Are management fees and leasing fees tax deductible?
Generally, yes, fees are tax deductible. However, we’re not accountants, so check with your CPA to be sure.
Can you pay my mortgage and other bills?No, you will continue to pay the mortgage and other bills for your property. We will disburse rental proceeds to you, as scheduled minus any maintenance or repair expenses.
What do I need to do to get started?Depending the services you need, we will collect information about your property as well as property keys, HOAs or condo association documents, financial information, and other relevant documentation. This process can take as little as an hour or two if your current records and documents are easy to locate. Once complete, we’ll need very little information from you on a day-to-day basis.
What if I might want to sell now or in the future?We can help you make the best choice possible, since we also represent clients for purchasing and selling properties through our real estate brokerage. If you are flexible and are considering selling, we sometimes recommend “listing both ways”. This allows you to sell if you find a buyer and if not, quickly rent your property to a quality tenant. We are happy to assist you with this approach if it works for you.
What happens if the tenant doesn’t pay their rent?Depending on the jurisdiction, we will follow the letter of the law regarding notice and eviction. In our experience, being firm but fair with tenants is the best approach to dealing with any payment issues. We are paid to enforce the contract and will do so on your behalf.
Do you recommend allowing pets?This choice is yours. Depending on your personal situation and preferences, we can guide you towards the best decision. In general, allowing some types of pets will make your property appealing to a widerrange of possible tenants and may allow it to lease faster for more rent. However, pets can damage properties, can create additional liability, and usually require more cleaning during tenant turnover. Our Preferred Pet Program allows you to rent to tenants with pets confidently if you want to explore this option.
Is there a cost to process the tenant applications?Yes, the rental application fee is $50 per applicant. This amount is paid by the tenant applicant. There is no cost to you.
