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Owner FAQs

How do I know if I am getting a good tenant?

When a prospective tenant expresses an interest in a property, we have them complete an application. Then we then check with their former landlords, verify employment and income and obtain a confidential credit report in order to establish payment habits.

When do I get paid?

Rental income, less expenses paid on behalf of the property, is paid to you on the end of each month. We can mail a check to you, or deposit it directly to your bank account.

How do I know if I am getting fair market rent for my property?

Prior to taking management services for a property, we conduct an inspection and comparison of rents for similar properties in the area. This information is shared with the Owner so that they can be fully aware of what rents they can expect to receive for the current market conditions.

Who does the tenant send the rent payment to?

Rents are paid to V.S. Rich Properties Services, Inc. and deposited to our trust account at the beginning of each month.

What happens if the tenant doesn’t pay rent?

Non payment of rent receives our prompt attention. If rent is not paid within the first 5 days of the month, we serve a Termination of Tenancy Notice. This will usually generate the rent payment. If not, we will follow the procedures to terminate the tenancy as per the Tenancy Act of the NC General Status.

How do I know the repair people will do quality work?

We have been dealing with repair and maintenance contractors for a long time and have established excellent relations with superior tradesmen. Because of the volume of work they do for us, we are able to obtain both prompt service and the best rates.

Who looks after tenant complaints and problems?

This is part of our function as your Property Manager. We are always available to handle calls from tenants and deal with their problems or complaints so that your investment is trouble free.

Am I informed of all the repairs you make on my property?

When we enter into a Management Agreement, we will discuss an expense ceiling meant to cover minor repairs and maintenance. If a bigger problem arises we will contact you to discuss the situation.

Who pays the mortgage and other monthly bills?

We pay your bills out of rental income. We can also pay regularly recurring expenses such as HOA dues, and mortgage payments which you authorize us to pay on your behalf.

What happens to the tenant’s security deposit?

We hold the tenant’s security deposit in our trust account during the Tenancy. When a tenant vacates, we take care of determining if the tenant receives a refund or if funds are forfeited, here is no claim against the deposit, calculate the due to the tenant and refund their deposit.