1. There are many property management companies out there – What makes Slate Properties different?
Our management team is led by the principles of professionalism, communication, and transparency. The three combined separate us from the many competitors in the marketplace. Want to talk to a current landlord client? We are happy to provide you a list of references.
2. Do you handle all the “tenant problems”?
In short, YES! Our management team handles all the hassles of owning rental property – – breakdowns, repairs, etc. etc. We work with each landlord to provide our residents the best possible rental experience and a property they enjoy calling home.
3. How do I receive the monthly rent payments?
Each month, Slate Properties handles the rent collection from the resident through our online resident portal. The payment is processed and the rent payment less the management fee and any other management reimbursable expenses is wired directly into your bank account that is on file. A monthly electronic statement is provided for your records.
4. Do I pay the Property Management Fee if the property is vacant?
No. Property Management fees are payable during resident occupied months.
5. Who controls how much money you spend on the owner’s behalf?
Purchases over $150.00 require the permission of the owner before proceeding. The only exception to this rule is in the event of an emergency where the resident’s safety, health, or ability to occupy is in jeopardy. The Slate Team will contact you BEFORE any major purchases, replacements, or repairs.
6. Who picks the contractors to do any necessary work to the property?
You, the owner, have full control over who does work to your property. Slate will gladly recommend contractors licensed to do the work but the ultimate control remains with the owner.
7. Can I cancel the management agreement?
Yes, our agreements are on a month-to-month basis and the agreement may be terminated by either party with 30-day written notice.
8. Do I need to continue paying home-owners insurance?
Yes. Slate will require that residents obtain a Renters Insurance Policy for their personal property, but as the owner of the property, you will want a Landlord Homeowners Insurance Policy.
9. Are there any upfront costs when entering a Property Management Agreement?
No. There are no upfront out-of-pocket expenses until a resident is under lease and the lease commences.
10. Do you offer safe on-line rent payments for the residents?
11. What screening do you perform of applications?
First of all, the application must be complete before Slate will process the application. This ensures that all necessary information is available to property screen the possible resident. The following information is verified and provided to you for consideration: Credit report / score, background check, employment verification, rental history verification.
12. How much security deposit is collected? Do you handle all of that?
The amount of security deposit collected is determined by the jurisdiction in which the property resides. For example, in the District of Columbia, the maximum security deposit (including any pet deposit) cannot equal more than one month’s rent. The security deposit is held in the Slate Properties Deposit Escrow Account until the resident vacates the property. Assuming there is no damage to the property (other than normal wear and tear), the deposit is refunded to the resident. If damages are assessed and charges are withheld from the security deposit, those proceeds are sent to property owner.
13. Can I stipulate “No Smokers” and/or “No Pets”
Yes, smokers and pet owners are not protected classes in rental housing. (The exception to this is service rule is service animals)