Owner FAQs

• Are you licensed?

  Yes, all of our property managers are also licensed Real Estate Agents.

• Are there any up-front costs?

  No, However, we require the owner to deposit $400 into their account to cover emergencies that arise in order to pay for services rendered, or for the necessary cost of licensing the property.

• Do I have to declare any income on a property I am renting out?

  Yes, rent received is income and needs to be declared. Obviously, you can claim for such expenses as maintenance costs, management fees, interest on mortgages and depreciation. We are not tax experts and recommended that all clients get independent financial advice. Information is also available on the Internal Revenue Service website (www.irs.gov). There is a booklet available “Rental Income” advising property owners on the tax implications of receiving income from a property.

• How and when do I get my deposits?

  Landlord deposits are transferred between the 7th and 9th of the month. If your resident has not paid their rent by the 15th of the month, any rent received after the 15th will be sent the following month. Monthly statements are made available online by the 28th of each month.

• How is rent collection handled?

  Rent is due on the first of each month with the exception of Montgomery county where it is due on the 10th. Rent can be collected through direct deposit, mail, or drop off at the office. Rent are batch processed after collection and transferred to your bank account by direct deposit.

• Do I lose control of my property once you start managing it?

  No. We work for you. We allow you to be involved or as uninvolved in the management of your property as you would like. We confer with you about maintenance cost exceeding the $400 threshold set up on your account.

• How do you account for my money, and is it safe?

  All rents and other money received on behalf of an owner are paid into our client account. This account is specifically for owners and does not form part of the operational bank accounts of our company. All payments made on behalf of the owner are also made from this account. Each owner’s transactions are individually identified within this account and the account is balanced on a daily basis. Owners are supplied with a monthly statement, which identifies all transactions during the month.

• How do I know you won’t spend large sums of money?

  In the management agreement, we set a dollar amount which cannot be exceeded without owner approval except in cases of emergencies. Maintenance work deemed an emergency are evaluated first then processed if they fall after hours or over the weekend. The owner will be contacted on the next business day to be informed of the matter.

• How do you determine the rent amount?

  We use many tools to determine the appropriate rental rate for your property. Primarily, we rely on our vast experience with leasing similar properties. We also conduct a comparative market analysis to determine what other similar properties are receiving in rent. We discuss the market a analysis with you to assist you with determining the price.

• How Long Does It Take to Find a Tenant?

  The timeline for finding a tenant can vary significantly based on the market and the time of year. Currently, the rental market is highly competitive, with a growing number of new homes and apartments available. As more properties come onto the market, it’s essential to ensure your property stands out.

  To expedite the leasing process, consider the following key factors:

  1. Presentation: Ensure your property is in excellent condition. A well-maintained and visually appealing space attracts potential tenants more quickly.
  2. Pricing: Set the right rental price. Sometimes, pricing your property slightly lower—such as $50 less per month—can reduce vacancy time significantly compared to holding out for the top price and risking months of emptiness.
  3. Market Insights: If you’re purchasing a rental property, consult the selling agent about rental potential. Ask how many investment properties they own or how many they have rented out in the last six months to gauge their experience and insights.

  By focusing on these aspects, you can improve your chances of finding a tenant more quickly and efficiently. If you need assistance navigating the rental market, we’re here to help!

• Understanding Rent Increases

  Rents have seen significant increases over the years, and it’s essential for property owners to evaluate whether their properties align with current market pricing. If your property needs updates to meet market standards, it’s wise to consider the costs of those repairs as part of your strategy to achieve the current rental rates.

  However, it’s important to recognize that simply making minimal updates or repairs doesn’t automatically justify a substantial increase in rent. The overall value of the property and the quality of the living experience play crucial roles in determining an appropriate rental price.

  By investing in meaningful improvements, you not only enhance the value of your property but also position yourself to better compete in today’s market. If you’re looking to adjust your rental pricing effectively, we’re here to help you navigate this process and maximize your investment returns. 3-6 weeks or less is the average time it takes to find a tenant.

• Can you put the money directly into my account?

  Owner’s funds may be sent directly to any bank account the owner chooses at no additional cost.

• If my property is vacant, do I still pay a management fee?

  No. Management fees are only earned when rent is collected. No fee is payable when your property is vacant. If the property need priority treatment due to location there will be a $50 fee charged per month.

• Can I handle my own maintenance?

  An owner may use their own vendors as long as they meet our criteria and carry the necessary insurance and licenses.

• Who holds the tenant security deposit?

  The tenant’s deposit is held in a non-interest bearing escrow account administered by Prime Resource Realty & Property Management in accordance with jurisdictional requirements.

