Home Owner FAQ’s
Many factors affect the speed with which a property rents including supply/demand, time of year, location, and condition. TAG Home will recommend a market rent based on these factors.
There are four pieces of information that we gather in order to create a profile of all applicants for your property. These include written verification of employment, verbal landlord references if they are currently renting, Equifax credit reports and a spreadsheet analysis of debt to income ratios. Our recommendation to accept or not accept an application is based on this data.
TAG Home Management collects all rental payments from the tenants. Your residual funds are disbursed 5 days after the rental payement has been received from the tenant.
We follow a strict procedure which includes legal notice of contract breach, personal contact with the tenant in an effort to work things out and ultimately a court hearing, judgment and eviction if necessary. If it becomes clear that the tenant is unable or unwilling to pay any more rent, we get them out of your home as quickly as the law permits so that we may find a new tenant and restore the income stream.
All security deposits are placed in a separate escrow account where they remain until the tenant moves out. Deposits minus any damage noted are refunded within 30 days of the end of the tenancy as required by their lease.
Among other things, your management fee buys:
- Rental collection and tenant relations.
- Twenty-four hour access to us.
- Lease negotiation and preparation.
- Professionally crafted and legally tested leases and related documents.
- Pre-, Post- and Bi-Annual Inspections of your property.
- A wide array of licensed, insured maintenance vendors.
- Payment of monthly expense’s, if needed.
- Access to competent, effective landlord/tenant attorneys.
- Peace of mind knowing your property is being handled by professionals.
At the beginning of each new tenancy, a “Property Condition Report” is completed which provides us and tenants with a detailed summary of the condition of your home. We also inspect your home every 6 months until the lease expires. A written report of the interior and exterior condition of the home is completed after each inspection. We will also visit the property to address any issues or questions the tenants may have about how things work, to inspect major repairs, or as the occasion dictates. Reports are emailed to you as they are completed with detailed summary of the condition of your home. We also inspect your home every 6 months until the lease expires.
Property Management companies operate completely independently of one another and set their fees according to what they consider reasonable returns for their management efforts. There are no “standard fees” for particular services. We believe our program provides excellent value to our home owners and investors. We will gain market share by consistently delivering an exceptional range of services to our landlords and tenants.
Management fees pay your property manager for the day-to-day tasks associated with managing your rental property. Leasing commissions are offered as an incentive to get your property marketed and conduct showings. Our goal is to maximize exposure for your property and encourage our marketing team and agents to bring qualified tenants to your home. This is accomplished by offering a leasing commission to the agents who market the property. We also pay for all advertising from our commissions. You do not pay TAG Home anything until we place a tenant in your property!
All tenants are provided with “emergency procedures” when they come to our office to sign the lease and before they are handed the keys to your home. Tenants are encouraged to take a proactive approach not only to emergencies but to routine maintenance items as well. They are also given a “Check-In Property Condition Report” and the location of the main water shut-off valve, circuit breakers/fuses, and gas meter. Tenants are also provided with our 24-hour emergency number in the even there is a problem that can’t wait.
A well-maintained property attracts better tenants in a shorter amount of time and generally brings higher rents. Well qualified tenants realize they are sought after and shop homes that are in good condition which provides the best value for their rental dollars. The money you “save” by not having the property in top condition will be spent on longer vacancies and the problems associated with attracting lesser qualified tenants.
Our management agreement includes emergency service consent and authorization of non-emergency repairs up to $300, For repairs over $300 we will obtain estimates and provide them to you for your approval prior to any work being done.
The contractors we use are smaller firms that we have worked with over the years. We prefer to use smaller companies to the larger ones because of their dedication to customer service and attention to detail.
No! Property Management regulations preclude any leasing company advancing its own funds to settle an owner’s expenses. Bills are paid when the available balance in the property account is equal to or exceeds the amount(s) owed. For this reason, it is important to ensure your account balance is always sufficient to pay all anticipated expenses.
Yes, provided there is a minimum of three (3) month’s mortgage payment is held in your property account and you agree to pay an additional fee equal to 1% of the monthly rent for handling of the transaction.