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Owner FAQs

1. Who decides on the amount of monthly rent?
2. How will I know if the tenants are taking good care of my property?
3. What happens if a tenant damages something?
4. How does SoCo Management Inc. take cae of major repair items?
5. What needs to be done to my property for it to be leased?
6. Who will do the maintenance on my property?
7. What control do I have over who leases my property?
8. What is your monthly property management fee?
9. What is your leasing fee, and what does it cover?
10. What happens if our tenants “break their lease” early?
11. Will you allow smokers in my property?
12. Do I have to allow pets in my property?
13. Can you help me if I already have a resident?
14. Can you use one of my vendors for repairs?
15. What liabilities do I have, and how can I protect myself?
16. Will I receive a monthly statement, and what information does it contain?
17. What types of incentives are offered for renters?
18. Does SoCo Management Inc. charge an “override” on outside vendor services?
19. What types of properties does SoCo Management Inc. manage?
20. How long will it take to find tenants for my property?


1. Who decides on the amount of monthly rent?

The decision as to the amount of monthly rent is always made by the property owner. However, SoCo Management Inc. can be of great assistance in this area by providing the owner with a market analysis of your property.  This will include information on similar properties which have recently rented in the area as well as other factors that can effect pricing,ie. amenities, location and property condition. The goal is to seek the maximum monthly rental possible, without pricing the property “out of the market”.


2. How will I know if the tenants are taking good care of my property?

Inspections, inspections and inspections. If you’re lucky, most management companies will do an inspection when the tenants move in and another when the tenants move out. SoCo Management Inc. conducts an in-depth outside and inside, room-by-room inspection report of the property prior to the tenants moving in. The tenant is provided with this report, and at move-in will be given the opportunity to add any additional items noticed, regarding the condition of the property. Approximately 120 days after the tenants have moved in, SoCo Management Inc. will return to the property to complete another detailed inspection. This 120 day inspection will help keep you advised of how things are going, and will also give the tenant a chance to point out any items which may be in need of attention. At the time that the tenant moves out, SoCo Management Inc. will conduct a final inspection to determine if there should be any deductions made from the tenant security deposit, which would be considered anything above normal wear & tear. In addition, if you chose our Full Management Package we offer periodic Drive-by Inspections and can arrange semi-annual full interior/exterior exceptions.


3. What happens if a tenant damages something?

The repair or replacement of an item which is damaged or neglected by a tenant is handled in one of two ways. When damage comes to SoCo Management Inc. attention by way of the tenant or during a routine inspection of the property, SoCo Management Inc. will arrange for the repair or replacement of that item. The tenant will be invoiced for this repair or replacement, and if not paid within 30 days funds will be deducted from the tenant’s security deposit. SoCo Management Inc. will immediately invoice tenant for replacement of property security deposit, and if not repaid within 30 days, this amount will be treated the same as a late payment of rent.


4. How does SoCo Management Inc. take care of major repair items?

Almost every property will at one time or another be in need of a repair of either an “emergency” nature, or require a repair or upkeep of an item which does not fall into the normal routine. Repairs of an emergency nature such as water heaters flooding, furnaces going out in the middle of the winter, or anything which would leave the tenant without a vital utility will be handled by SoCo Management Inc. SoCo Management Inc. will notify the owners immediately, and if unable to contact the owner for approval, will go forward with the necessary repairs in a way which will lessen any further damage to the property and allow the tenant the continued, uninterrupted use of the dwelling. When larger repair items which are not of an emergency nature, such as new carpeting, deck staining, exterior trim painting become necessary, SoCo Management Inc. will contact the property owner with the nature of the needed repair, and obtain bids from various contractors with whom we deal on a regular basis. The property owner will be presented with these bids, and the property owner will make the final decision as to if and when to go forward with the needed repair.


5. What needs to be done to my property for it to be leased?

Leasing a home is much like selling a home; in that the better condition that your property is in, the better opportunity that we will have to rent your home for top dollar. This means that the property should be clean, and walls should be painted if they are dirty or marred. Carpeting, flooring and appliances should be up-to-date. It is best to have window coverings, such as 2” blinds on the windows. Generally the property should be in good repair inside and out. Lawns and flowerbeds should be in top condition, as curb appeal is critical to the resident’s first impression. Many residents begin to make up their mind about your property the moment that they pull up to the curb. If the yard, entrance area, and interior look sharp, the agent will be much more successful in leasing your home. A quality resident is motivated to take care of your home and will leave it in good condition when they leave. This means lower operating costs for you.


