longandfoster

Tenant Security Deposit FAQs

Fri, 16 Jun 2023 16:36:54 GMT

When will I get my security deposit back?

Landlord-Tenant laws in NC give 30 days from the time the lease agreement ends, or from the time possession of the property was delivered to the landlord/property manager (whichever is later) to process your deposit. If it cannot be processed within those 30 days, you will be notified that the final accounting will require additional time to process, allowing for another 30 days. So, even if there are delays that prevent a more expeditious process, the total number of days should not exceed 60.

How do I get my security deposit back?

Any remaining balance of the security deposit will be mailed to your forwarding address on file, along with a disposition letter showing the breakdown of the final accounting. To ensure the arrival of your check, please make sure you have given us an accurate forwarding address no later than the end date of your lease. We will not cancel and re-issue a check until 30 days have passed to allow for arrival by mail.

Can my security deposit be sent back in the form of separate checks divided equally amongst all tenants on the lease?

No. A single check will be issued to all financially-responsible tenants on the lease agreement.

Can I use my security deposit to pay my last month's rent?

No. Your security deposit cannot be used to cover your last month's rent, which is outlined in your lease agreement. The security deposit is designed to cover any damages to the property that exceed normal wear and tear, which is assessed after move-out. Even if you are confident that you have not damaged the property during your tenancy, things can happen accidentally during move-out and security deposit funds must be available to compensate for the damage.

If I move out early and my roommate is staying in the home, can I get half of the security deposit back when I leave?

No. The security deposit will not be processed until the entire tenancy ends. It will then be refunded to the remaining financially-responsible tenant(s) on the lease agreement.

Do I have to get my carpets cleaned, even if I know the owner is planning to replace them soon?

Unless otherwise stated in writing, yes. Carpet cleaning is a requirement to be done prior to your move-out, per your signed lease agreement terms. If the carpets are found to be overly dirty after move-out, your security deposit will be charged for having them cleaned.

Do I have to have a flea and tick treatment done prior to moving out, even if my pets don't have a flea or tick problem?

Yes. Per your lease agreement, you are required to have the treatment done prior to moving out if you have pets in the home. If there are clear signs of a pest issue (inside or outside the home) after move-out, your security deposit will be charged for proper treatment.

What happens if I have an overdue balance after my full security deposit has been used?

You will be notified via mail and/or email with a copy of your disposition letter of the final accounting. If payment arrangements are not made and agreed upon by our office, the owner can choose to put your account in collections or file a claim against you in small claims court for the money owed. These outstanding balances are reported on landlord reference verifications, and will likely affect your ability to rent with other companies/landlords in the future.

March 2023 Owner/Investor Newsletter

Wed, 22 Mar 2023 19:27:34 GMT

January 2023 Owner/Investor Newsletter

Thu, 26 Jan 2023 15:23:57 GMT

July 2022 Owner/Investor Newsletter

Wed, 06 Jul 2022 14:19:44 GMT

I got approved, but not for the property I wanted. What now?

Fri, 24 Jun 2022 13:35:02 GMT

I got approved, but not for the property I originally wanted. What now?

If you received a notice of approval on your rental application with our office but you were not approved for the property you wanted, we know it can be disappointing. However, you have a couple of options on what to do with your application:

Review the other available rental properties we have on our website. If there is another property available for which you qualify financially, you may request to move your application to the available property.
Put your application on hold. If there are no available properties that will work for you, we can put your application on hold. You will have 30 days from the date of your original application to see if another property comes available for which you qualify financially. Please continue to check our website vacancies tab frequently, as our website is updated in real-time when we post a new property for rent. Contact our office during business hours at 252-335-8633 to move your application to the new property.

IMPORTANT NOTES:

If you choose to move your application to another property with our office during your 30-day approval period, you will still be competing with any other applications we have received on that property until such time that you pay the holding fee to reserve it.
Application fees are non-refundable . We often receive multiple applications on a property. Although you may not have been selected for the property you wanted, the application was still processed in full (including your background and credit check screenings, for which we pay a fee as well). The amount and quality of work done to process your application remains the same, and your application will remain on file for 30 days from your original application date.

We appreciate your understanding and cooperation, as well as your careful review of our policies (which are noted on the "Before You Begin" page of the application process).

June 2022 Owner/Investor Newsletter

Wed, 08 Jun 2022 19:23:46 GMT

March 2022 Owner/Investor Newsletter

Wed, 16 Mar 2022 15:00:00 GMT

February 2022 Owner/Investor Newsletter

Tue, 08 Feb 2022 16:32:19 GMT

Property Management Fees

Tue, 09 Nov 2021 18:58:58 GMT

When you hire the skilled team of dedicated property management professionals at Select Rental Services, here is what you can expect to pay*:

Monthly Management Fees : We charge 10% of the monthly rent ($75 minimum) for your ongoing management services, such as rent collection, maintenance coordination, inspections/compliance evaluations, etc.

Leasing Fees : Each time your property experiences a tenant turnover (new tenant moves in), we collect 50% of the first month's rent ($500 minimum) to cover the leasing services, such as marketing, showings, rental applicant screening and processing, pet screening, turnover-related maintenance coordination, lease preparation and execution, coordination of tenant move-in, etc.

Lease Renewal Fees : Whenever your current tenant renews for another lease term (no move-out or tenant turnover), we collect 10% of the monthly rental rate ($75 minimum) to cover the renewal services, such as coordination and execution of new lease agreement, etc.

