{"id":3988,"date":"2019-07-24T17:06:45","date_gmt":"2019-07-25T00:06:45","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=3988"},"modified":"2019-07-24T17:05:20","modified_gmt":"2019-07-25T00:05:20","slug":"what-owners-want-to-know-faq-from-rental-property-owners","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/what-owners-want-to-know-faq-from-rental-property-owners\/","title":{"rendered":"What Owners Want to Know &#8211; FAQ From Rental Property Owners"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-11364 size-full\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2015\/11\/What-Owners-Want-to-Know-FAQ-From-Rental-Property-Owners.jpg\" alt=\"Rental Owner Questions\" width=\"950\" height=\"558\" srcset=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2015\/11\/What-Owners-Want-to-Know-FAQ-From-Rental-Property-Owners.jpg 950w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2015\/11\/What-Owners-Want-to-Know-FAQ-From-Rental-Property-Owners-300x176.jpg 300w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2015\/11\/What-Owners-Want-to-Know-FAQ-From-Rental-Property-Owners-768x451.jpg 768w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2015\/11\/What-Owners-Want-to-Know-FAQ-From-Rental-Property-Owners-600x352.jpg 600w\" sizes=\"(max-width: 950px) 100vw, 950px\" \/>Property managers can build their client base by providing answers to these common rental owner questions. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Working with a property manager benefits owners by eliminating the time-consuming processes and stressful jobs related to managing rental properties &#8211; 4AM phone calls about a backed-up toilet anyone?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While this may be obvious to every property manager who has experience in the rental industry, an owner still needs reassurance that their investment properties are generating income and are properly maintained. <\/span><span style=\"font-weight: 400;\">In order to attract more clients, a property manager needs to be confident and transparent about how his services will turn a rental property into a lucrative investment. \u00a0<\/span><\/p>\n<p>Here are common questions asked by rental owners that every property manager needs to be able to answer honestly and confidently. \u00a0While these policies may be outlined in your management agreement, you should be prepared to provide answers to common owner questions in an easy to understand\u00a0format. \u00a0You may consider creating a Frequently Asked Question section on your website or business\u2019s marketing materials.<\/p>\n<p>By being upfront and clear with confident answers to important owner questions, you provide the foundation of trust necessary to start a conversation and establish a relationship with potential owners.<\/p>\n<h2>Owners want to know\u2026 about money<\/h2>\n<p><span style=\"font-weight: 400;\">Like any business transactions, the cost of your property management services will play a role influencing an owner&#8217;s decision to work with you. Owners want to know how much you <\/span><a href=\"https:\/\/www.rentecdirect.com\/blog\/2015\/05\/all-you-need-to-know-about-property-management-fees\/\"><span style=\"font-weight: 400;\">charge for your management services<\/span><\/a><span style=\"font-weight: 400;\">, what your fee structure is and when they will receive their rental income from you. Don\u2019t try to be elusive about your fee structure, honest answers about the cost of services create good expectations and build loyalty into the relationship with your clients. \u00a0 \u00a0\u00a0<\/span><\/p>\n<h2>Common owner questions about money include:<\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What is your management fee structure?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Are fees charged when the unit is not rented? <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">When are monthly funds distributed?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How are <\/span><a href=\"https:\/\/www.rentecdirect.com\/blog\/2015\/11\/real-time-property-performance-for-your-rental-owners\/\"><span style=\"font-weight: 400;\">owner statements<\/span><\/a><span style=\"font-weight: 400;\"> provided? <\/span><\/li>\n<\/ul>\n<h2>Owners want to know \u2026 about rent?<\/h2>\n<p>Potential rental income serves as the incentive for owning investment properties. So, naturally, owners want to know everything about their property\u2019s rent, including how much to charge, how rent gets collected and what happens when tenants don\u2019t pay. Your management team is an invaluable resource to your clients for pricing their property appropriately and performing the steps necessary to get rent into the owner\u2019s hands.<\/p>\n<h2>Common owner questions about rent include:<\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do I<\/span><a href=\"https:\/\/www.rentecdirect.com\/blog\/2015\/11\/how-to-find-the-fair-market-rent-for-your-rentals\/\"><span style=\"font-weight: 400;\"> determine the rental amount<\/span><\/a><span style=\"font-weight: 400;\">?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What happens if rent is late?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What happens if a tenant doesn\u2019t pay rent?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Do you collect first and last month\u2019s rent and security deposit up front? <\/span><\/li>\n<\/ul>\n<h2>Owners want to know \u2026 about vacancies.<\/h2>\n<p>A vacant property means zero income from the owner\u2019s investment. Your owners need to be reassured that you are doing your best effort to ensure that a property does not sit vacant for an extended period of time. You need to provide answers that your services are attracting tenants that will pay rent on time. The best management team will explain to potential clients your plan for marketing vacancies and mitigating turnover.<\/p>\n<h2>Common owner questions about vacancies include:<\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do you market the property?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How long will it take to rent? <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What is the average length of tenancy?<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/2015\/05\/what-to-do-when-a-tenant-wants-to-break-their-lease\/\"><span style=\"font-weight: 400;\">What happens if a tenant breaks their lease<\/span><\/a><span style=\"font-weight: 400;\">?<\/span><\/li>\n<\/ul>\n<h2>Owners want to know \u2026 about their property?<\/h2>\n<p>One of the benefits of working with a property manager means maintenance can be deferred to a professional who coordinates with vendors and manages emergency calls. Maintenance management is an excellent sales tool for property managers who can explain how an owner\u2019s investment is protected, maintained and repaired under your services without an owner having to worry about it.