How do you determine rent amount?
We complete a comparable market analysis (CMA) of all the other available similar listings near your property. In addition, we review off-market data sources available only to our firm and recent trends in Supply/Demand functions in the areas near your property. We also utilize the expertise and experience of thousands of in-house transactions to factor in the unique aspects of your rental property, like a pool or a new kitchen, recent upgrades, basement finish levels, etc. A little bit of art, a little bit of science.
What are the management fees and/or pricing options when the property is being rented?
10% of Gross Monthly Rent Collected, minimum of $100 per month. This fee is applied against the rent collected each month to make the accounting simple and thus no need to write an extra check each month.
Do I have to sell my property with you if I want to list it?
Certainly not. You are welcome to list your property with whomever you want, and we’ll be sure to assist in the transition over to that REALTOR® for the sale period. Our role is to take care of the leasing and property management of your rental property–it’s what we do exceedingly well.
Do you offer direct deposit for your owners?
Absolutely. Your net rent proceeds are deposited on the 10th calendar day of the month. There’s no “check in the mail” delays…. it’s a direct ACH deposit into your bank account. This saves you time and effort, which is an important reason you hire a property management company.
How do you collect rent from tenants?
Tenants pay online via our secure website portal. They can even automate their payments each month. Simple, secure, and trackable.
Do you conduct property inspections and, if you do, what charge is associated with them?
Your property is at risk if your property manager doesn’t conduct inspections. We conduct an extremely detailed and thorough property review at the time of Move-In and Move-Out. You receive a copy of the property report via PDF document for your reading and files. Typically, this report is even more detailed and longer in length than the inspection report when you bought the property. The average report is approx. 150 photos and 50-75 pages in length. In addition, we conduct mid-lease audits. These audits ensure the tenant is keeping the property clean and in good repair and also addresses any preventative maintenance issues that need to get scheduled. There are no extra charges for any of these property visits, either. All are included with our management services.
What steps do you take to market properties?
We market your property on the MLS system and also on approximately 72+ other prime websites like Zillow, Trulia, HotPads, Rent.com, etc. In addition, we promote it heavily to real estate agents, and online via social media sites.
How often will I get updates on my rental property?
As a landlord, having access to what’s going on in your property is essential for both financial performance and peace of mind. When your property is managed by Polaris, you have 7 day a week access to your assigned Property Manager for questions and concerns. In addition, you have access to your secure online Owner Web Access portal, where you can view Real-Time service issue status reports as well as all your Detailed Owner Statements. Communication is essential, and all our systems are designed to push the information to you proactively when and where you need it
What are your leasing fees?
The very first time we work with your property, there is a one-time on-boarding fee of $275 to get the listing process started.
To place a tenant, one month rent value is charged as leasing commission, or a minimum of $1200 is charged if the rent is less than $1200.
Do you require tenants to have renter’s insurance?
Absolutely. Tenants are required to remit their proof of insurance before they are given keys and possession to the property.
Is there a maintenance reserve requirement?
Yes. Each property has a $500 Reserve Account maintenance reserve that is used in case expenses for a period exceed the rent collected for that period.
Who is responsible for yard maintenance?
Typically this falls on the tenant, except in cases of condominiums or townhouses where the HOA takes care of this item.
How do you go about notifying me if there is a cost for maintenance?
If the repair item is $500 or under, it will be added to your account and all the details can be reviewed on your Owner Web Access portal. If the cost is a larger item, such as a water heater replacement, then we will get an estimate for your prior approval.
How do you handle maintenance requests?
Quickly and efficiently and cost effectively for you, of course! Whenever a maintenance or repair request comes up, your assigned Property Manager will create a Service Order in our tracking system and assign it to either our in-house maintenance staff or an outside vendor. We’ll diagnose the problem, coordinate the repair, and complete the payment on your behalf for any materials and labor employed to fix the issue. Keeping your house in good repair and tenant’s happy means long term financial success!
Do you work with rental properties under $1,000/month?
We do not, unfortunately, provide leasing services for rentals under $1,000/month. If your rental is under this price point, we can possibly refer you to a different company – just ask!