Answers to your common questions
Welcome to the Frequently Asked Questions section for owners. The following are some commonly asked questions. Please feel free to call the office for more information.
Why use property management?
Property management is a very unique profession. It requires interpersonal skills to communicate, negotiate, and execute agreements. Accurate accounting and reporting for legal and tax purposes is a must. Property managers need a thorough knowledge of properties and construction as well as maintain relations with quality and affordable vendors to keep the properties well maintained and repaired. It is vital to understand current market conditions in order to get the maximum rent possible. 24-hour emergency service for tenant issues provides relief to both the owner and tenant knowing their issues will be handled efficiently and effectively.
At Trio Property Management, we take care of these and more so you can spend your time worry free. Let us do what we do best, so you can do what you do best.
Why should I hire Trio as my property management company?
Our excellence in property management is only part of the equation you must consider. Similar to using a quality physician, CPA, or financial advisor, a quality property management company will look out for you and pay for itself. We view your property as a large investment that requires a trusting relationship between both yourself and Trio. We invite you to look over our website and contact us if you have any questions or would like to schedule a meeting to determine if we are the best fit for you and your property management needs. Like we said before, our goal is not to be the biggest management company around, but rather to provide the best service to our clients. We look forward to talking to you about our services and the opportunity to earn your trust whether you are an experienced investor with multiple properties or this is your first time.
What do you charge for management?
Each property and owner situation is unique. We prefer to discuss costs and options after viewing your property to be managed. We are not the least expensive company in town, nor do we want to be. We competitively price our services so we will provide exceptional service. Our goal is to be the best company that "actively manages" your property.
How long will it take to find a tenant?
We aggressively market your property using our web site, other Internet media, and our professional connections. Our website is adaptable to smart phone users. We also use distinct yet professional yard signs to increase interest for drive-by traffic. Potential applicants can call or stop by the office to learn more about your home. To decrease vacancy time, we begin marketing prior to tenant move out and "make ready" to increase the amount of exposure. It is difficult to speculate how long it will take to rent your property, as many factors must be taken into consideration such as price, condition of the property, time of year, current market conditions, and other variables. At Trio, we work hard to ensure a quick turnover between tenants making sure your property is properly prepared for marketing and presentation.
When do I get my check?
Owner disbursements are sent on the 20th of each month along with a detailed Owner Statement. This statement will contain all income and expense for the current accounting period. We email your statement directly to you. Your statement, along with all your historical statements, is accessible from the online Owner Portal at any time from any place. Links to the Owner Portal are found throughout the website. As we do send important communication along with the Owner Statement, it is important to review your statements monthly. Owner funds are deposited via ACH to the bank account of your choice. We also provide a Year-End statement that has all the year-to-date information you need for taxes along with your 1099-MISC.
Who is responsible for yard care?
Each property is different regarding whether the tenant or the owner will be providing yard care. When a property is first on the market as a rental, it is important that the landscape is in its best shape for showing. This would include the lawn mowed and edged, bushes and trees trimmed, leaves and debris removed, and the landscape weeded. If the tenants are responsible to maintain the landscape this will provide a good baseline. If landscaping is provided for the tenants, we have quality vendors that understand our expectations. If your home has an underground sprinkler system it is very important that the system is maintained professionally to prepare it for summer and winter to ensure it is performing properly and to prevent broken pipes from freezing which can be costly to repair. An ounce of prevention is a pound of cure.
Can I say whom I want as tenants?
Federal Fair Housing Laws and State laws dictate that it is discrimination to disallow renting to specific classes.
Pets can be allowed or restricted (unless medically necessary) based on owner preference.
Where is the security deposit?
It is mandated that tenants’ security deposits are held in a trust account and be accounted for accurately. We will manage the security deposits so you will not need to worry about them.
What if a tenant contacts me?
Our job is to take the worry and stress of management away from you the owner. We will protect your identity to relieve you of any unnecessary contact with the tenants. Occasionally tenants contact owners using other means than Trio for information. In such instances it is imperative to direct tenants to contact our office for any requests. This provides continuity for tenants and allows you time to relax.
Can I try selling my house and have Trio market it for tenants?
We have found that the best use of your finances is to either market your property strictly for rent or for sale and not a combination of the two. When a property is listed for sale, potential applicants become concerned over the future of the property and thus avoid submitting an application. The vacancy period becomes longer and marketing and general operating expenses increase.
How much will my home rent for?
There are many factors considered in valuing rent rates. Bedrooms, bathrooms, amenities, location, time of year, and current supply, are to name just a few. Regardless of these attributes a home must have good "curb appeal" meaning it should be clean, well maintained, and ready to show to prevent extended vacant periods. Even the best-located and well-priced properties will not lease quickly in our current market if it is not in top showing condition. It is very important that in order to attract quality tenants, the property needs to be in quality condition. Once engaged as your property manager, we will inspect your property and make note of any necessary improvements or maintenance. Any issues affecting Landlord/Tenant law will need to be addressed prior to tenant occupancy.
We assess all of the above factors and more in determining the optimal rent, while keeping in mind your bottom line and that vacancies are costly.
When can Trio begin managing my property?
Once you have determined Trio Property Management Inc. is the best fit for you and your property, contact our office
so we can answer any questions you may have and begin the process.