Will I lose control over my property if Dawson Property Management manages my property?
Absolutely not! We at Dawson Property Management listen to your instructions, keep you updated on how your investment is doing, and make decisions with your guidance. We are fully transparent throughout the process; we tailor our services depending on your preferences.
How does Dawson Property Management ensure competitive rent rates for my property?
At Dawson Property Management, we employ various comparative market analysis tools and market experience to maximize the potential profits of your investment. With our many years of market experience, we have developed a unique formula drawing from our numerous in-house comparatives to ensure accurate market rates and estimated time on the market.We strive to rent the property at the highest rate, to the best tenant, in the quickest possible time.
How does Dawson Property Management ensure effective marketing of vacancies available? How is the cost of the advertisement covered?
We do not have an upfront marketing fee; marketing is essential as we are only compensated when we procure a good quality tenant. Until that occurs we keep clients updated on all leasing activities, including the number of showings and feedback.
The marketing of the property is started as soon as we take on a new contract or when the 30-day vacancy notice is served by an occupied property. Pre-advertisements will allow prospective tenants to see details on future availabilities to get a head start on the leasing process.
We encourage early advisements because they cut down on the gap in vacancy. On several occasions, we have had a new lease signed before the property was even officially vacant.
Dawson Property Management maintains a comprehensive website that syndicates listings to over 65 other popular sites to maximize the exposure of the property.
The following are some major advertising platforms that we advertise with:
What is the average time period for getting a vacancy filled?
At Dawson Property Management, we strive to have the vacancy filled as soon as possible. We do in-house pre-advertising of a property prior to it becoming available as our goal is to get ahead of the market.
We are incentive-based, we share an interest with our property owners to rent the property as quickly as possible but only to qualified tenants. We have filled properties within 24 hours, and other times it can take up to 30 days. Several external variables can dictate the length of time to fill the vacancy. From our market experience, we will be able to better estimate the expected time on the market depending on the type of rental property you have.
What is the policy around allowing pets and/or smokers on the property?
We do NOT allow smoking on the interior of our properties, we have a zero-tolerance policy for smoking and drugs inside of our properties. We swiftly take action if this violation exists on any of our properties.
The owner of the property has the discretion to allow or not allow pets, statistics show that tenants with pets are typically more responsible. With that in mind, we suggest keeping the option open to maximize chances of renting out your property.
If we allow pets, we have regulatory provisions to ensure that allowing the animal does not become a burden to the property owner. We can dictate the size, weight, and breed of the pet tailored to the property owner’s preferences. We advertise that we don’t allow aggressive breeds and that all pets are conditional; thus, we have more control over the type of pets approved for the home.
When we do allow pets, residents are charged a one-time fee of $250 for the first pet, with a fee of $100 for any additional pet, with a maximum of three pets. This is a fee, not a deposit, which is passed to the owners in full.
Are there any screening criteria for prospective tenants?
At Dawson Property Management, we follow a detailed screening process to maximize the probability of having the best possible tenants residing at your properties.
All potential tenants are evaluated with a four-prong approach: credit history and background checks, as well as income and rental history verification. We gather as much documentation on the potential tenant to reduce risk and help ensure we enter into a positive lease transaction.
Only after the application screening criteria requirements are met, we then move forward to execute a lease. We are happy to keep our clients informed throughout the process.
Are the tenants required to provide any security deposits before they move in?
We require tenants to place a security deposit, typically equivalent to one month’s rent, in our Security Deposit Trust account at the time of lease execution. This is the first step for a tenant to officially secure the property. At which point, the rent, prorated rent, and any additional fees must be paid in full before keys are exchanged on the move-in date.
This Security Deposit is a safety net for our clients if the tenant fails to fulfill their financial obligations or causes any damages above normal wear & tear. Properly documenting move-in and move-out conditions allow us to fairly disperse the funds at the end of each tenancy.
How does Dawson Property Management handle utilities?
Once a vacancy is filled, we require the utilities to be transferred to the tenant’s name. Depending on the type of property, certain utilities such as trash, sewer, and water may be a landlord responsibility. We will help guide the utility process for each property to help ensure a smooth transition for all parties.
We have active utility accounts with most providers in the Charlotte area and upon the owner’s request, we will handle utility transfers during vacancies. All utility bills are copied and will be reflected in monthly cash flow statements.