• Our Marketing Strategy for Finding Tenants

  At Prime Resource Realty and Property Management, we employ a comprehensive marketing strategy to ensure maximum exposure for your property. Here’s how we do it:

  1. Online Listings: We primarily utilize the internet and the Multiple Listing Service (MLS), which syndicates your property across various rental platforms for broader visibility.
  2. Additional Marketing Channels: We enhance our reach through signs, social media, flyers, and word of mouth. This multi-channel approach helps attract potential tenants from diverse sources.
  3. Collaboration with Showing Agents: We work closely with showing agents who maintain a list of prospective tenants actively searching for homes. This connection allows us to quickly match tenants with available properties.
  4. Personalized Showings: All inquiries are directed to our team, and potential tenants are personally shown the property. We do not provide keys for self-viewing, nor do we leave properties open and unattended. This ensures the safety and security of your property.
  5. Secure Access: To further protect your property, we use Sentri-Lock or combination locks for access during showings, ensuring only authorized individuals can view the property.

  With our thorough and secure approach, we strive to find the right tenants for your property efficiently. If you’re ready to discuss how we can help you lease your property, contact us today!

• Ensuring You Receive the Best Qualified Tenants

  At Prime Resource Realty and Property Management, while we can’t guarantee the perfect tenant, our thorough procedures significantly reduce the risks involved in tenant placement. Here’s how we ensure that prospective tenants are qualified:

  1. Comprehensive Application Process: All prospective tenants are required to complete a detailed application form. This form collects essential information about the applicant and requires them to provide references, as well as current or previous landlord information.
  2. Background and Credit Checks: With the applicant's authorization, we conduct background checks, credit checks, and verify rental and employment history. This multi-faceted approach helps us assess the applicant's reliability and financial stability.
  3. Reference Verification: We meticulously check references provided by applicants. If the feedback does not meet our established requirements, we do not hesitate to decline the application.
  4. Consistent Qualification Guidelines: Our application and qualifying guidelines are uniform for all tenants. This consistency ensures that every applicant is evaluated fairly and thoroughly.

  By following these robust procedures, we aim to secure tenants who meet our high standards, providing you with peace of mind and a lower risk of rental issues. If you have any questions or would like to learn more about our tenant qualification process, feel free to reach out!

• What if the tenant doesn’t pay rent?

  Rent Payment and Late Fee Procedures

  At Prime Resource Realty and Property Management, we prioritize clear communication and effective management regarding rent payments. Here’s how we handle late payments:

  1. Grace Period: The state allows a grace period for rent payments until the 5th of the month (10th in Montgomery County). After this date, rent is considered late.
  2. Notification of Nonpayment: On the next business day following the grace period, we issue a 10-day notice to the tenant regarding the nonpayment of rent.
  3. Proactive Communication: Between the 6th and 7th, our team will reach out to the tenant to address the nonpayment. During this communication, we inform them of any additional fees incurred and the potential for court proceedings if the issue is not resolved.
  4. Landlord Updates: Throughout this process, we ensure that the landlord is kept informed of the situation and any actions taken regarding the tenant’s nonpayment.

  By maintaining these procedures, we aim to handle late payments promptly and efficiently, protecting your interests as a property owner. If you have any questions or need further information about our rent collection policies, please don’t hesitate to contact us!

• What if the tenant damages my property?

  The tenant will be responsible for all damages beyond normal wear and tear. If the tenant does damage to your property, money will be held from their security deposit. If the cost of repair for damages exceeds the amount of the security deposit, you can sue for the additional amount owed.

• Custom Clauses in Tenancy Agreements

  Yes, you can request specific clauses to be included in the tenancy agreement. However, it’s important to note that all tenancies must comply with the Landlord and Tenant Act of Maryland, DC, or Virginia. Any clauses that do not align with the act may be deemed unenforceable, even if signed by the tenant.

  If you have particular clauses in mind, we encourage you to discuss them with us. We can help ensure that any specific provisions you wish to include are both effective and compliant with the relevant laws. Our goal is to protect your interests while maintaining legal integrity in the tenancy agreement. Please reach out if you’d like to explore this further!

• Property Inspections and Condition Checks

  Yes, we conduct inspections before finalizing the tenancy agreement. Once the property has been turned over and is deemed ready for the market, we perform a thorough inspection to ensure that all maintenance requests have been completed and that the property is in excellent condition, including the landscaping.

  In addition to the initial inspection, we conduct property inspections biannually to monitor the condition of the property and address any maintenance needs promptly. Property owners are always welcome to attend these inspections, allowing for transparent communication about the property's status.

  If you’d like us to manage these inspections or have any questions about the process, feel free to reach out!

