Do you turn over the property when the tenant vacates?
Yes. When a tenant has decided not to renew their Lease, we send them a move out inspection report via email 30 days prior to their Lease expiration. We also confirm with the tenant that they received the instructions. We do a final walk through and document it with photographs and a move out inspection report. We then coordinate with our vendors (if necessary) to do any work needed to the home to get it ready for the next tenants.
How will you advertise my property?
We will market the properties through several resources (our website, Zillow, apartments.com, Facebook Marketplace, etc). Unless otherwise provided, pictures will be taken when the unit is empty to help with advertising.
How do you service maintenance requests?
Repair requests are submitted by tenants through their online portal or by phone. Once we get the request, we reach out to the tenant for any additional clarity. If necessary, we will go to the property to inspect the issue, otherwise we will contact one of our approved vendors to coordinate a day/time for them to come out and make the repair. We do not upcharge on repairs.
How/When do I get my rental proceeds?
We disburse payments to all owners once all rental payments have cleared and no later than (5) days after we receive the payment. Disbursements are made by ACH direct deposit into the owners’ accounts and statement notifications are posted into the Owner Portal.
How much security deposit do you charge the tenant?
We typically require one month’s rent equivalent for a security deposit. In certain circumstances with marginal tenants, it is common to ask for the State reugulated maximum of 1.5 of one month’s rent in security deposit.
What happens if the tenant does not pay their rent?
If payment has not been made by the Guidelines outlined by state law, we will begin to follow the guidelines for the eviction process. We always proceed with the legal notices required for eviction regardless of any other factors. Whether or not we eventually have to proceed with a formal eviction depends on the specific circumstances. It is usually financially better, for all involved, if a solution can be worked out. If the tenant has experienced a one-time event which caused them a financial hardship, and we have had no previous problems with them, we will normally give them a chance to catch up, if there is reason to believe they can do so. If the tenant has demonstrated an ongoing pattern of late payments, broken promises and/or evasiveness, eviction is usually the best course of action.
(Part 2) What to Expect from Capital Street Management
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Make Sure you’re not exposed to Unnecessary Risk as a Rental Property Owner