As the property owner, what am I responsible for?
What does FTI charge for managing our properties?
What is the “Trust Account?”
How much security deposit is collected?
What happens with the tenant’s security deposit?
How does FTI determine which candidate becomes the tenant for a selected property?
How does FTI determine the rent amount for a property?
How does FTI advertise/market a property for rent?
Who pays for advertising the property?
What happens when a tenant’s lease expires?
When does FTI begin to advertise a property?
What if a tenant is late or misses a payment?
How are evictions handled?
Who is responsible for maintaining the landscaping?
Do I need renter’s insurance?
How do owners receive rent payments?
When are rent checks mailed out?
Whose name are the utilities under?
As the property owner, what am I responsible for?
(1) Mortgage payments (2) HOA dues (3) Depending on the city, utilities. Some cities require that the utilities are in the owner’s name (4) Maintenance cost; landscaping and repairs (5) Home warranty (6) Property insurance (7) Eviction costs
What does FTI charge for managing our properties?
Answer: (1) Leasing fee, equivalent to first month’s rent (2) Management Fee, 10% of collected rent (3) Vacant fee, $100 per month up to 3 months.
What is the “Trust Account?”
The trust account is a shared bank account between the owner and FTI Property Management. Any property income and/or owner contributions are held in the trust account. Any invoices that are due are paid out of the trust account. The balance in the account belongs to the owner, not FTI Property Management.
How much security deposit is collected?
First month’s rent plus $300.
What happens with the tenant’s security deposit?
Security deposits are held by FTI Property Management on behalf of the owner. The amount is placed in a separate account called “Security Deposit.”
How does FTI determine which candidate becomes the tenant for a selected property?
FTI screens all of the applicants; this includes tenancy history, prior evictions, salary history, credit scores, and criminal background check. Based on the results, FTI will identify the best tenant fit for the property and present them to the owner.
How does FTI determine the rent amount for a property?
FTI markets the property at market rate. If FTI receives a large number of responses, the rent amount is increased. If FTI does not receive any responses, the rent amount is lowered until FTI receives responses.
How does FTI advertise/market a property for rent?
(1) For rent sign on the property (2) local newspapers (3) internet (4) MLS (5) Leasing companies/agents
(6) Section 8
Who pays for advertising the property?
The owner of the property pays for the advertising of the property. FTI minimizes the cost by advertising the property on free internet sites and by having relationships with companies that are paid to find rental properties for their clients.
What happens when a tenant’s lease expires?
The lease is examined 30 days before it expires to determine if we want to keep the tenant or not and to see if the rent can be increased. Once FTI determines the course of action, the owner is notified and is provided a recommendation. Tenants require a 30 day notice if the rent is going to be increased, if the lease is not going to be renewed. If the lease is allowed to expire, the lease automatically converts to a month-to-month lease.
When does FTI begin to advertise a property?
If the property does not require any renovations, it is advertised immediately at the close of escrow. If the property requires renovations, it is advertised one week before the renovations is completed.
What if a tenant is late or misses a payment?
Rent is typically collected on the 1st of every month. FTI typically gives the tenant a 5 day grace period depending on their credit score and payment history. After 5 days FTI contacts the tenant to inquire on the payment. If after 10 days the rent payment is still missing, FTI will send the tenant a 3 day notice. If rent is still not paid 15 days after it is due, FTI begins the eviction process.
How are evictions handled?
FTI uses an attorney who specializes in evictions to manage the eviction process. The attorney issues the eviction notice, coordinates the hearing, and goes after payments after the tenant is evicted.
Who is responsible for maintaining the landscaping?
The owner (not the tenant) is responsible for maintaining the landscaping, but FTI can coordinate the work. FTI employs several landscapers who are dispatched to properties once a week to maintain the landscaping. The landscaper bills FTI monthly and FTI pays the landscaper through the owner’s property trust account. The expense is referenced in the monthly account journals that are sent out by FTI. The tenant is responsible for watering the landscaping.
Do I need renter’s insurance?
Renter’s insurance is not mandatory, but it is recommended by Equinaire.
How do owners receive rent payments?
Rents are mailed to FTI and FTI deposits it into the owner’s trust account. FTI then pays all outstanding bills and sends the owner the balance, leaving only the minimum balance of $200 in the account.
When our rent checks mailed out?
Rent checks are mailed out on the 10th of every month and are typically one month behind, May’s rent will be received in June.
Whose name are the utilities under?
Some cities require that the utilities are placed in the name of the owner of the property. In this instance the owner is responsible for paying the utilities. The utility amount is factored in to the rent amount. If the city does not require the utility to be in the owner’s name, FTI has the tenant complete a form stating that the utilities will be turned off and that the tenant will need to transfer the utilities under their name.
