Frequently Asked Questions About Owning a MartelTurnkey Home
Are you thinking about buying a turnkey rental from MartelTurnkey but not sure what it would be like? You can always contact us with your questions and we’ll return your call or email right away. But if you’re just curious about some basic aspects of owning a turnkey rental from MartelTurnkey, the following answers to commonly asked questions may help.
Do I have to find a property manager myself?
When you buy a turnkey rental from us, there is already a property manager in place. We have been using these companies for years, and they manage our own rental property portfolios in these markets. However, if for any reason you want to use a different property manager, you can. You’re under no obligation to continue working with the same property manager that comes with your new turnkey rental. In that case, you’d need to either manage the property yourself or find your own property manager in the area.
Do you offer property management services?
MartelTurnkey sells turnkey rentals out of state. As such, we don’t directly provide property management services. What we do for every property we sell is get a quality, local property manager in place. Your property manager would be the same company that we use to manage our own portfolio in the market.
How do I know the existing tenant is good?
Every property manager we hire adheres to strict tenant vetting procedures in addition to our own tenant criteria. Tenants are screened for evictions, criminal behavior and credit, just like you would do if you were managing the property yourself. When you take over the property you’ll have a vetted tenant in place who has already begun making rent payments on time.
Will the tenant have my phone number?
No. Tenants are not provided with any of the landlord’s contact information. The only way a tenant would have that is if the owner directly gives it to the tenant. In almost all cases, the tenant doesn’t even know the name of the owner of the property. This is to ensure that the tenant only communicates through the property manager. If a tenant needs to let the owner know something, they’d leave the message with the property manager, who would then contact you. Your response would also go through the property manager.
Can I raise the rent?
Any time a lease comes up for renewal, you’re free to raise the rent for the next term. When a lease expires or a tenant moves out, the property manager reviews the current rent prices in the area and other data. Based on those findings, they may suggest keeping the same rent, raising it or, in rare instances, lowering it. However, the final decision is always yours. The only time you are not able to change the rent is in the middle of a lease term, for contractual reasons.
What happens if the tenant stops paying rent?
If a tenant stops paying rent, the first thing the property manager will do is try to find out why it’s happening. Often, it’s due to a technical problem or some other temporary issue. A late fee will be assessed after the rent is late for a certain amount of time, in accordance with state laws where the property is located. If the tenant still doesn’t pay rent within the month, you may have the right to begin eviction proceedings. Your property manager can advise you as to when eviction proceedings can begin under the state laws. The property manager will take all the necessary steps, including making court appearances, should eviction become necessary. You will be notified of everything, but you don’t need to be personally involved.
What is the average turnover time between tenants?
The property managers that we have chosen for our turnkey rental properties understand the importance of quick turnovers. As soon as a tenant gives notice, the property manager starts looking for a new tenant. When a tenant vacates for any reason, a cleaning and maintenance crew gets in there right away. Once renovations have been made, property management will go in and take photos of the property and list it for rent. A tenant will then be found in one to two weeks, and that tenant will move in one or two weeks after that. In an example like this, typical turnover is 30 days. In any case, fast turnover is always a top priority. Think of it like a racecar in the pit. Every crew member works fast and efficiently to get the car back on the track. That’s how your property manager will act on your behalf.
What happens if something breaks?
Every material object has a limited lifespan. If something breaks and is in need of repair or replacement, the property manager will take care of the actual work to get everything back in order again. They will evaluate whether it makes sense to repair an item or replace it. Estimates will be obtained for your review. You’ll be responsible for paying for the repair or replacement; this isn’t included in your property management fees. For that reason, we always recommend that landlords put aside some rental income in savings to pay for unexpected expenses like this. Having said that, in between rentals, the property manager will inspect and maintain important systems in the home (i.e., HVAC) to try and avoid unnecessary breakdowns in the future.
Hopefully this list has answered many of your burning questions about owning one of our properties. If you have questions that aren’t listed here, please don’t hesitate to call or email us. We’ll spend as much time with you as necessary to answer all your questions. Our previous customers are already enjoying being a landlord with their MartelTurnkey rental properties. Will you join them?
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What is the going rate for property management feez?
10% of gross collected rents