How does Dawson Property Management handle repair work that may arise on my property?
Owners will sign a repair request addendum to allow management to have a full understanding of how each client would like maintenance handled. We have some clients who prefer full control over maintenance and others who request us to coordinate with our preferred vendors. We have a list of tried and tested professional contractors that provide quality work at competitive prices.
We also will work with existing service contracts or home warranty companies.
We will notify the owners about any maintenance issues as soon as possible and we maintain transparency throughout the entire process by the use of detailed invoices as well as photo and video documentation. Often, we will perform an inspection, provide insight and estimates, while consulting with the owner before action is made. Our experience with maintenance can help reduce cost and improve cash flow.
How does Dawson Property Management handle tenants that do not pay rent or pay late?
Dawson Property Management does not earn a commission until rent is paid, thus, we are incentivized to collect rent payments on time and take the necessary steps to collect the funds owed by a delinquent tenant. We will quickly file eviction papers and represent the owner in a court proceeding when necessary. Dawson Property Management is fully versed in eviction proceedings and paperwork; we will represent our clients free of charge, other than the court filing fee.
However, in our experience filing eviction papers hastily may not be in everyone’s best interest. We believe communication by all parties can prevent escalation of such proceedings. We enforce a (5%) late fee which is retained by management, but we will quickly inform our clients if there will be any interruption in cash flow.
How does Dawson Property Management ensure that my property is taken care of?
The first step is to procure responsible tenants who take care of the property. Our standard procedures require that we do a detailed inspection at move in and move out by documenting conditions with photos and videos. During a tenancy, formal and informal inspections of the property are made on a case by case basis. We will do numerous exterior inspections throughout the year, with a minimum of a formal inspection done every 6 months.
What process has to be followed for the tenant to be released from the lease agreement?
The tenant is responsible for the term of the lease. We will access a relisting fee from the tenant and work towards finding a replacement to finish the lease, until then, the tenant would remain responsible for the residential rental contract until a new tenant is found. Also, the property must meet inspection criteria before any refunds take place. The goal through this process is to make sure the property owner does not lose any rental proceeds due to a relocation.
Other options would be a negotiable lease buy-out, which is an agreed-upon lump sum payment to relinquish the tenant’s obligations. We will consult with our clients to come up with the best course of action.
What is the application fee used for?
An application fee is a non-refundable fee charged to tenants. Management retains this fee which covers costs associated with carrying out background and credit checks on the tenant. We generate a full detailed report on each applicant to ensure we lease to qualified tenants.
How does Dawson Property Management handle calls that are made in the middle of the night?
Our professional and dedicated team will handle all emergencies and all middle of the night calls regardless of their urgency. We have an online portal for our tenants to submit maintenance requests, tenants can also send emails and text messages for the quickest response. We are well equipped to handle any emergency that may arise.
When can I expect to have my monthly report and money check?
Dawson Property Management prides itself on a quick accounting turn around for our owner proceeds. Most of our clients will have a check mailed or a deposit made between the 10th and 15th of each month, in the same month the rent was collected. We do not want to delay your proceeds by 30 or more days. Consistency in cash flow is a priority we strive for. Each monthly statement is provided via-email with any copies of invoices that occurred. We also have a password-protected account for you to view your properties’ financial activity at your convenience.
What is your policy on insurance coverage of the property?
Dawson Property Management encourages all owners to have an in-depth discussion about their property’s insurance needs and coverage. Proper liability coverage is an underestimated aspect of protection that is vital to rental properties.
Dawson Property Management requires tenants to obtain renter’s insurance with a minimum of $100,000 in liability coverage.
In addition, we clarify in the terms of the lease agreement that any loss or damage to a tenant’s contents during the period of tenancy will not be covered by the owner’s insurance.
What if I decide to sell my investment property?
Dawson Property Management is fully licensed in the state of North Carolina. We work with many of our client’s that are looking to build their portfolio with income-producing properties.
We have experience and knowledge buying and selling single family and multi-family properties. We will arm you with investment property evaluation tools and risk assessments to help estimate a return on your investment.
If you are looking to sell your investment property, we have a network of active cash buyers and prospective investors that we will advertise which can help speed up the process. We have effectively represented clients when selling a tenant occupied home, which any agent will tell you is easier said than done.