6. Who will do the maintenance on my property?

Residents are required to do basic maintenance on your property. They must replace burned-out light bulbs, change air filters, fill water softeners, and change smoke alarm batteries. Additionally, we also expect them to be able to tighten a loose door handle, push the reset button on a garbage disposal, or use a plunger on a plugged toilet. Residents are normally responsible for lawn care, and snow removal – unless they are in an association managed property which provides for that service. When non-emergency repairs need to be done that are outside the scope of a resident’s responsibility, we will contact the owner to inform them of the problem. At that time they are able to either have this work done on their own, or have SoCo Management Inc. handle these repairs. We do not charge a markup on any outside vendor services, and work only with qualified vendors who are licensed (if required) and insured.


7. What control do I have over who leases my property?

You can specify whether you are willing to allow pets. However, the more restrictive that you are, the longer it could take to rent your property. Federal and local Fair Housing laws are very specific and clear about discrimination. SoCo Management Inc. believes in and upholds all aspects of the federal, state and local Fair Housing laws. We are leasing professionals, and in order for residents to lease from us, they must meet our qualifying criteria.


8. What is your monthly property management fee?

Please contact our office to discuss your management needs and get an accurate management fee quote.


9. Will you allow smokers in my property?

That is up to you, we prefer all of our properties to be non-smoking inside the residence only. If you choose this option the Lease Agreement and our Rules and Policies clearly state this to the residents, and they will be responsible for any and all costs to return the property to non-smoking condition if they do not abide by these rules. We have adopted the non-smoking rule due to the amount of damage that smoking does to an interior of a property.


10. Do I have to allow pets in my property?

No, as the owner of the property it is your decision whether to allow pets or not. Some owners will not allow any pets; others will approve only small dogs, while others will accept a dog of any size. Some will allow only one pet, and others will allow multiple pets. Some will allow cats, some will not, and others will allow only cats if they have been declawed and spayed or neutered. If you decided to allow pets, SoCo Management Inc. recommends collecting a minimum of $350 pet deposit. If you want to limit what dogs are allowed we suggest not allowing certain “aggressive” breeds, which include American Pit Bull Terrier, American Staffordshire terrier, Staffordshire bull terrier, Rottweiler, Doberman pinscher and German shepherd. If you decide not to allow pets within your home, we would like you to be aware that you will be eliminating over 60% of the rental market, and it will take considerably longer to rent your home. If the management company has done its due diligence, and properly qualified the resident(s) and collected the proper deposit, the risk from having a pet is minimized.


11. Can you help me if I already have a resident?

Yes, provided that the current lease is one that we can enforce. Once the current lease concludes, we will sign your current resident onto our lease. In cases where the resident is behind in their rent, we can take the necessary steps to either get them to pay, or evict if we cannot obtain payment. Many residents will suddenly find a way to pay the rent, or move as soon as they find that a management company has been secured to follow through with collection of rents.


12. Can you use one of my vendors for repairs?

We would be happy to have one of your vendors fill out a vendor packet to see if they meet our qualifications. In addition to being fully insured, a vendor must agree to a certain level of quality, response time and warranty provisions.


13. What liabilities do I have, and how can I protect myself?

As the owner of the property, you could be held liable for known and some unknown conditions. In most cases, your fire and liability insurance policy will cover you adequately. However, you should discuss with your insurance agent the amount of recommended limits for your situation. Our experience has found that most owners are under-insured for full liability coverage. Our management agreement with you, which is the same as most other management companies, has an indemnity clause that places basic liability on the property owner that are no fault of the management company. Insurance companies know this, and most will willingly name the property manager as an additional insured at no extra cost. This is important to do, as you want the insurance company to protect us both, in the unlikely event of a lawsuit.


14. Will I receive a monthly statement, and what information does it contain?

Generally, we close our books on the 10th of the month, and you will be paid around the 15th of the month. Please note, we do not pay our owner disbursements till your tenant’s rent payment clears the bank so if they pay late your disbursement may be delayed. You will be contacted if this happens. Also all of our owners have access to an online Owner Portal that you can log into and view your statements and invoices whenever you want.


15. What type of incentives are offered to renters

We can offer any kind of incentive that you want to pay for as long as it’s legal. We have several suggestions that do work. But remember if your home is fairly priced, you probably won’t need to offer incentives.


16. Does SoCo Management Inc. charge an “override” on outside vendor services?

No, we do not markup any outside vendor invoices. It is our opinion that paying invoices in the process of managing your property should be considered a part of a management company’s normal responsibility. However, if you want us to monitor a substantial project that would require multiple trips to the property, a cost would be incurred for that work.


17. What types of properties does SoCo Management Inc. manage?

SoCo Management Inc. manages single family homes, townhomes and condos. We do not manage apartment buildings or commercial properties.


18. How long will it take to find tenants for my property?

That depends. For our properties that are market-ready and priced at market rates, our average days on market is typically between 15-45 days. For homes that are not in market-ready condition and/or priced at above-market conditions, then it can take considerably longer to rent.