Landlord Frequently Asked Questions
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How do you screen prospects?
Carolina Living Property Management uses TransUnion as it’s credit reportig partner. Applications are processed using TransUnion via our Property Management Portal and include credit, criminal, sex offender and past eviction background results. TransUnion’s provides scoring and tenant recommendation which provide a guide to ultimately accept or decline prospective tenants. We also call prior rental landlords and references.
How are Owners Paid?
We use Bill.com to perform a direct deposit to a checking or savings account of your choosing. There is no charge for this service.
Who does the tenant pay rent to?
Rental payments are made to Carolina Living Property Management. Management fees and any applicable repair expenses will be deducted from the rental income before disbursement of the property owner’s payment.
How is the rental value of my home determined?
We conduct a comparison of rents for similar properties in your area. As Realtor’s we have access to thousands of rentals via our MLS. We share these comparable’s with you so that we can be make a joint decision on what fair market value is.
What happens if the tenant doesn’t pay rent?
Non payment of rent is a serious matter and receives our immediate attention. Rent is due on the 1st and late after the 5th. If rent is not paid within this period, we personally follow up. In most cases, this results in collection of the rent payment. If not, we will follow the procedures to terminate the lease as per State law. We also charge a 5% late fee that is paid directly to the owner.
How are repairs handled and how are they communicated to me?
When you hire Carolina Living Property Management, you get our entire team which includes are property management team as well as our handyman services. We have partnerships with numerous vendors that provide quality work at a very fair price. It is out job to handle calls from tenants and deal with their problems or complaints to ensure a stress free experience for our owners. When we sit down to sign our property management agreement we work out the details and expense thresholds for handling minor repairs. We are unique in that if you have personal handyman services you want us to call, we will gladly call them for your individual problems.
Do you require insurance for the Owner / Landlord or the Tenant(s)?
Yes. When we begin the discussion with our homeowners, the first request and recommendation we make it for them to call their insurance carrier. In NC, the minimum liability coverage allowed is $300K. Most Property Managers recommend that you carry a minimum of $500K in liability coverage. The cost of this insurance is minimal compared to the peace of mind that comes with having it. Due to rising defense costs, this is a requirement for most insurance carriers. We request a copy of your declaration page when we sign our PM agreement for us to do business. This is for your protection and ours.
Tenant Insurance
Tenants are not required to purchase renters insurance, However they are strongly encouraged to obtain Renter’s Insurance to protect their household goods. Their decision, yes or no, does not impact our Property Management relationship. We do not enforce or track this aspect of tenants behavior.
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