Owner Frequently Asked Questions
Why should I hire you as my Property Management company?We have personally used property managers in the past and understand how difficult it can be to find someone capable of caring for your investment. We encourage you to learn about property management, ask questions, review forms and contracts, check references, etc. After educating yourself, see how we measure up to the competition and make an educated choice. We also want to stress that we are not a perfect match for every owner and every property. The more you research us and other companies, the more comfortable you will feel when you make the decision to hire someone.
For an unbiased source, click here: How to Find a Property Manager
Are you a licensed Property Manager?Our property managers are licensed real estate agents in the State of Wyoming and members of the National Association of REALTORS. The Broker, Nathan Gesner, is also a member of the National Association of Residential Property Managers (NARPM) and the Institute of Real Estate Managers (IREM) These professional associations ensure we hold to the highest standards of ethical and professional behavior.
How soon can you start managing my home?We can start immediately! We start by gathering information about you and the property, answering questions about our services and fees, and determining if we are a good fit for you. Contact us to schedule a meeting.
What are your fees?We have different fee structures based on the level of service you desire and the number of units we’ll manage for you. Check out our Property Management Services page for more information.
Do I get a monthly statement?The monthly statement will be published to the Owner Portal at the same time your payment is made. Statements detail all income and expense for the accounting period, along with a scanned copy of receipts or invoices. You will know exactly what comes in, what goes out, and where it goes. All your reports are stored on our secure server so you can access past reports at any time.
Are your property management fees negotiable?We are not trying to compete with lower-priced companies that manage properties part-time and offer minimal services. You may find someone cheaper, but you won’t find anyone to match us in the quantity and quality of services.
The ultimate cost of property management is determined by many factors, not just fees. How well do they respond to maintenance and care for your property? How well do they care for Tenants to keep them around longer? Do they have proven policies and procedures in place to protect you and your investment? How well do they know the market?
Remember: cheaper doesn’t always put more money in your pocket!
How will you market my rental?We use various marketing tools to maximize coverage:
Rental signs – Posted on the property with our contact information clearly displayed.
Internet listings – Our available rentals are posted on our mobile-friendly web site with photos, video, maps, price, and property details. These listings are also syndicated to over 100 other web sites like Realtor.com, Zillow, Trulia, Zumper, Apartments.com, and Homes.com.
Social media – We use facebook marketplace, Twitter, and other social media platforms to expand our reach.
Word of mouth – The greatest marketing source we have is our reputation. We receive referrals from other real estate agents, current and past tenants, the Cody Chamber of Commerce, local employers, friends and family, Landlords, etc.
Accurate pricing – We keep a close eye on the market and price your home accordingly.
Preparation – Even the best rentals will not lease quickly if they are not in top showing condition. Part of our job as property manager is to make sure your rental home is presented in a clean and attractive condition so that it will attract a good tenant.
How do you qualify an applicant?This is the most critical aspect of Property Management. Our application process includes a full credit/criminal screening, identity verification, Landlord references, and verification of employment or income. We look at how well they handle financial obligations, maintain previous rentals, and that they can afford to rent your home. We screen every adult, 18 years of age or older. Please view our Application and Rental Policy under the Tenant menu for more information.
Will you conduct regular inspections?We conduct spot inspections any time we enter the home for maintenance, as well as regular drive-by inspections. A more formal inspection takes place at least once a year and is documented with pictures and/or video. If a tenant is regularly late in the payment of rent or has other lease violations, this may trigger an additional inspection.
What should I do to prepare the rental?The better condition it’s in, the more likely you are to get good Tenants paying top dollar and the easier it is for us to maintain it. Look under “Owner Resources and you’ll find our guide for preparing the rental.
What if you discover unauthorized tenants or pets?We’ll start by issuing them a written warning and attempting to correct the problem quickly, followed by an inspection to verify compliance. If the problem persists, we initiate other actions to force compliance or – in a worst-case scenario – to evict the tenant.
What happens if the tenant does not pay their rent?
Rent is due on the 1st. It is considered late after the 4th day of the month and Tenant is charged a late fee. If they haven’t paid in full by the 10th, we serve them with a 3-day Pay or Quit Notice. If they refuse to pay in full or move out within that 3-day window, we file for eviction through the District Court. The court hearing is generally within 1-2 weeks of filing. We present our case and – if we are successful – the court gives the Tenant 48 hours to vacate and issues a Judgment for damages.
Thanks to our screening policy, we have not evicted one of our placed tenants since 2014!
It is always financially better for everyone involved if we can work out a solution. If the tenant experiences a one-time event that puts them in a financial bind, it is better to give them a chance to catch up. If the tenant has a pattern of late payments, broken promises, or if they are avoiding any contact with us, we believe eviction is the best course of action.
Each case is unique and the property manager will make a decision based what is best for you and your home. Eviction for non-payment of rent is a relatively simple process, one that we have never lost. Evictions generally happen within 30 days, which minimizes the impact to your income stream.
Be sure to ask about our eviction protection!
How often do you update me on how my property is doing?
We generally won’t contact you directly unless one of two situations exist:
- We need your approval for a maintenance request
- Something is going to interrupt your income stream
You are always welcome – and encouraged – to contact us with questions or concerns.
Some owners are more “hands on” and want to be involved in every aspect of their rental. If you desire a high degree of personal involvement with your rental, we may not be a good match for you. The property owners who appreciate us the most are those interested in complete management of the property.
How do you handle maintenance requests?
Tenants submit maintenance requests through the Tenant Portal so we have a record. We review the request to determine it’s legitimate, that we have enough information to act on, and – if necessary – that owner permission is received. A copy of the maintenance request is always maintained on the Owner Portal for you to view.
When appropriate, we attempt to troubleshoot the problem with the Tenant or one of our managers may drive over and personally investigate before sending a contractor. If we confirm a problem exists that can’t be handled on our own, we send the appropriate vendor to make the repair. We try to handle maintenance quickly because it protects your investment and keeps the Tenant happy, making them more likely to stay and to take care of the unit.
How do I know you won’t spend money on repairs without my approval?
Our management agreement sets limits on how much we can spend without your permission. If we think a repair will exceed this limit, we contact you and seek approval first. Some owners let us replace appliances and flooring without seeking permission first. Other owners want to know if we are changing a door knob. We want to keep you informed, but we don’t want our hands tied by being too restrictive.
If there is an emergency, our concern is ensuring the safety of people and limiting damage to the home. In these situations, we will focus on controlling the situation first and then contact you for permission. A broken water heater flooding the basement is a good example of when we must act first and then contact you.
Do you buy and sell real estate?Absolutely! We have REALTORS dedicated to sales and hope you’ll take advantage of their expertise and professional services if you ever decide to sell your investment or buy more investments. However, you are under no obligation to use our company to buy or sell real estate, even if it is a home we actively manage.
What if I decide to sell my home while it’s occupied?
You are free to sell your home at any time, but we advise against it. Tenants are less likely to rent a home for sale because they don’t want to move again. They may even sabotage the sale by not making it available, not keeping it clean, or talking badly about it to potential buyers. Also, any lease agreement transfers with the sale of the home. This may discourage any potential buyers that want to occupy the home immediately.
Ideally, you should either sell the home or rent it, not both.
Who holds the tenant’s security deposit?All security deposits are held in our Trust account. This protects you and the Tenant, keeps everyone honest, and makes the funds readily available upon move-out if we need to pay for charges or issue a refund.