Asset Property Management Team (APMT) is a management firm currently handling the management of 300+ investment properties in only specific areas in Charlotte, NC. The company was started by the owners of Retire On Rentals. It was set up with the primary purpose to be able to continue to provide the Retire On Rentals clients the same service they received throughout the buying process. APMT believes the way your property is managed today will determine its value tomorrow.
The traditional property management company is set up to simply manage the property, Not manage the investment. APMT founders have always had the philosphy and approach that of a portfolio manager Not just a property manager. The difference being the portfolio manager approach works in insure the performance of the investment. Over 60% of the clients who have purchased investment property from RetireOnRentals.com have come back to buy additional property after their initial purchase. If their investment property was not performing it would be highly unlikely that client would ever buy another property. The founders and their property management team work with an unorthodox approach to the management of your investment property. Their approach mitigates the risk felt with traditional property management companies and increases the consistency and performance of your investment property.
A few standard FAQs regarding property management.....
Q) How does APMT decide who they will rent to ?
A) APMT has a set qualification criteria that is used on each application before approving a tenant to occupy your property. This includes verifying current and past rental history, current and past employment history, criminal history and reviewing credit history.
Q) What if I buy a property that has a resident that is subsidized by the local Sec 8 housing authority or another subsidy.
A) In many cases, your subsidized payments are the most dependable income you will receive in the rental business since these payments are made from 3rd parties whom are not involved in the usual hiccups of life that can sometimes cause late payments. That being said Sec 8 applicants are subject to the same strict screenig criteria as private pay applicants.
If a Section 8 applicant is accepted Most of these programs come with certain criteria used to insure that the owners of the houses are providing quality housing to their residents. Section 8 for example requires an annual inspection of the dwelling prior to renewing the residents lease. Following the inspection, these agencies will require repairs for general wear and tear as needed at the owner’s expense. Our experience has proven that these repairs are usually a small price to pay for the 12 months of nearly guaranteed rent you receive.
Q) How do I know the rental agreement in place meets the N.C. landlord tenant laws?
A) The rental agreement used has been put out by North Carolina Real Estate commission which is the governing authority over landlord-tenant law. When the law changes the rental agreement is updated and an addendum is sent to each resident.
Q) Do we allow pets in our properties?
A) Pets are members of the family. While we do accept most pets, we are cautious with the types of pets we allow, and in most cases we have collected additional fees for those pets to cover any potential damage incurred during the residency.
Q) Do you allow smoking families into the properties?
A) Yes we do. We have found smoking is a difficult habit to control as a landlord.
Generally, when a resident moves out who has lived there more the average of three to four years, we have to paint and clean or replace carpet anyway.
Q) Who handles maintenance calls on the property?
A) APMT not only receives all calls on your property related to maintenance but unlike most management companies APMT has their own in-house skilled handy man that can handle the majority of maintenance repairs and 2/3 less cost then the "professional sub-contractor" APMT also has relationships with licensed subcontractors for those issues outside the scope of our handy man.
Q) What is the standard protocol when a resident gives 30 day notice of move out?
A) The moment a resident gives notice APMT notifies them of the expectations associated with property condition upon move out, and makes arrangements for showing the property to new prospects during the remaining days of their tenancy. Upon move out, APMT coordinates property turnover in a timely manner while continuing to market the property for rent. During this time the management company is communicating with you keeping you informed of the status on the property and the expenses associated with the turnover.
Q) Do I need a "slush fund" for emergency repairs or vacancy?
A) It is always good to have a little safety net. Keep in mind if you are getting a loan on the property typically your first payment will not be due for at least 30 days following your purchase closing due to pre-paid interest. You begin collecting rent the day you close. So you could very easily set that money aside for unexpected maintenance or vacancy. Keep in mind that the majority of residents have a security deposit in place and if they move out and do not leave the property in perfect condition you may be able to use a portion of their deposit to bring the property back up to rental standard.
Q) Does APMT collect their fee while the property is vacant?
A) Absolutely Not. APMT does not get paid unless your property is paying you.
Q) Does APMT collect a leasing fee when they rent the property.
A) Lease up fees are a very typical cost charged by traditional property management companies. This cost is designed to cover the time involved in marketing and showing the property. The traditional management companies will charge an average of a 70-80% lease up fee and add the cost of any marketing done to that fee. At APMT there is a lease up fee which is a mere 40% which also includes ALL of the marketing.
Q) Does the property manager pay for marketing on the property during vacancy?
A) Yes the managment covers the cost of marketing while the property is vacant.
Q) Can I call you if I have more questions?
A) We welcome all your calls, please don’t hesitate we are more then happy to answer any questions you can come up with. 1-866-747-7667
Asset Property Management Team