Frequently Asked Questions

 
 

Questions for investors by investors.

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Once we sign up how long is the contract?

On every management agreement we have in place, we have a 30 day rescindable clause. No one likes being locked into an agreement with absolutely no way out if you are unhappy, so we make sure that you are happy with the services provided. That said, they typically go for one year terms.

Will we have access to the tenants credit/background checks?

Unfortunately with the sensitivity of such items we cannot provide access to the credit and background checks. 

How do you collect rent and how is it dispersed to us as investors?

Tenants have the ability to drop the funds off to our office in the form of a cashiers check, money order or personal check. They also have the option to pay online by e-check or debit and credit card. After we have received the funds, it is sent to you as a check or e-check after any repairs and management fees have been taken out.

How often do you send out rental statements?

We send out our statements monthly. As soon as we send your funds, we send out your statement that details any credits and debits that have occurred during that month along with copies of the bills if there are any. 

Are there fees when the property is vacant?

At Wheeler & Associates we don't agree that anyone should get paid if you are not. Therefore, there are absolutely no fees when the property is vacant.

Are there any other fees other than the management fee?

We don't agree with charging a fee for each little thing that we should be doing as property managers. We do not charge any other fee's other than the management fee on gross collected rent. 

What about markup on maintenance?

At Wheeler & Associates, we use independent contractors. Their prices are completely separate from our company and we keep your prices as low as possible by not marking up the maintenance. 

What are your requirements for tenants?

We screen tenants for a 600 credit score or better, no evictions, no felonies within the past 4 years, not on probation or parole, no active bankruptcies and adequate income.

How do you determine what the rent should be for my property?

All properties are different, and so is the rent amounts. We do a market analysis across similar properties in the location where the subject property is. We then go to the property and inspect on anything that would make the price higher or lower dependent upon location, amenities, and other items that may or may not be in the analysis.

How long are properties typically vacant?

The average vacancy rate is around 2-3 weeks with proper pricing. Depending upon the market it can be as low as a few days to as long as a month. We try to keep it as low as possible because we know with every day it sits vacant, it is money you will never get back.

Are there grace periods for the renters to pay their rent?

We do offer a 5 day grace period. Typically it is due on the 1st, and late on the 6th at 12:00 A.M.

Do I get notifications on maintenance?

Typically our management agreements state on repairs over $150.00 we will contact you. With major items such as water heaters, furnaces, etc. we will make sure to call you. The only exception to this is if there is an emergency in the middle of the night in which we have to respond as fast as possible to prevent structure damage or tenant safety.