Owner Frequently Asked Questions
When can Limestone begin managing my property?
Within 24 hours of signing the contract, we'll be ready to manage your property.
When can I expect Limestone to find tenants for my property?
We are always striving to find you the best tenants as quickly as we can. We employ a number of different advertising services to reach this goal in a timely manner.
What is your policy for application fees?
We require that tenants pay an application fee. This fee will be utilized to facilitate credit checks.
How do you decide what my property's rent will be?
We have access to a range of tools and methods to reveal what the most suitable rent is for your property. Our methods include significant research and analysis of the local housing market. By amassing data from a wealth of databases, we're able to set rents at the most competitive local prices.
What are your rent collection methods?
We are able to accept a variety of collection methods, which include: online payments, office delivery, or mail-in payments.
Can I receive my payments by direct deposit to my bank account?
Yes, we are able to process payments so that they arrive directly in your chosen bank account.
Is there a tenant screening process?
Yes, all potential tenants must undergo an exhaustive screening process. We will check to see whether all prospective tenants have criminal backgrounds. We'll also perform credit checks and verification of tenants' employment and income. Using these screening processes, we are able to lessen the likelihood that difficult tenants will be admitted.
Am I able to maintain my insurance policy?
Communicate with your insurer to determine whether your current policy has landlord coverage. Before we can get started, we'll ask to take a look at the coverage you have, and Limestone Country Properties will need to be listed as an additional insured. Your insurance will not cover the tenants' personal belongings, so all tenants are required to be properly insured themselves. With this coverage, any emergency problems are more easily handled.
Which steps will my renter need to take before they can move in?
The initial step is for your renter to undergo our screening procedure. It's necessary that they submit the entire security deposit after screening. At that time, we'll establish a time for the lease agreement's signing. During that meeting, they will have a chance to take a look at the terms of the necessary legal documents. On occasion, it is necessary for additional fees to be charged. When this occurs, these fees are discussed and taken care of at the same time as the agreement's signing.
What happens when my tenant's lease ends?
If a tenant's lease ends and it's time for them to move, we'll conduct an extensive inspection of the condition of the property. Then your tenant will be cleared of the lease and get their security deposit back. If damages are found, the security deposit may be withheld.
Which sort of inspections will be performed?
Inspections will be conducted both when tenants are moving in and moving out. We also do drive-by inspections and one additional in-home assessment during the lease. This way you can head off any issues in advance and help make sure the property's condition stays in top shape.
What procedure is followed for the organization of utilities?
Any time that a new renter moves in, their name will appear on utility statements. It may be the case that certain utilities are handled by the properties, such as water and the collection of trash. Utilities that fall under the owner's name remain that way, and are sent to us to be paid. When you receive your financial statements from us, you'll be able to see utility payments there.
What is the procedure in the case that my tenants are late on rent?
There are rigid policies in place in our lease agreement forms that pertain to late or missing rental payments. When notices are served to tenants, they must promptly pay the late fees. If tenants repeatedly fail to make rent payments, eviction follows.
What happens if there is damage to my property?
In the unfortunate circumstance that there is damage to your property, we will use our relationships to professional licensed contractors to promptly have the damage repaired. You'll be kept in the loop about the specifics of any repair before it is initialized. Once you've given the green light, the repairs will start as soon as possible. When repairs or maintenance must be performed, we insist on top-notch workers with the most reasonable rates. Also keep in mind that your management agreement has a specific dollar amount for repairs that are necessary to perform and are not cosmetic.
What kind of documents and reports are available to me?
We will provide you with an online owner portal where you'll be able to see comprehensive information about your property. Regular income and expense statements will be provided, where you can see the specifics about how your property is performing.
Should I allow smokers, or tenants with pets?
You won't necessarily need to accept smokers or tenants with pets to rent your property. When it comes to tenants with pets, it's important to consider that if you make a policy that is too strict, it could cut you off from a sizable chunk of the pool of prospective tenants. Smoking is not permitted in any of the units that we manage. If proof of indoor smoking is found, we'll make the renters in question cover any damages caused.
Will I lose control of my property when I use a property manager?
With a property manager, you'll still be able to say how you'd like every choice to be made. If you'd like to participate in minor decision making, you'll be able to do so. Hiring a property management company also helps protect your investment while increasing your revenue.