are well-presented with high-quality photos and detailed descriptions, we aim to make the rental process as smooth and efficient as possible for both property owners and tenants.

Ensuring the well-being and upkeep of your property is a top priority for us. Our standard inspection schedule is designed to protect your investment and maintain high living standards for tenants. Here's how our process works:

Leasing Process Inspection: Before a new tenant moves in, we conduct a comprehensive inspection to assess the property's condition. This ensures that everything is in optimal condition and any necessary repairs or maintenance issues are addressed.

Six-Month Occupied Property Inspection: While a property is occupied, we perform a thorough inspection every six months. This allows us to proactively identify maintenance needs, ensure lease compliance, and address any concerns before they become larger issues.

Pre-Renewal Inspection: Prior to offering lease renewals to tenants, we perform another detailed inspection. This helps us identify any maintenance needs or property care issues, ensuring that your property remains in excellent condition and addressing any concerns before extending a tenant's lease.

Customized Inspection Schedule:

We understand that property owners may have specific needs or concerns. That's why we offer the flexibility to customize the frequency of additional inspections beyond our standard practice. Whether you're looking for more frequent check-ins on the property's condition or have specific areas of concern, we can tailor our inspection schedule to meet your needs. This service is available for an additional cost, allowing us to provide extra attention and care to your property as required.

PropertySense is a full-service management company. We handle everything from initial property on-boarding with clean up and repairs, monthly property oversight of rent collection and maintenance requests as well as renewal or move out of a resident. In addition, we offer real estate consulting services.

Our goal is to ensure that your property is managed effectively, minimizing vacancies and maximizing your return on investment. With our comprehensive management approach, we take care of the day-to-day operations, from tenant relations and lease enforcement to maintenance and financial reporting. Our fee structure is designed to align with your success, as we only prosper when your property is performing well. Our Full Service management fee starts at 8.5%. Rates vary depending upon the size of your portfolio and type of home being managed. For a detailed breakdown of our fees and how we can tailor our services to meet your specific property, please don't hesitate to reach out to us or visit our Pricing page for further details.

On-time rent collections are processed and ready for owner distribution between the 12th-15th of each month. Monthly statements are provided to all owners through our 24/7 accessible owner portal.

We understand that vacancies can be a concern for property owners, both financially and operationally. Our policy regarding management fees during vacancies is designed with your best interests in mind:

- No Management Fees During Active Leasing Efforts: When your property becomes vacant, our primary focus shifts to finding a qualified tenant as quickly as possible. During this period, we do not charge our standard management fees. Our efforts include marketing the property, conducting viewings, vetting potential tenants, and handling all inquiries. This ensures that our goals are aligned with yours – to minimize vacancy periods without incurring unnecessary costs.

- Vacant Management Fee: For properties that remain vacant for an extended period, we may charge a Vacant Management Fee. This fee is typically implemented when an owner prefers the property to remain vacant but would like it to remain under our care. As an example, this fee would be applicable to a second home. The rationale behind this fee is to cover the costs associated with ongoing maintenance, security, and regular inspections that are necessary to keep the property in good condition and ready for their owners return or when the owner decides to re-rent the property.

If a tenant decides to renew their lease we charge a $250 renewal fee to cover costs of a market rent analysis, renewal inspection, lease paperwork. Our team also provides a renewal program where we actively work to retain good tenants in our homes. Our renewal program is continuous throughout the lease term. Additional minimal fees may be required for your specific property, ACH processing fees etc. Please contact our office for further information.

Once notice to vacate is received from the tenant, the property is marketed as "Coming Soon" and advertised online to interested parties. We do not show properties prior to vacancy and make ready completion. Once the property is ready for a new occupant, we update the property from "Coming Soon" to "Available" status and begin tours and accepting applications. We advertise in this manner due to most residents not being cooperative with showings. We want to put our best foot forward and show the resident exactly what they will get when they move in. Starting off on the right foot is very important to our company and the long-term relationship with residents.

