Rental Owner – Frequently Asked Questions
Why should I choose Bridgepoint Property Management?
FYVE Property Management has been serving customers for several years. We are committed to providing professional quality management services at very fair rates.
Unlike other property management companies, FYVE does not charge its clients additional fees such as inspection fees, trip fees and so on. That is why our management costs are among the lowest in the region and our overall reputation and record is outstanding.
You can review what our customers say about our services and if you want any property related services, call us today and we can discuss it further.
Will I lose control of my property if I hand it over to FYVE?
Our primary goal is to ensure that you meet your investment goals. We do not want to take control of your property but instead, we want to make sure that all aspects of the property are regularly updated as per your guidelines.
How will FYVE determine the rent price for my property?
All rental prices are based on free market comparisons. We will use our resources to compare rental rates for properties that are similar to yours and which are located in the same vicinity. We will then determine a rental rate that is in line with the market prices and that will attract high-quality tenants.
How does FYVE advertise rental vacancies?
As soon as we receive the authorization (from a new client to rent out a new property or if we receive a 30-day notice from a tenant who will be vacating soon), we initiate the marketing and promotion of that property immediately.
There are several different strategies that we use to advertise the property in question including:
- Company website: The FYVE website is updated daily with all available properties. We also use Google Adwords marketing and a comprehensive Search Engine Optimization (SEO) program that ensures our site stays high on Google search results and generates traffic.
- In-Bound Calling: At FYVE, we maintain a 60-day rolling list of prospective tenants that call our office regularly. We consistently work with them to match the right tenants with the right property.
- Networking: This is an important component of our marketing strategy. By networking with other real estate professionals, we are able to get leads of highly qualified clients who are interested in renting. This way we can connect them and match them with the right property.
- External Listing: We also list all available properties on external websites such as Zillow, Hotpads, Trulia and other similar platforms.
- Social Media: Bridgepoint has a very active presence on social media including platforms such as Facebook, Twitter, and LinkedIn.
- Craigslist: This is another free service that helps us advertise all available properties. We produce professional looking ads for Craigslist on a regular basis and post these ads on this platform twice a week.
- Property Signs: All available properties have a professional Bridgepoint sign placed in their front yard with our contact information so that interested parties can contact us.
How long does it take to fill a vacancy?
There are several factors that determine how soon a property can be rented out. These include seasonal market cycles, rental price compared to other local properties and competitors, the condition of the property, the quality of the tenant etc. However, we try to ensure that the vacant periods stay at a minimum and our goal is to rent out the property within a month, if not less.
Do you recommend that I should allow pets? Or Smoking?
As far as pets are concerned, this is your personal choice. You are not bound to allow or not allow pets either way. We do recommend that you keep that option open if you are still unsure.
Keeping tenant profiles in mind, we can safely say that nearly half of prospective tenants do have pets. If you put a restriction on this, you may lose out on good, potentially long-term residents.
At FYVVE, we have a policy in place where each tenant with pets is charged an additional $250 pet deposit plus a negotiated pet rent. In addition, we do not allow pit bulls or any other aggressive breeds on any of our properties.
Smoking is strictly prohibited inside all our rental units. Any damage incurred if the resident breaks this rule is the responsibility of the tenant.
How do you screen prospective tenants?
All applicants at FYVE Property Management undergo extensive background checks, credit checks, employment verification, reference check and any other measure which we deem appropriate to ensure that only the best and the highest-quality tenants are selected for your property. Our screening process is thorough and vigorous.
What do residents have to pay before they can move in?
All approved tenants are required to sign a lease agreement and to place a security deposit. In addition, rental payment, prorated rent and any additional fees that are due must be paid prior to the key being released.
Who pays for utilities?
This depends on the property owner and the property itself. Some owners choose to pay for certain utilities like water and trash/sewer and the remaining utilities are paid by the tenant. Whatever the case may be, all utilities that are to be the responsibility of the tenant must be transferred into the resident’s name prior to move-in.
What if something breaks in my property or if there are any repairs required?
We believe that for an investment property to be considered valuable, it should be well-maintained. In case of any maintenance issues, we will notify you and once you give us the go-ahead, we will begin repairs.
FYVE Property Management has been in this business for many years and we have a list of professional vendors and contractors that we can dispatch to resolve any such issues.
We always ensure that we get the best quality work for the best possible price.
What steps do you take if the tenant does not pay the rent or if the rent payment is late?
At FYVE Property Management, we make it a point to enforce all our lease agreements. If the tenant is late with their payment, they will receive a notice and they will be required to make payment arrangements immediately. If they continue to neglect this issue, we can proceed with an eviction if required.
How do I know my property is being taken care of?
As a property management company, it is our business to take care of your property. We perform move-out inspections to make sure everything is well-maintained and to identify any issues that need to be addressed.
We also schedule regular inspections during the course of the tenancy to ensure that the condition of the property remains intact.
What happens if a tenant wants to be released from their lease?
If a tenant wants to be released from their lease, we conduct a checkout inspection to determine the condition of the property. If there are no issues and if the tenant passes the inspection, they can be released from the lease agreement and their security deposit will be returned.
How do you use the application fee?
The application fee that we collect from our prospective tenants goes towards a background check and a credit check to ensure that the applicant meets our criteria.
When will I receive payments?
Owner funds are distributed between the 10th and 15th of each month. All owners have access to our password-protected web portal so that they can view their statements and reports.
Do I need to make any changes to my insurance coverage?
We recommend that all property owners ensure that they are carrying adequate Landlord insurance for their property. We require all our owner clients to provide us with proof insurance.
In addition, we require that you name Bridgepoint as “Additional Insured” on your policy. We also advise all our residents to obtain Renter’s Insurance. Even if this is not required by law, we do believe that it can prove to be very useful in case of a major event.
That is why we ensure that we specifically state in our lease agreement that the owner’s insurance policy does not cover any personal loss that the tenant may incur during an unfortunate incident.
What should I do if I want to sell my investment property?
FYVE management does not sell investment properties. We do have a team of qualified realtors that we can recommend and who would be happy to assist you in this venture. You can call our office today and we can further help you in this regard.
If you want to see common tenant questions, click here.