• Grounds Maintenance Responsibilities

  Maintaining the grounds of your property can vary based on its size and specific needs:

  • Extensive Lawns or Gardens: If your property features large lawns, shrubbery, or gardens that require special care, we recommend hiring a gardener for regular maintenance. This ensures that your plants receive the attention they need to thrive.
  • Small Yards: For smaller properties with manageable lawns, it’s typically the tenant’s responsibility to maintain the yard. This can include regular mowing and basic upkeep.
  • Multi-Unit Properties: If you own a multi-unit property (two or more units in the same building), we can arrange regular lawn mowing services for you. This helps maintain a consistent and appealing appearance for all tenants.

  If you have specific preferences for grounds maintenance or need assistance organizing these services, please let us know! We're here to help ensure your property remains in excellent condition.

• Renting Your Property Furnished vs. Unfurnished

  Deciding whether to rent your property furnished can have significant implications:

  • Furnished Rentals: While some properties are rented out furnished, this option typically attracts short-term tenancies. Keep in mind that furnishing your property may lead to additional wear and tear on the furniture.
  • Market Considerations: Renting furnished often limits your potential tenant pool, as most renters prefer to use their own furniture. This can lead to longer vacancy periods if your property is not appealing to the majority of the market.
  • Maintenance Responsibilities: As the property owner, you would be responsible for the maintenance and upkeep of the furniture. This includes repairs or replacements, which can add to your overall expenses.

  Ultimately, the decision should align with your investment strategy and the type of tenants you want to attract. If you have any questions or need guidance on the best approach for your property, feel free to reach out!

• Maintenance Charges

  At Prime Resource Realty and Property Management, we aim to provide transparent and fair service regarding maintenance:

  • Everyday Maintenance: We do not charge extra for organizing routine maintenance tasks, such as plumbing, electrical work, or small repairs. Our goal is to ensure that your property remains in good condition without incurring additional costs for basic upkeep.
  • Major Projects: For larger refurbishment jobs or significant projects, we do charge a flat fee of $150. This fee covers our time, travel costs, and communication efforts to ensure that the job is completed to your specifications.

  If you have any questions about our maintenance services or fees, please don’t hesitate to reach out! We're here to help.

Property Management FAQs

• How do we pay for repairs and maintenance?

  We work with licensed and bonded contractors for any repairs outside of warranty coverage. We pay deductibles and contractors on your behalf using rents collected, and all charges will be detailed in your monthly statement. We recommend that each owner leave a credit card on file or maintain a specified reserve fund to cover larger maintenance expenses, especially if the property is vacant.

• What happens when a tenant gives notice to vacate?

  We verify that the tenant has provided proper notice. If they have, we inform you about the upcoming vacancy and, with your consent, place the property on the market to find a new resident. We also assess the property’s condition and initiate any necessary preventive maintenance or repairs.

• What do you do if tenants are not taking care of the property or if unauthorized pets are discovered?

  We promptly contact the tenant to give them the opportunity to rectify the situation. If issues persist, we will assess the situation and may take appropriate action, which could include filing for eviction if necessary.

• Do you pay the bills for me?

  Yes, we can manage payments for your insurance, mortgage, homeowner’s fees, and other expenses, provided there’s sufficient cash flow from the property. We recommend setting up an additional reserve fund for this purpose, allowing us to make prompt payments without delay.

• Do I require special insurance, or do you insure my property when you manage it?

  You should consult your insurance agent about obtaining a “Rental Dwelling Policy.” While you maintain your own insurance coverage, we can recommend insurance companies we've worked with. Additionally, we ask that you add Prime Resource Realty and Property Management as additional insured to protect both parties’ interests. With your authorization, we can handle the insurance process for you.

• Can you guarantee that our house will not be damaged?

  While we cannot guarantee against damage, we take proactive steps to protect your property. We conduct regular inspections, address any issues with tenants, and apply costs for damages to the security deposit after tenancy. We also follow up on any outstanding amounts. It's important to expect normal wear and tear and occasional accidents.

• Do you handle problems outside of regular business hours?

  Yes, we have an after-hours emergency line that addresses tenant calls. We assess the situation and often resolve issues over the phone, potentially saving you the cost of an emergency repair.

• What is the availability on weekends and after hours?

  Our office operates 7 days a week, with business hours from 9 AM to 5 PM Monday to Friday. For emergencies outside these hours, our property manager is available to assist tenants. While the office is closed on weekends for property showings, we still respond to advertising inquiries.

• What if I decide to sell the house?

  You can market your property while it’s tenanted, but there are procedures under the Tenancy Act that must be followed. We can guide you through this process, and our in-house agents are experienced in current real estate transactions. We can coordinate showings with tenants to minimize disruption for everyone involved.

• How soon can Prime Resource Realty and Property Management manage my property?

  We can begin the process immediately. We’ll start by gathering information about you and your property to determine if we’re a good fit for your needs.

If you have any additional questions or need more information, feel free to reach out!