Renting your home can be an exciting and lucrative endeavor, but is it right for you?
Targa Real Estate can take the worry out of being a landlord for you. We are highly experienced in the Property Management industry and continuously keep up with all legislative changes that impact rental properties. We ensure we are in compliance and have a strong lease intended to protect the owner and the property, while being fair to the tenant and their rights. You, as the owner, can be completely hands free with the day-to-day tasks and leave that to us.
There are many questions owners have about renting their home. Check the Frequently Asked Questions list below and see if that helps answer them. If you have an additional question, please contact us! We would be happy to discuss them with you.
FAQ for Renting Your Home:
How Much is the Monthly Management Fee?
Management Fees can vary depending on the number of rental properties you have, type of property and the location. We are very competitive and our monthly management fees are lower than most companies offering similar services. We do not charge any extra fees for property inspections, posting notices, or coordinating maintenance requests. We have a nominal monthly fee for administrative services which is usually less than $10. Please contact our office for more details on the low rate you can receive!
What are the costs for placing a new tenant?
There is a Leasing Fee charged for half the amount of rent for each new tenant. This fee covers the licensed real estate professionals that show your property, all advertising and tenant screening. There is a flat rate fee for the lease renewal.
Will I be charged a Leasing Fee for each new tenant?
Yes, a Leasing Fee will be charged each time the home is vacant and needs to be re-leased. In the unfortunate event a tenant vacates the property within 6 months of the lease; we will reduce the Leasing Fee to half of the first month’s rent paid by the new tenant.
When will I receive my monthly rent income?
After the tenant’s payment has been made and cleared the account, all invoices have been paid for the property, and the monthly management fees have been retained. Pending unforeseen circumstances, rental income is deposited to the owners’ accounts by the 15th of the month.
Example: The effective date of the lease is March 1. March’s rent is collected, half of that is retained for the leasing fee and the balance is deposited to your account by March 15. The following month, the rent is deposited, the management fee and expenses are retained, and the balance of the rent income will be deposited to your account by the 15th of the month, providing the payment was made on time by the tenant.
What about the cost of maintenance and repairs for my property?
As the owner, you are responsible to pay for all maintenance and repair costs involved for your property. We will let you know what the cost is, and if there are not enough funds from the rental income to pay the invoice(s), you will need to pay for them.
Who does the repairs and maintenance of my property?
Our team coordinates with our in-house maintenance company for quick service and repairs. If the repairs require a professional contractor, we have preferred vendors who provide excellent service so you do not need to worry about your home.
Am I responsible for the utilities while the home is vacant?
Yes, when the property is vacant the owner is responsible for the utilities during this time. Please contact all utility companies when the home is placed with us and inform them there is a management company and authorize us to manage the utility account on your behalf. Some utility companies have a form that you will need to fill out.
It is a great idea to have money in savings to be able to cover the costs to maintain the home (utilities, mortgage, HOA fees, other repairs and maintenance) while it is vacant.
Am I involved in choosing the new tenant?
No, applicant screening is a service provided by our Residential Management Team. We screen all tenant applications through a 3rd party company called Tenant Screening, Powered by Leasing Desk. The tenant application is processed through a criminal, credit, rental, employment background check and debt to income ratio criteria to find the most qualified tenants.
Do I need to sign the lease?
No, the Management Agreement between you and Targa Real Estate authorizes us to act as an agent on your behalf as the landlord.
What is involved with getting my property ready between tenants?
There will be a move out inspection conducted of the property. You will be informed of the necessary cleaning and repairs needed and estimated costs to bring the property back to rentable condition. The sooner the repairs are made, the sooner the property is able to be re-rented.
If the prior tenant paid a deposit, any amount able to be charged back to the tenant for cleaning and repairs beyond normal wear and tear will be first deducted from that deposit and any overage billed to that tenant.
How long does it take to rent out the property?
We are unable to guarantee an exact time frame for a qualified tenant. We are dedicated to finding a tenant as soon as possible and will do whatever it takes to minimize the time your property is vacant.
What happens if my tenant pays late?
Rent is due on the 1st of each month. There is a 5 day grace period and on the 6th day a late fee is assessed. We will follow up by posting a 3-day pay or vacate notice and attempt to contact the tenant by phone/email to inquire about the status of payment.
Do I get the Security Deposit?
No, the tenant’s security deposit is held in a trust account at KeyBank. This money is paid by the tenant to secure the condition and payment terms of the lease. If the tenant follows all requirements of the lease and returns the property in the same condition as it was received by them, with the exception of normal wear and tear, the deposit is returned to the tenant. In the event there is an outstanding balance on the tenant’s account for rent or other fees, repairs or cleaning needed; these items will be deducted from the deposit and that money will go into the rental account to cover those expenses.
How much will my property rent for?
Rental prices are based on the market comparisons for your rental neighborhood and the condition of the home. There is not a set rent amount for home type since they could be very different in features and home condition.
A free rental analysis from our team can provide a general idea, but once the Management Agreement is signed and the home is inspected, the rental rate will be able to be set.
