Owner Frequently Asked Questions

Q: Are you licensed?

A: Yes, we are fully licensed and insured.

Q: Can I reach you after hours?

A: We are available 24/7 for emergencies.

Q: Can you put the money directly into my account?

A: Yes, we can send your monthly rent proceeds via ACH to your bank account.

Q: Do I get to see the lease or sign it?

A: We upload a copy of the signed lease to your portal, but UPM signs the lease on your behalf, since we're the agents for your investment.

Q: Do you sell real estate too?

A: We are a full service property management company for all of your investments needs, and we have agents ready today to assist you with your sales and rental needs. We have over 15 years of experience in the sales and rental market.

Q: How soon can you start managing my property?

A: Today! The onboarding process is very easy and we can handle most everything the same day.

Q: Can I say who I want as tenants for my property?

A: You can specify whether or not you want tenants with pets (in most situations) or even tenants who don't smoke although all our properties are marketed as smoke-free. However, the more restrictive you are, the longer it could take to rent your property.

You cannot discriminate against any protected class under the federal fair housing or local fair housing laws, such as saying you don't want children. Because of this, it is best that you leave the selection process to us. We are professionals in leasing. We have specific criteria that every applicant has to pass in order to rent your property.

Q: What do I need to do to my property before I rent it?

A:The better condition your property is in, the better quality tenant we will attract for you. This means that the property should be clean, carpeting should be shampooed, walls should be painted (a neutral color is best) if they are dirty or marred, and things should be in good repair. It is best to have window coverings on the windows, such as blinds. Tenants are no different than you and I when we were looking to buy our houses - if it was clean and everything was working, it appealed to us more.

Upon taking over management, we will go through your property and make note of the condition and what we would suggest being done. You would then instruct us what you want to be done.

Q: How are security deposits handled?

A: We handle the security deposit for your tenant. According to state law, there are special requirements for the handling of deposits. We keep the deposits in a separate, interest bearing account. We conduct a move-in condition report of your property prior to the tenant moving in; we do it again when they move out, so we have a before and after picture and can lawfully deduct any damage over and above normal wear and tear on the property.

Q: How is maintenance handled?

A: The tenants do have responsibility for some of the maintenance on your property. They have to replace burnt out light bulbs, change HVAC filters, change batteries in the smoke detectors, and provide for exterminating if they are in a single family home or in a condo where their unit is the only one affected. Tenants are usually responsible for the lawn care unless they are in a multi-unit property.

When repairs need to be done outside the scope of the tenant's responsibility, we would have one of our in-house maintenance technicians or one of our sub-contractors handle the job. Anyone doing maintenance on your property is selectively screened and insured to protect you from unnecessary exposure. Our workers are available for your property maintenance needs 24 hours a day and their work is guaranteed. We handle the nuisance calls at all hours of the day or night. So you don't have to deal with that call in the middle of the night.

If we go out and find that the problem was tenant caused, the tenant will be billed and responsible for reimbursement of the charge. We look at your property as our own and are only doing necessary maintenance and repairs; however, if it exceeds our authorization limit as stated in our management agreement, you will be contacted.

Because of the volume of work we do with them, we usually get lower rates than what you would get if you called a contractor directly. We are home maintenance experts; we know houses, the problems that occur, what repair costs are, and how to get good service and we minimize unnecessary repairs by troubleshooting issues with the tenants.

Q: What type of insurance do I need?

A: Your normal homeowners' insurance does not extend to you the same coverage you will need when you rent out your house. You need comprehensive public liability insurance also known as DP3 - Dwelling Property All Risk. It still gives you the fire coverage you get from your homeowners but adds extended coverage since you will have a tenant living in the house. Expect this added coverage to increase your premium some. We recommend you speak with your insurance agent before you rent out your house.

Q: How long is your management agreement for?

A: We do the standard 12 month management agreements, that can renew each year. We also have a tenant placement service, where the management agreement is only for the length of finding and securing tenants into your rental.

Q: When will I receive my money each month?

A: Rent is due on the 1st of each month. Tenants have a 5 day grace period, and on the 6th of the month a late fee is applied to the tenant's account if rent money is not paid.In order to avoid violating trust accounting laws, we need to wait until rent checks or tenant online payments clear before we can send you payment.

We can deposit the fund directly into your account electronically, or we can mail you a check if you prefer. The owner payment period is between the 5th and 15th of the month. Direct deposit payments are quicker and will be deposited into your account the next business day once transmitted between the 5th and 15th.

We will collect the rent, pay the bills and towards the end of the month, we will provide you with an owner statement. This will be emailed to you and also posted in your online owner portal. Your owner statement is a detailed monthly statement showing all of the income and expenses for the month, along with payment of any excess funds.

Q: Do hold reserves on my account?

A: Yes. We hold $350 in reserves on your property. This reserve acts like a bucket and used for minor repairs and maintenance, if they should arise. We can promptly make repairs and settle payment with our vendors for repairs within the bucket of reserves amount. If a repair should exceed the reserves, we will contact you prior to making the repairs. When rent rolls around for the next month, you will see the deduction of the repair payment on your owner statement, and rent money will refill the reserve bucket to the $350 amount for any future repairs if needed. The remaining funds will be disbursed to you.

1001 Military Cutoff Rd.| Suite 101 Wilmington, NC 28405 | 910.859.7238
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