When do I get my rent check?
Our goal is to process your resident’s monthly rent payment the day after we receive it (Friday receipts are processed on Monday.) Part of processing involves the printing of your monthly statement and issuing your check. We realize many of our investors/owners rely on the monthly cash flow for their mortgage payments. We continue to meet and exceed our goals in getting that money to you. Some Owners find it easier for us to do a direct deposit of their monthly rent checks.
What happens when my home becomes vacant?
Our first concern with your empty home is: “What is needed to place a new resident into your home as soon as possible?” We know that every day a home sits empty is a wasted opportunity and a non-recoverable cost. A “For Rent” sign is placed in front of the property usually after the 30 day notice is received. (It is not uncommon for us to re-rent a home before it becomes vacant.) When the property becomes vacant, it is inspected and digitally photographed. From the information gathered at the home and using our inspection report and photos, we will determine what needs to be done to re-rent the home and what may be chargeable to the prior resident’s deposit. We will also review with you any recommendations of work we feel will be needed to attract a quality resident.
How are residents screened?
Our resident screening process is two-phased. We first request a credit report. After we receive the credit report, we make three phone calls. We call the prospective resident’s current landlord, prior landlord and employer. The current landlord provides us with a recap of the resident’s most recent payment performance as well as any comments or problems they have experienced. The prior landlord gives us an overview of the resident including, but not limited to, how the applicant left their former home. The employer verifies their wage, length of employment, and often offers additional insights. Before we rent to anyone, we feel we’ve gotten to know them pretty well.
If a resident fails to pay rent, how long does it take to get them out?
This is not an issue we deal with frequently. By offering a good product and a thorough screening, we find that we are seldom in this situation. But, when we are faced with a delinquent and uncooperative resident, we are just as effective in the eviction process. Start to finish, a resident who does not pay their rent is normally removed within 30 days from when their rent was due.
How long does it take to rent my property?
This is the hardest question to answer with one specific answer. Market conditions change, every home is different, and rents range from $750.00 to over $4,000.00 per month. Much of your answer will have to do with the condition of the property, the time of year, and the proper list price. An ugly overpriced home will sit vacant for a while. Whereas a properly priced home in good condition is guaranteed to rent within 30 days or less!
How often are inspections performed?
Inspections are performed every 7-9 months. An empty home receives more attention than when it is occupied. Between our landscaper visits and showings, the property would get visited often. We want your home to present the best appearance possible, and we can only do this with frequent visits. In addition to move out and move in inspections, occupied homes receive many different types of inspections with varying frequencies. We perform a renewal inspection when a lease is about to expire and the resident is interested in renewing. This is a detailed inspection of the interior and exterior of the home to identify any deferred maintenance and/or resident damage. With this inspection, we are better able to make a partial decision on possible rent increases based on market trends and how well the property is being cared for.
Would we be charged for advertising?
No! Oak Trust pays for all advertising, ads, websites, and MLS providing each property with a specific marketing plan.
Would we be charged a lease fee each time our home is re-rented?
Most companies charge 50%-100% of one month’s rent to lease a property. Our charge is just 40% of one month’s rent. For renewals, it is just a flat $199 fee.
What are some of the other services you offer?
We are constantly researching and developing better ways to do our job. We are always experimenting with ideas that will save you money and improve your property. For example, we found a way to offer landlord protection insurance to our investors/owners! We always have several ideas on the back burner. Many of our ideas come from our clients. We try to find ways to make things better for YOU! Need something specific? Call us! We do vacant property inspections, investor consulting, resident placement, and renovation monitoring just to name a few.