FREQUENTLY ASKED QUESTIONS ABOUT REAL ESTATE MANAGEMENT
What type of rental properties do you manage?What geographical area does your company cover?
How much will my property rent for?
What will you do to rent my property?
How long will it take to rent my property?
What do you do to screen a prospective tenant?
Do you handle Section 8 or other similar type tenants?
What happens if the tenant does not pay their rent?
How will I stay informed of what is happening with my property?
How do you handle maintenance issues?
Do you handle after hours emergencies?
What cost control measures do you have in place?
Why choose us to manage your property?
How much is your monthly property management fee?
What services are included in your monthly management fee?
How much is your leasing or placement fee?
Are your licensed?
How soon can you start managing my property?
What is the process for hiring you as my property management company?
What type of rental properties do you manage?
We manage a wide variety of properties. Our current portfolio consists of everything from single family homes, trailer parks, larger apartment complexes and commercial property. Currently, we do not accept vacation rentals.
What geographical area does your company cover?
We are primarily based within the city limits of Salem, Oregon. However, we do manage select properties as far south as Albany and Corvallis.
How much will my property rent for?
The answer depends on several issues such as the size and condition of the unit, amenities included and geographical location just to name a few. We do our best to evaluate each property individually based on several key factors and compare our findings with the market rate for rents in the area to set the rental rate for each property.
What will you do to rent my property?
- For rent signs will be posted in front of the property.
- Information will be posted on the internet.
- Word of mouth / Referrals
- We will do our best to price your rental rate competitively to the market.
- We will make sure steps are taken to present your property at its best.
- If necessary and were applicable, we will use creative advertising to promote the occupancy by granting rental concessions and other promotional bonuses to prospective and current tenants.
- We will use a combination of paid for marketing and advertising mediums such as the local paper, leasing services, etc.
How long will it take to rent my property?
Unfortunately, it is impossible to predict how long it may take to find a qualified applicant to rent your property. Generally, we have found that most vacancies are filled within 30 days. We are sometimes able to pre-rent a unit even before it is vacant. However, we usually fill vacancies within a 1 – 2 week time period from the time they are in a “rent ready” state.
What do you do to screen a prospective tenant?
Upon receiving a rental application from a prospective tenant, we do the following to ensure you are obtaining the highest quality tenant for your property:
- Verify identity of applicant
- Verify income
- Run a criminal background check
- Pull a credit report
- Check to see if applicant has any evictions on record
- Check previous rental references, professional or other verifiable references
Do you handle Section 8 or other similar type tenants?
Yes. We are very familiar with Section 8 and other similar housing assistance programs and work with these tenants at several of our managed properties. However, it is up to the owner to determine whether or not to accept Section 8 tenants at their property.
What happens if the tenant does not pay their rent?
We follow a systematic approach to collecting rent while allowing enough flexibility to make exceptions in the process if needed. Late notices are sent out or posted on the tenants front door after the 5th; 72-hour notices are posted on the 8th, and we begin the eviction process between the 12th and the 15th if the tenant has not paid a minimum of one half (1/2) of the full month’s rent. In between the 5th and the 8th and up until the 15th, our managers and office staff are very proactive to seek out tenants who are late in paying. We have a firm belief that communication, especially face to face contact with the tenants, is the best way to ensure collection of the rent. We use a combination of posting late notices, phone calls and face to face encounters to determine the reason tenants are late and help them to commit to a “game plan” on making sure that rent gets paid. Our managers and office staff are trained to help and encourage tenants to get back on track with paying rent now, and paying on time in the future.
We recognize each case is unique and strive to make a solid decision based on what we believe to be in the best interest of you and your property. However, we will proceed with legal notices and action as required. In cases were the tenant is making a good faith effort to pay their rent, we may elect to postpone the actual filing of the eviction until a later date. These decisions are made on a case by case basis considering the tenants past payment history, reason for their financial hardship and their ability to get caught up.
How will I stay informed of what is happening with my property?
We understand that it can be an emotional time for owners when they commit to turning over control of their property to a management company. We are confident that you will find us to be a highly competent and professional company that is able to manage your property in a manner that exceeds your expectations. If an emergency or issue arises that could cause a potential interruption in your usual cash flow from the property, such as a sudden move out or an urgent necessary repair in excess of $400, we will notify you promptly. Otherwise, you can expect all other items to be related to you in your monthly owner report.
We do encourage questions and feedback from owners, but ask that they be limited as much as possible to written forms such as emails, letters, faxes, etc. This allows our staff more time to be on the phone, in the field with the tenants, and at the property. We can then respond to you during times when we are not flooded with calls, coordinating and scheduling work orders, or rushing to show vacant units.
How do you handle maintenance issues?
Most maintenance issues are initiated and addressed via a written “work order”. Work orders can be generated in a number of ways and sources such as the tenants, owners, managers or maintenance technicians. Work orders can be sent in by tenants via the mail, called into our office, generated through our website or faxed. Upon receiving a work request, the property manager assigned to the direct oversight of your property will determine the urgency of the work requested and fill out a work order for the issue to be scheduled accordingly.
We have a great team of highly trained maintenance technicians who are very familiar with property maintenance. These technicians are billed out on an hourly rate and are typically less expensive than outside vendors or specialized tradesmen. We are committed to your best interest, if we don’t believe we can do it less expensively, we sub it out. We do try to have our crew respond to the majority of maintenance requests. We believe this to be in the owner’s best interest and the most cost effective way of doing business. By having our crew on the property to respond to maintenance issues, we are able to check on the overall condition of the property, check smoke detectors, leaky faucets or other repair items that may need to be addressed before becoming a significant expense.
