Property Owner FAQs

In order for us to begin the process of managing your property we need the following:

• Complete the online Owner Property Information Data form
• Executed property management agreement with accompanying W9
• Keys to the property, including mail box keys, if applicable
• Garage door openers, if applicable
• Certificate of insurance, with Keyrenter Property Management as an additional insured

Pet owners are not a protected class. However, by eliminating them you are likely eliminating up to 75% of the people in the market for a rental house! Being open to pets does make your property available to more potential renters. Additional deposits for pets generally run $350 per pet. However, if you feel very strongly about this issue, we will agree not to show your property to anyone with a pet. All of our properties prohibit smoking, in the interest of protecting your investment, as well as the health of the neighborhood. Children come under the protected class of “familial status” and it is not possible to discriminate in this way. Our application forms do not ask number or ages of any children.

We know the importance of answering the phone every time it rings, especially when it comes to renting properties. We answer the phone six days a week from 9 AM to 9 PM. We also show properties seven days a week, from 8 AM to 9 PM, or as necessary to meet demand. This is one of the reasons we have the lowest vacancy rate in the area. Your property, along with photos, will be advertised on our website. It will also be posted on over 50 additional websites. A yard sign will be placed immediately as well. We typically do not use yard signs.

The answer to this largely depends on the condition in which we receive the property from the former tenant or current owner. Generally speaking, and from our experience managing thousands of properties for the last decade, the following is what we have seen to hold true:

• A light make-ready can take anywhere from 3-5 days
• A medium make-ready can take anywhere from 5-9 days
• A heavy make-ready can take anywhere from anywhere from 10-15+ days.

If a house needs substantial renovation, requiring coordination with many trade vendors, it will largely depend on their schedule as we sequentially progress in the project, and how quickly owners can approve the work.

Keyrenter Property Management will require security deposits, usually an amount that is equal to 75-100% of one month’s rent, from all residents. These funds are held in escrow in a real estate trust account. Security deposits cannot be disbursed until the resident vacates at which time a disposition of funds is processed.

There are many reasons landlords hire property managers, below are some of the most common: Landlords value their time and usually have full-time responsibilities outside of owning rentals property. As professionals, we manage rentals day-in-day-out; it’s what we do and we are great at! Landlords generally don’t have a full understanding of local and federal laws and statutes. This lack of knowledge can cost a landlord thousands in costly mistakes. With a legal team and constant education and involvement on current issues, as a property management company in [State] we are better equipped to solve complex situations. We understand and apply the correct federal, state, and local laws, keeping you and your investment out of trouble. We know the local market, have an extensive network of contacts, and have advertising resources available to us at discounted rates. This allows us to effectively market your vacant home to prospective residents to get it filled. DIY Landlords these days need be skilled in Advertising, Photography, Marketing, Sales, Repairs, Project Mgmt, Customer Service, Conflict Resolution, Legal Proceedings, and many other areas. Keyrenter is all that and more!

Our fee structure is straightforward. We do not add any hidden fees. What you see is what you get, and we offer fair, competitive pricing, along with a higher quality of property management services. Our monthly management is typically 10% of gross rents collected. For any owner who brings on three or more doors, we reduce that monthly management fee to 8%, and for those investors who are adding 11 or more doors, we charge 7%. Our flat rate leasing fee is $695 and includes a tenant guarantee, professional marketing-quality photos, the initial inspection at the time of onboarding, and much more. This is only charged after the tenants have signed a lease, paid their security deposits, and first month’s rent, and after we do all the work to secure your tenants. We charge a flat rate renewal fee of $495. This fee covers costs associated with the time and effort our team spends on renewing your tenants’ lease and at a higher monthly rental rate. Aside from the system and process we’ve developed to renew leases, which starts 90 days before any lease expires, we provide superior customer service to our owners and tenants. The fee essentially comes at the culmination of 12 months of great service to the tenants, where they’ve enjoyed their lease duration with Keyrenter, and always have someone to contact in the event of an emergency. Providing your tenants with excellent customer service also means there’s a lower probability of them wanting to move and a higher probability of them accepting the 3-6% increase in rent that we normally suggest at the end of the lease. This can ultimately save you thousands of dollars in make-ready costs and vacancies. Not to mention the fact that our renewal fee is typically absorbed into the increase in rent, so the effect is often not felt by the owner. Ask us about our renewal pipeline and process to learn more. We hire a 3rd party vendor to help prepare our owners’ year-end 1099s and send that along with an annual cash-flow statement, which you can then use to file your taxes. The cost of preparing these is $49 per year, which is passed on to owners, and ensures we can provide you with all the documents you need to prepare for tax season. We required a $300 property reserve account. These funds are monies that belong to you, the owner, and are used for the purpose of maintenance and repairs. The $300 is essentially the initial cost to get started with Keyrenter Property Management, and it can be funded online through your Owner Portal.

Your lease rate is going to be determined by several market factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. Unfortunately, the markets that dictate lease rates vary vastly from the markets that influence value of properties. Please contact our office and we can discuss this with you as it relates to your specific property.

Yes, with Keyrenter Real Estate! We are constantly assisting our clients to either sell their rentals, or buy more investment properties. With competitive rates and innovative strategies, we guarantee to save you money and maximize your return! Give our real estate team a call today!