FAQs from Property Owners
We’re glad to answer any questions you might have. Here are some of the most frequently asked questions.
What types of properties does Rock Point manage, and in what areas?
We manage any type of residential property — from single family and duplex homes to apartment complexes — in the Chattanooga metropolitan area, including nearby north Georgia.
What if I just want you to find a tenant for me?
No problem! Rock Point offers a Quality Tenant Placement option for owners who want to manage their own property but would like help getting an excellent tenant under lease. We handle analysis of the correct rent rate, marketing through many outlets, arranging for prospects to view the property, screening the prospects and qualifying them financially, negotiating any contingencies with the owner and tenant, preparing the lease, performing the move-in and the walk-through inspection.
Can I switch from my current property management company?
You should always honor any brokerage agreement you’ve made. That said, many companies will let you cancel a property management agreement at any time without penalty, so go ahead and discuss it with them. Rock Point allows our clients to cancel at any time without penalty.
How much money do I have to pay up front when I hire Rock Point?
Zero. You do not have to pay us a dime until your property is leased to a qualified tenant and the first rent payment is in our hands. At that point we collect the tenant placement fee (leasing commission) and begin to collect the monthly management fee.
Do you screen applicants before renting to them?
Absolutely! We use highly-rated national screening services to check out a rental prospect’s credit history, criminal record, and eviction record. We also check references from former landlords and verify current employment as well as job history.
Do you keep an eye on my property during the lease term?
Yes we do. We conduct “eyes on” quarterly inspections of every property we manage as part of our preventive maintenance program. This allows us to assure that there are no developing physical issues with the building and that the tenant is keeping it clean and has no unauthorized occupants or pets.
What if a tenant doesn’t pay rent?
We charge late fees to encourage timely rent payment, and if a tenant is late we pursue them relentlessly until they pay. If all else fails, we proceed with swift eviction and collection efforts. However, we don’t need to do this very often since we are careful to select only tenants who meet our high standards.
How much does Rock Point charge as a monthly management fee?
Our standard management fee is 10%. The fee is reduced if a house is a higher rent property or if it is part of a portfolio of multiple rental units from the same owner. Lower income properties that require more intensive management may have higher rates.
Do you negotiate terms with owners of multiple properties?
Certainly. We recognize that there are economies of scale in handling multiple properties for a single owner. The management fee is reduced to 8% for portfolios of 6-20 rental units, and only 6% when there are more than 20 units! However, these lower rates may not apply if the portfolio consists of lower-income properties that require more intensive management.
How much do you charge for maintenance services?
Most maintenance issues are handled by our own professional technicians at a rate of $55 per hour. This includes wages, insurance, tools, vehicle and gas… everything! The charges may be 50% higher for after-hours emergencies, but we only respond to genuine emergencies that threaten persons or property.
How do I know how much you are spending on maintenance?
We will not spend more than $400 for a single maintenance call (except HVAC system or water heater) without getting your permission first, unless it’s an emergency to protect life and property. Our online Owner’s Portal allows you to check the financial status of your property in real time 24/7.
Still have questions? Ask us here.