Property Owner FAQs
Welcome to our Property Owner FAQs page! Here, you’ll find answers to the most commonly asked questions about our property management services. Whether you’re new to working with us or have specific inquiries about our processes, fees, or services, this resource is designed to provide you with the information you need. If you have any additional questions or need further assistance, please don’t hesitate to reach out to our team.
Do I need to get a different insurance once my property becomes a rental?
Yes, you will want to talk with your insurance carrier about getting a landlord policy.
How are Security Deposits handled?
Keyrenter Property Management will require security deposits, usually an amount that is equal to 100% of one month’s rent, from all residents. These funds are held in escrow in a real estate trust account. Security deposits cannot be disbursed until the resident vacates at which time a disposition of funds is processed.
Will you pay my monthly bills for me?
Yes, through our accounting system we can easily pay most of your monthly bills. Typically our owners will pay HOA dues and mortgages. In most cases, the owner will also pay the sewer bill, because if the tenant fails to pay then a lien may be placed on the property. The sewer bill will then be billed back to the tenant. We pay bills on the 1st of each month.
For how much can my investment property lease?
Your lease rate is going to be determined by several factors including the condition of the property, location, and the market rental rates for competing homes in the immediate area. The market factors that dictate lease rates can vary from the factors that influence value of properties. Please contact our office and we can discuss this with you as it relates to your specific property.
Should I allow pets or smokers? How about children?
Pet owners are not a protected class. However, by eliminating them you are likely eliminating up to 75% of the people in the market for a rental house! Being open to pets does make your property available to more potential renters. However, if you feel very strongly about this issue, we will agree not to show your property to anyone with a pet. All of our properties prohibit smoking, in the interest of protecting your investment and the health of the neighborhood. Children come under the protected class of “familial status” and it is not possible to discriminate in this way. Our application forms do not ask number or ages of any children.
How does Keyrenter Property Management communicate with their owners?
We believe in prompt and thorough communication with our clients. Every staff member has their own telephone extension, voice mail, and e-mail. We send out monthly statements through a customized owner portal and have automated alerts and notifications in an effort to keep our clients informed. Below are some of the instances that we will initiate additional communication:
- Leasing
- Notice to vacate from tenant
- Tenant move outs
- Eviction Summary
- Lease renewals
- Extraordinary maintenance items
Can I do my own maintenance?
While the property is vacant, you’re welcome to do your own maintenance or hire your own vendors. When the home is tenant occupied, we will use our approved vendors. We do this because in order to protect you, the homeowner, we require all of our vendors to have proper insurance and licenses in place and to agree to our standards of workmanship and professionalism when dealing with your property and tenants.
What kind of guarantees do you offer?
We have six guarantees that are automatically included!
Leasing guarantee – If your property doesn’t rent in the first 30 days, we’ll waive your first month’s management fee.
Tenant Guarantee – If your tenant breaks their lease in the first 12 months, we’ll find you a new tenant for free.
Pet Protection – We’ll cover up to $1,000 in pet damage.
Eviction Protection – If a tenant we place is evicted, we will cover up to $1,000 in eviction costs.
Service Guarantee – Cancel anytime, for any reason.
Maintenance Guarantee – Repairs are completed right the first time, or it’s fixed at no additional cost to you.
Who is responsible for maintenance on the property?
As the homeowner, you are responsible for the cost of most repairs, unless it is tenant caused. Tenants will be responsible for furnace filter changes, replacing light bulbs, smoke detector batteries, and lawn mowing and landscaping. We oversee all of the maintenance for you, and dispatch our vetted vendors. You won’t have to worry about taking midnight calls because of a broken air conditioner. We also troubleshoot with the tenant for common maintenance items before we dispatch service. Many times common maintenance calls (like the garbage disposal reset button) can be avoided this way.
How will you find tenants for my property?
Your property, along with professional photos, will be advertised on our website, as well as 100s of other popular websites such as Zillow, Realtor.com, Trulia, and HotPads. If the municipality allows for it, we will place a “For Rent” yard sign at the property.
Why should I use a property manager to manage my property?
