Owner Frequently Asked Questions
Yes, we can! We will ACH your rental proceeds to every month.
We will sign the lease and upload it into our portal. Modern Day PM signs the lease on behalf of our owners as we are your agents.
Our affiliated business Modern Day Realty Group can assist with this! As long as an agent did not refer you to us, Modern Day Realty Group would be delighted to assist and they give all our landlords and investors a discount.
We can start immediately! If you and Modern Day PM feel like we are a good fit, and all documents are signed, we’ll get to work!
You can specify whether or not you want tenants with pets (in most situations) or even tenants who don't smoke although all our properties are marketed as smoke-free. However, the more restrictive you are, the longer it could take to rent your property.
You cannot discriminate against any protected class under the federal fair housing or local fair housing laws, such as saying you don't want children, a certain religion, race, gender or any other discriminating factors. Because of this, it is best that you leave the selection process to us. We are professionals in leasing. We have specific criteria that every applicant has to pass in order to rent your property.
Tenants have a certain amount of responsibility based on the expectations that we set for your property. They do have a responsibility to maintain the property in a clean and orderly manner, replace any burnt out light bulbs, smoke detectors, batteries, exterminations, and other expectations that we set for your property. When a repair needs to be done that is outside of the tenant’s responsibility our in house maintenance or one of preferred vendors handle the call. All of our vendors are insured and carefully screened to provide quality work. If we go out and find that the maintenance issue is the tenant’s, then the tenant will be charged and asked for reimbursement. If the work is outside of our authorization amount, we will reach out to you for authorization. If it is an emergency basis that requires us to preserve your property or is for the tenant’s health and safety we will do what it takes to ensure your property and your tenant’s safety is taken care of. We handle all the maintenance calls so you can sleep easy at night.
We handle the security deposit for your tenant. According to state law, there are special requirements and time limits for the handling of deposits. We keep the deposits in a separate, non-interest bearing account. We conduct a move-in condition report of your property prior to the tenant moving in; we do it again when they move out, so we have a before and after picture and can lawfully deduct any damage over and above normal wear and tear on the property. Our maintenance team and vendors will work hard to get your property back to rent ready condition and will let you know if there is anything outside the scope of the security deposit that we may need to do to get your property into tip top shape that is your responsibility.
Your normal homeowners' insurance does not extend to you the same coverage you will need when you rent out your house. We recommend that you speak to your insurance broker about obtaining a landlord policy. You need comprehensive public liability insurance also known as DP3 - Dwelling Property All Risk. It still gives you the fire coverage you get from your homeowners but adds extended coverage since you will have a tenant living in the house. We recommend you speak with your insurance agent before you rent out your house and go over the details of your house. You want to insure you have the coverage for your house, or obtain the coverage that you feel comfortable with say if you had a pool. These things need to be taken into consideration when you are working with your insurance broker.
Rents are due in our office on the first of each month. Our leases specify that if rent is not received by the 2nd of the month, a late fee is assessed. In order to avoid violating trust accounting laws, we need to wait until rent checks clear before we can send payment to you.
We deposit your funds electronically into the bank of your choice. This process is done between the 10th and 20th of each month.
We will collect the rent, pay the bills and our detailed monthly statements showing all the income and expenses for the month along with payment of any excess funds is available to you 24/7 via your portal.