Owner Resources For Richmond Property Owners

Frequently Asked Questions

• How quickly do you respond to owner emails and calls?

  We return all owner emails and calls within 1 business day — ensuring you stay informed and connected about your property.

• Do you have electronic and automated systems set up? E.g., online portal.

  Yes, not only do our owners each have access to an online portal, so do our residents. This makes things like document signing, fund transfers, maintenance requests, and owner statements so much easier and transparent between all parties.

• How often will I receive financial reports and performance summaries?

  Owners receive detailed financial reports every month and receive annual performance recaps summarizing how your investment performed — helping you stay informed and plan for the future.

• Who holds the security deposits?

  We hold onto all security deposits on the resident’s behalf. We hold these in a dedicated trust account as required by law. At the time of move out we will assess the home for any damages or cleaning fees and disburse the remaining funds back to the resident as necessary within the mandated timeframe for our state.

• What is your philosophy on repairs and replacement? Do you try to find the least expensive solution or do you prefer a more expensive option to create a repair or replacement will last?

  We have found in our professional experience that it is best to use mid-level parts for our repairs. We found that using the least expensive products led to the item ultimately costing more with more frequent replacement. However, we assess each situation and make sure any repairs being made make sense to both save cost and protect the asset.

• During the pandemic, how successful have you been at rental collection?

  While there have been moratoriums in place that have allowed some residents in hardship to delay their rent payments, we have stayed on top of all government regulations and guidelines so that we can be as proactive and informative as possible with all our clients and customers.

• When do you suggest that I have an occupied property evaluation performed by your office?

  We suggest an occupied property evaluation be performed every 6 months at a minimum to verify the condition of the property. This provides a proactive approach so that we can catch any potential issues before they turn into more costly repairs.

• Does your office solely decide on the price of the rent or is it something we work on together?

  We will provide you with our suggested rent price based our professional knowledge of the area coupled with analysis of the market rental rates. If you do not agree with the pricing, we will create a marketing plan which may include a plan to assess and lower the rental amount as needed. Please keep in mind that choosing a rental price that is contrary to the PMI recommended rate will opt you out of the 30-day rental guarantee.

• If I am purchasing a property with a resident already in place, how would the transfer of the documents and funds look?

  At the time of closing, all deposits, prorated rents, and any other resident funds should be surrendered to you. We will need these items as well as any lease agreements, ledgers, keys, remotes, or other details for the property forwarded to us at our office. You can either arrange for those items to be delivered to us or we can make arrangements to retrieve them.

• How many evictions do you have each month?

  Due to our extensive resident screening process, we are proud to say that we deal with below average number of evictions annually. It is uncommon that we have an eviction on a monthly basis.

• What is the average length of time a resident stays in a property once your team places them in the home?

  Our average residents stay in a property for 2 to 2.5 years. The type of property, location, and how the property maintenance is managed are all contributing factors when it comes to resident retention.

• How do you screen prospective residents?

  All occupants 18 and older must fill out our online application. Applicants are approved based on a scoring process that is fair and consistent to comply with Fair Housing regulations. We perform credit check to detect any collections, bankruptcies, and assess credit worthiness. Employment and Previous Rental History are verified by contacting their present employer and previous landlords. We also perform criminal background checks on all prospective residents.

• How do you handle maintenance request from residents?

  Work orders can be submitted electronically through our resident portals. Our maintenance coordinator will then assess the request and proceed with troubleshooting the issue with the resident and determining if a repair is required. If it is deemed that a technician is needed, the maintenance coordinator will contact the appropriate party to make the repair. If the repair is above the reserve amount that we agree to in your management agreement, you will be notified prior to the repair being authorized. If additional funds are needed to complete the repair we will request those in advance.

• How quickly do you schedule maintenance once a request is submitted?

  We triage requests based on severity and aim for same-day scheduling when needed, with timing dependent on severity and vendor availability.

• Do you offer 24/7 emergency maintenance?

  Yes. We provide 24/7 emergency maintenance support, including an after-hours emergency line for issues requiring immediate attention.

• Do the damage costs charged to the Resident at move-out include all repairs, damage fees, and maintenance that the Resident is responsible for?

  Yes, when we perform the move out inspection we will compare it to the move in inspection and charge the residents for any damage, not including any wear and tear. We will then deduct that from the resident’s security deposit. If the damages exceed the amount of the deposit we will also attempt to collect additional funds to cover the cost. If the tenant does not pay the excess amount, we will pursue them in collections.

• Do you have any resident fees that are charged during the occupancy? If so, are they shared with the owner?

  Yes, we do have resident fees that are charged directly to the residents for services and programs that they obtain from our office. These are fees that we retain to offset the cost of managing the property and auxiliary programs so that we can keep more of your funds in your pocket.

• The current resident lease is currently in a month to month status. Do you recommend negotiating a lease with the tenant?

  Yes, we have found that it is best practice to have your resident under a formal agreement with a set length of lease. We make our recommendations based on the resident history and market situation. However, we do look at each situation on an individual basis and ensure that we are aligned with your goals for the property.

• Can you assist in utility setup for my property? If yes, what if any cost is associated with this service?

  Yes, we can assist you in setting up the utilities for your property. We have a utility set up cost and require additional funds in your reserve account to cover all deposits and fees that may be required by the utility companies.