<\/p>\n<h2>Common owner questions about their property include:<\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How often are <\/span><a href=\"https:\/\/www.rentecdirect.com\/blog\/2015\/09\/important-inspections-for-your-rental-property\/\"><span style=\"font-weight: 400;\">inspections<\/span><\/a><span style=\"font-weight: 400;\"> conducted?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What needs to be done to prepare a property for rent?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Am I allowed to visit?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How are repairs handled?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Who handles emergencies?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How am I protected if the resident damages the property?<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/2015\/05\/landlord-vs-homeowners-insurance\/\"><span style=\"font-weight: 400;\">What type of property Insurance do I need?<\/span><\/a><\/li>\n<\/ul>\n<h2>Owners want to know\u2026 about their tenants?<\/h2>\n<p><span style=\"font-weight: 400;\">Owning rental property requires a certain amount of trust to let a stranger live in one of your most important (and expensive) assets. Understandably, an owner will want to know how your management team finds quality tenants that will take care of the property as if were their own. Once a good tenant is found, what will the management team to do try and retain the tenant so the owner can feel confident that their property is inhabited by a great resident? \u00a0Explain to owners your <\/span><a href=\"https:\/\/www.rentecdirect.com\/details\/tenant_screening.php\"><span style=\"font-weight: 400;\">tenant screening process<\/span><\/a><span style=\"font-weight: 400;\"> and be prepared to provide answers about Fair Housing Regulations. \u00a0<\/span><\/p>\n<h2>Common owner questions about tenants include:<\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do you find and keep good tenants?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What are the policies regarding pets?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Do you allow smokers at your properties?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Is it possible to refuse to rent to families with children?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Am I allowed to contact the tenant or visit the property?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Does the tenant know who I am or will he be able to contact me?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">By providing answers to common questions from rental owners, you create a sense of value to your potential clients. Be specific with statics and market data for your region to demonstrate your expertise in the industry. You don\u2019t want to come across as unapproachable with too much \u201cindustry speak\u201d but explaining the benefits of your management services with facts will build trust with your potential clients. \u00a0<\/span><\/p>\n<hr \/>\n<h3>RELATED READING FOR YOU:<\/h3>\n<ul>\n<li><a class=\"LinkSuggestion__Link-sc-1mdih4x-2 jZPuuT\" href=\"https:\/\/www.rentecdirect.com\/blog\/what-does-a-property-manager-do\/\" target=\"_blank\" rel=\"noopener noreferrer\">What Does a Property Manager Do?<\/a><\/li>\n<li><a class=\"yoast-link-suggestion__value\" href=\"https:\/\/www.rentecdirect.com\/blog\/property-ownerinvestors-plan-for-the-unexpected\/\" target=\"_blank\" rel=\"noopener noreferrer\">Property Owner\/Investors; Plan For the Unexpected<\/a><\/li>\n<li><a class=\"LinkSuggestion__Link-sc-1mdih4x-2 jZPuuT\" href=\"https:\/\/www.rentecdirect.com\/blog\/handling-reasonable-requests\/\" target=\"_blank\" rel=\"noopener noreferrer\">Why Not? Handling Reasonable Requests<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Property managers can build their client base by providing answers to these common rental owner questions. \u00a0 Working with a property manager benefits owners by eliminating the time-consuming processes and stressful jobs related to managing rental properties &#8211; 4AM phone calls about a backed-up toilet anyone? While this may be obvious to every property manager [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":11364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"iawp_total_views":5,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[275],"tags":[805,571],"class_list":["post-3988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","tag-owners","tag-property-management-tips","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Owners Want to Know - FAQ from Rental Property Owners<\/title>\n<meta name=\"description\" content=\"Property managers can attract new clients and build their professional portfolio by providing answers to these common rental owner questions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentecdirect.com\/blog\/what-owners-want-to-know-faq-from-rental-property-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Owners Want to Know - FAQ From Rental Property Owners\" \/>\n<meta property=\"og:description\" content=\"Property managers can attract new clients and build their professional portfolio by providing answers to these common rental owner questions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rentecdirect.com\/blog\/what-owners-want-to-know-faq-from-rental-property-owners\/\" \/>\n<meta property=\"og:site_name\" content=\"Rentec Direct Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/rentecdirect\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/rentecdirect\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-25T00:06:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2015\/11\/What-Owners-Want-to-Know-FAQ-From-Rental-Property-Owners.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"950\" \/>\n\t<meta property=\"og:image:height\" content=\"558\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kaycee Miller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/thatrentergirl\" \/>\n<meta name=\"twitter:site\" content=\"@rentec\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kaycee Miller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rentecdirect.com\\\/blog\\\/what-owners-want-to-know-faq-from-rental-property-owners\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rentecdirect.com\\\/blog\\\/what-owners-want-to-know-faq-from-rental-property-owners\\\/\"},\"author\":{\"name\":\"Kaycee Miller\",\"@id\":\"https:\\\/\\\/www.rentecdirect.com\\\/blog\\\/#\\\/schema\\\/person\\\/735d8e6faac25da39520310d459c0417\"},\"headline\":\"What Owners Want to Know &#8211; 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