There are many reasons landlords hire property managers, below are some of the most common: Landlords value their time and usually have full-time responsibilities outside of owning rental property. As professionals, we manage rentals day-in-day-out; it’s what we do, and we are great at it! Landlords generally don’t have a full understanding of local and federal laws and statutes. This lack of knowledge can result in costly mistakes. With a legal team and constant education and involvement on current issues and as a property management company in Missouri, we are better equipped to solve complex situations. We understand and apply the correct federal, state, and local laws, keeping you and your investment out of trouble. We know the local market, have an extensive network of contacts, and have advertising resources available to us at discounted rates. This allows us to effectively market your vacant home to prospective residents to get it filled. DIY Landlords these days need to be skilled in Advertising, Photography, Marketing, Sales, Repairs, Project Mgmt, Customer Service, Conflict Resolution, Legal Proceedings, and many other areas. Keyrenter is all that and more!
Do you provide financial reports?
At the end of each month, you receive an owner statement, which displays your beginning balance, cash in, cash out, and your net. When you download the full packet, you can find all the invoices and work orders associated with those expenses. In addition, our software system has a wide variety of reports, and we can automate sending out once per week/month if you’d like. Many of our institutional investors find it useful to track occupancy, income/expenses, and delinquency, for example.
Can Keyrenter Property Management help me buy or sell investment property?
Yes, with Keyrenter Real Estate. We can assist our clients to either sell their rentals or buy more investment properties. With competitive rates and innovative strategies, or goal is to maximize your return. Please contact our real estate team for more information.
How do I know you will find a qualified tenant for me?
Making sure you have a good qualified tenant is one of the most important parts of our job. Our standards are high! We have a 21 point tenant screening process, and everything is properly vetted (employment records, rental references, credit and background checks, social media checks, etc, etc). Our history speaks for itself – we have zero evictions!
How do tenants pay their rent to Keyrenter?
There’s a wide range of options available for tenants to pay their rent. They can pay their rent: Online for free using their bank and routing numbers. Online with a credit or debit card, which charges them a processing fee (Keyrenter does not keep any of it, as it is charged by Appfolio directly).
Can I enter my property after it is rented?
We do not enter the property and recommend the owner not enter the property except for walk-throughs, in emergency situations or when repairs have been requested by the resident. If you sign up for our walk-through program, Keyrenter will conduct interior/exterior walk-throughs of the property every six months. History has shown that repeated disturbances prompt residents to become unhappy and not be as willing to renew their leases. We usually try to give the resident 24 hours notice before we enter unless it is an emergency situation.
What if my tenant doesn't pay their rent?
Because of our high standards, this rarely happens. If your tenant doesn’t pay their rent, they are sent late notices and we are calling them personally to find out why rent hasn’t been paid. This typically resolves the problem, but if it doesn’t, we will contact an eviction attorney to start the eviction process. Even during this process, the tenant may end up catching up on rent. If they don’t, then the attorney goes to court and represents you during the eviction hearing. We handle this all for you.
How much notice does a resident have to give before they can properly vacate a property?
Our lease provides that the resident give a minimum 30 day written notice that the lease will be terminated.
I have furniture in the house I would like to leave for the tenants. Is this recommended?
No, it is not recommended to leave your furniture for the tenants. Long term tenants will have their own furniture to bring into the house, and if you leave yours behind, you can’t count on it being preserved for later use. Believe it or not, furnished properties for long term rentals (1 year+) do not market well.
Do you hold money for repairs?
When you sign up with us, we will collect $500 for your escrow/maintenance account. This is your money, and it will be used to pay vendors that do maintenance on the property.
What needs to be done to my house before it is ready to rent?
The better condition that a house is in, the better quality tenant that it will attract. Your home must be professionally cleaned. Your Property Manager prefers to arrange this cleaning to insure that the cleaning guidelines are strictly followed. The carpets must be freshly cleaned and all debris and personal belonging removed from the house. It is not necessary to paint automatically, but you should consider painting any room that has dirty or marred walls. A neutral color is best. Your Property Manager will be happy to discuss any necessary repairs or painting with you. Neutral window coverings such as blinds should be left but not curtains that match a particular bedspread or couch. Tenants moving into a rental property do expect some sort of window coverings to be provided for privacy and safety. The tenants are generally requested to maintain the yard in the condition it is provided to them. Therefore, the yard should be freshly mowed, weeded, trimmed and the leaves and debris removed.
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10127 Manchester Rd Suite 201, St. Louis, MO 63122, United States