FREQUENTLY ASKED QUESTIONS
When is rent due from tenants?
Per our standard lease rent is due on the 1st and late after the 3th of every month.
How is the monthly accounting handled?
- The collection and distribution of your rental proceeds is a service we provide to you as the owner/investor.
- We pride ourselves on collecting rental funds and distributing funds between 10-12th day each calendar month. We will electronically apply rental proceeds. You should have completed the appropriate ACH form as part of your owner packet.
- For physical check in the mail, our bank will send you a check and depending on the mail delivery service you should receive a check between the 11th-14th of the month.
- At the end of each calendar year we provide simplistic Year to Date statements and 1099’s making tax preparation easy.
When and how will owners get a statement? – Owners can login Owner Portal anytime to view an itemized statement monthly and any relate document. The statement will be ready to view after 15th of every month.
How long does it take to place a qualified tenant?
The rental market is affected by supply & demand and is ever-changing. There are three factors that determine how quickly a property will be leased:
- Price Point
- Home Condition
If the owner/investor agrees with the data and Rental Analysis provided by Unique Property Management, the home should lease within 30-45 days.
How do you advertise for a qualified tenant?
The Unique Property Management Team offers a phenomenal marketing program to attract qualified prospective tenants.
- Over 50 internet syndicated websites with the full description and photos of your property
- Syndicated Web Sites include: Zillow, Trulia, Kwikrents, Hotpads, Homerentals, RentClicks, social media and Craigslist to name a few
- Yard Signage
How do you screen prospective tenants?
Unique Property Management believes tenant placement is the key ingredient for your property investment success.
- Local and National search for any evictions
- Local and National criminal search for any felonies
- Social Security Number verification
- Credit check to determine how individual handles their obligations
- Employment verification including collection of paycheck stubs
- Rental verification for the previous two years
- Cross referencing addresses from application against credit report
What happens when the property becomes vacant?
- Tenants are required to provide a written 30-Day Noticed to Vacate.
- The Unique Property Management team will place the home on the rental market during this notice period.
- The move-out inspection is completed with all proper documentation and video. All claims against the security deposit are processed in office. We make any appropriate claims against the security deposit and forward all appropriate legal notifications directly to the exiting tenant.
What kind of insurance is required?
- If you are transferring your personal residence into a rental income property, you need to change your homeowner’s policy to a landlord’s policy (often times referred to as rental dwelling or dwelling fire policy).
- If your property is already a rental, you should just verify with your insurance agent that you have the proper liability insurance. The limits should be in an amount no less than $100,000 per person and $300,000 per occurrence.
- If your investment property is a townhome or a condominium unit, please gain a separate liability policy (separate from association). This protects you as the owner.