This is based on the current market and seasonality that is subject to the real estate industry. Properties priced correctly will rent with no problem in any market.

Market rent is determined by comparing your property ("subject property") to similar properties that have rented in the last 6-12 months as well as similar properties currently available for rent. We also revisit rent prices each week a property remains unrented. We analyze pricing and consider activity and feedback received by property tours. Pricing is discussed with owners weekly. A price reduction is almost always better than an extended vacancy.

We let property owners determine lease terms being offered and make sure they align with their investing strategy. We prefer an initial 12 month lease for all tenants. After the initial term a lease can be extended for a negotiable term. We work closely with residents to target vacancy periods between May and August. This allows our company to minimize vacancy loss for our owners by maintaining lease expirations during the busier season.

Typically tenants occupy a single family home location for 12 – 18 months.

The minimum security deposit is equal to one month's rent, deposit requirements may increase up to two months rent to offset additional risk factors on an application.

Security deposits may be held by PropertySense in a non-interest bearing account or certain circumstances by the Property Owner. If PropertySense is holding the deposit, at the end of the lease we will complete a move-out inspection to determine what, if any, expenses should be charged to the departing tenants deposit. Security deposits are the most litigated issue when managing a property and must be handled properly and legally.

Make ready repairs often vary depending on a property's value and property type. Owners should typically budget between $250 and $750 per turnover for general upkeep and preventative maintenance. Longer term tenants will have additional normal wear and tear expectations so turnover costs may be higher.

We check credit, background, income, and rental references for any person over the age of 18 that will be living in the property. Income required is 2x the monthly rent. Background should be cleared of felony convictions, sex offenses, or domestic abuse. Two years of positive rental references are required. These reports are detailed and reviewed thoroughly, as our screening process is a critical part of our overall business and management approach. This ensures we are placing the right resident for our Landlords and serves as the first line of defense against a possible eviction.

We proactively reach out monthly to inform you of your statement and check in. You will receive email notifications of any event impacting the property through our portal system. Concerns such as maintenance, late rent payments, lease violations, lease expirations and inspections are all available to you 24/7 in our online portal. When we are actively working to lease your property, weekly updates and strategy is discussed through phone or email correspondence.

Tenants receive quarterly maintenance emails along with communication during maintenance issues, lease expirations or other property events such as an upcoming inspection. We also regularly distribute tenant surveys to check in and ensure your tenant is happy.

When a work order is received from a tenant, we submit the request to the appropriate vendor and send you a notification email updating you on the issue. Approval thresholds for repairs vary by property and are set in the management agreement at the time of contracting for our services. Repairs below the agreed threshold will be completed and invoiced, while repairs above that amount will require approval from the property owner.

Rent is due on the 1st and late by the 7th. On the 8th, tenants receive a late notice. Following notifying the resident, we will begin working with the property owner to make further recommendations up to and including eviction processes if needed.

We expect property owners to maintain their rentals to a quality standard and understand that rentals are an investment and may require upkeep and repairs. The biggest reason for tenant turnover is a failure to make timely repairs or standard issues. Vacancy costs typically outweigh any cost savings from delaying a repair.

Depending upon the nature of work involved, a supervision fee may be applicable. For instance if PropertySense is providing bids and supervising new carpet installation this will require multiple trips to the property, vetting of vendors and providing estimate(s) to the property owner and will likely be applicable for a supervision fee.

We let each owner make this decision based on what feels right for you and your property. There are quite a few benefits to allowing pets, such as having a larger tenant pool to select from, charging more rent and charging a pet security deposit further safeguarding your property. Owners permitting pets may also experience longer term tenancy and a good relationship with the resident.

We provide a flexible owner agreement when managing your property and owners have a few different termination options available in our contract. PropertySense believes that we should earn your trust and business each day and would not want our owners to be stuck in a dissatisfied arrangement.