Do you handle landscaping and yard maintenance?
Yes. We are happy to provide excellent one time service, service on an hourly rate, or a fixed rate routine landscaping plan to meet the needs of your property. At peek times of the year, we are occasionally overwhelmed with landscaping demands and may outsource some of the work. We have an excellent network of outside vendors who provide exceptional service at discounted rates.
Do you handle after hours emergencies?
Yes. We understand that not all emergencies conveniently happen during normal business hours and offer after hours services as well. If an emergency maintenance issue arises that must be handled immediately, you can contact us 24 hours a day / 7 days a week to relay your maintenance needs and have someone scheduled to respond immediately.
What cost control measures do you have in place?
Ordinary maintenance and necessary repairs costing less than $400 are addressed without prior notification. We will notify you in advance of repairs that are estimated to exceed $400 before taking any action. In the event that the repair is of an emergency nature, we do our best to notify you in a timely manner. Items that are deemed to be “essential services” or a “habitability issue” by law, such as the loss of all heat sources in the middle of winter, or a refrigerator or stove that is not functioning, will need to be taken care of immediately. Please note that the assigned property manager does everything possible to avoid after hours charges and will, whenever possible, post-pone work until the following business day.
There are basically 3 instances in which we may take action before you are notified, these are:
- When the safety or well-being of the tenant is a concern.
- When there is only one viable option in consideration.
- In instances where the property is likely to incur damage if immediate action is not taken.
Why choose us to manage your property?
You can turn the headaches over to us and begin to enjoy life again.
Below are a few reasons it makes sense and should actually pay to have your property managed by us:
- Added convenience and peace of mind knowing that your property is being well taken care of and that the short and long term value is being preserved and maximized.
- As a professional management company, we can often leverage our size and negotiate better rates for services such as maintenance, extermination and pest control services, advertising and much more. We usually get a much better price than you as an individual owner can.
- The value of experience in the industry. You can be certain that we will be raising rents in a timely manner and attracting quality tenants that will rent longer. This will immediately add an increase to your bottom line while reducing the added expense of costly turnovers.
- Reduced vacancy rates.
- Through continuous monitoring and oversight of your property, we are able to handle minor maintenance issues before they become major costly repair work.
How much is your monthly property management fee?
Our usual property management fee can range anywhere from 8% to 10% of the total gross monthly revenues, but is dependant on several factors such as the size of the property, and the overall management needs of your property. Please feel free to give our office a call or send us an email with a brief description of your property and we would be happy to give you further pricing information based on your specific needs. We have found that many of our once skeptical client’s have become believers that a good management company with a tried and true system can not only save you money in the short term, but make you more money in the long run.
What services are included in your monthly management fee?
Note: Centurion collects and keeps any application fees received from prospective tenants and in turn we pay for all of the expenses to screen the tenant.
- Complete and detailed reporting of the rent role each month
- Handling of all interactions with outside vendors
- Enforcement of property’s rules and regulations
- Tenant evictions (Owners are responsible for all court costs associated with evictions). Note: Generally evictions are handled at no additional charge. However, evictions that end in a Forced Eviction Detainer with the Sheriff’s Deputies coming out and assisting in the move-out / lock-out procedure are assessed a $75 charge.
- Computerized, monthly accounting for each property
- Hiring, payroll and supervision of on-site managers or other staff
- We handle all of the bill pay, including mortgages, utilities, vendors, etc.
- Send out owner draw checks on a monthly or other established basis
- Move-out accounting for tenants' security deposit
- Yearly detailed on-site property evaluation. In conjunction with the regular property evaluations, yearly site evaluations occur in the Fall and include a winterization checklist, capital improvement suggestions, etc.
- End of year accounting
How much is your leasing or placement fee?
Properties will be evaluated on a case by case basis and fees will be determined accordingly. Placement fees for new tenants are from $50 - $100 per unit on average. New leases on single family homes generally require 50% of a full month’s rent with an additional 10% fee for renewed leases. The placement fees are typically waived for multi-family apartment complexes inside the Salem area.
Are there administrative fees or other service charges?
We do offer an extensive list of services that are all inclusive and covered by a monthly management fee. These services generally are all you will need for the normal operation of your property. We do not charge extra for mileage, long distance telephone calls, copies, etc. We do strive to be a full service property management company that is capable of handling all your management needs. We also offer additional services at an hourly rate, or on a fee basis, for items that are outside the scope of regular management duties or exceed our routine services.
Who holds the tenant’s security deposit?
We typically prefer that all deposits be held in our deposit trust account. This helps to ensure accountability and a prompt and timely refund of any deposit due the tenant.
How much security deposit do you charge?
We generally ask for about 70% of one month’s rent.
Are you licensed?
Yes. We are licensed by the Oregon Real Estate Agency.
How soon can you start managing my property?
In many instances, we can begin the process of managing your property immediately. Several forms will need to be completed and details confirmed, most of which can be done via phone, fax and/or email. For larger complexes and commercial properties, the process is slightly longer and can be from a few days to several weeks before a transition is made.
What is the process for hiring you as my property management company?
After completing due diligence in our company and you feel comfortable with our overall management philosophy, please give our office a call or send us an email. We would happy to take your information, answer any questions, and connect you with a property manager or have a property manager call you. We like to begin the process by asking a few questions about the property and your management needs, then follow up with a brief tour of the property. Next, we have an extensive worksheet that will need to be completed concerning all property details. Lastly, after confirming the management agreement and addressing any concerns, questions and long term property plans, we can begin the management of your property.