Administrative Fees : Although uncommon, there are cases where an administrative fee of 10% of the invoice total ($25 minimum) may be charged if a bill is paid on your behalf by the company that is outside our normal scope of management services. For example, if you have homeowners' association dues for your rental property, and you request that our office pay them on your behalf from your rent proceeds, a 10% ($25 min) administrative fee will be added to the bill since homeowners' dues are outside the scope of our normal management services. Most maintenance related to tenant turnover or regular work orders would not be assessed an administrative fee.

Late Fees : Late fees and NSF fees are collected from the tenant and paid to the company. These fees help cover our extra efforts to collect late rental payments on your behalf.

Investor Volume Discounts : We extend volume discounts to our landlords/investors with 3+ properties under our management. The discounted fees are as follows:
For investors with 3-19 properties/units in our rental program, the Leasing Fees are reduced to a flat $250 for each tenant turnover.
For investors with 20+ properties/units in our rental program, the Leasing Fees are reduced to a flat $125 for each tenant turnover, and all Lease Renewal Fees are waived.

If you have specific questions about our fees and/or services, please feel free to contact our office by phone at 252-335-8633 or by email at rentals@selectrentalservices.com.

*Due to antitrust laws, prices are not fixed between firms/companies. The fees listed here are the fees charged solely by Select Rental Services and are not intended to represent the fees charged by any other firm/agent.

November 2021 Tenant Minute

Mon, 08 Nov 2021 19:45:29 GMT

October 2021 Owner/Investor Newsletter

Fri, 08 Oct 2021 14:24:19 GMT

Why do I have to pay a Leasing Fee each time my property is turned over?

Tue, 14 Sep 2021 15:28:40 GMT

Why do I have to pay a Leasing Fee each time my property is turned over?

When your property goes on the market to find a new tenant, we put in the same amount of hard work and incur the same expenses, regardless of whether it's the first time we have ever leased the property or if it's simply because your current tenant is moving out and we need to find a replacement. The Leasing Fee covers the following costs associated with tenant turnover and marketing:

Advertisement: Advertising is the foremost way to secure a new tenant. Your property is advertised on our company website, as well as many other syndicated sites beyond our own. These syndications result in referrals for prospective tenants to our office for inquiry. We also frequently advertise our properties on social media.

Showings and Applications: These marketing efforts produce inquiries from prospective tenants, which triggers showings and applications to begin. Our dedicated Leasing Coordinator conducts all showings and processes all incoming applications using our proprietary scoring system that complies with all fair housing laws.

Lease Generation: Once an applicant is chosen, the Leasing Coordinator generates the lease documents and sends them out for execution by the new tenant prior to move-in.

Maintenance: Your Property Manager coordinates all maintenance items necessary to turn the property over in a clean and safe condition that meets (or exceeds) our company's minimum property standards.

Move-in Inspection: Your Property Manager conducts and documents a detailed move-in inspection of the property to record the condition before a new tenant takes possession. This inspection provides baseline documentation of the initial condition of the home; likewise, this inspection documentation will be used at move-out to process any charges against the tenant's security deposit. The thorough documentation also provides backup if any maintenance issues or legal disputes arise during the tenancy.

Collection of Backup Documentation and Monies: The Leasing Coordinator will collect all remaining backup documentation and deposits from the tenant prior to releasing keys for move-in. This process includes (but is not limited to) the collection of: proof of renter's insurance, proof of utility connection/service transfer, security deposits, and initial rent payment.

This specific and thorough process takes place every time your property is turned over in preparation for a new tenant to move in, and it helps ensure a smooth transition for both you and your new tenant(s). Our leasing process has been honed to provide quick turn-around times and reduces vacancy rates to well below the national average; consequently, our effective leasing process helps mitigate income loss due to vacancy, which helps offset the Leasing Fee.

September 2021 Owner/Investor Newsletter

Thu, 09 Sep 2021 16:29:39 GMT

August 2021 Owner/Investor Newsletter

Fri, 06 Aug 2021 16:16:31 GMT

Stop and read these important tips before you apply!

Thu, 29 Jul 2021 19:17:38 GMT

Are you thinking of applying for one of our rental properties? STOP and carefully read through this important list of tips and requirements before you begin. These tips can help save you time and money.

There are certain things that will generate an automatic denial if found during your screening process. Even if you can explain the reason for the issue, we cannot approve your application until you clear it up on your background check, credit report, prior landlord reference, etc. (as applicable) and we receive documentation that it has been officially removed from your record. The following issues will result in an automatic denial with our company:

• Any outstanding debt owed to a previous property manager, management company, or landlord

• Gross income of less than 3 times the monthly rent

• Evictions in the past 12 months

• Significant damages to a previous rental property reported by a prior landlord

• Falsifying or omitting information on your application

Applying online is the easiest, fastest, and most convenient way to expedite your application, and you can do so by visiting our website's Vacancies tab ( here ). Once you see the list of available properties, click the "Apply Now" button to begin your application for the property of your choice. If you are unable to apply online, we do have paper applications in our office that can be picked up or emailed to you. If you decide to submit a paper application, you will need to drop off the application in person accompanied by application fee(s) in the form of certified funds (cashier's check, money order, etc. - NOT CASH ).

As a part of the online application process, the first page you will see is a "Before You Begin" page - BE SURE TO READ IT IN DETAIL. Many of the tips listed in this blog are reiterated on that page; however, there are additional details you'll need to know before paying your application fee and completing your application. We do NOT refund application fees for things that an applicant should have known by reading this information prior to applying. It is your responsibility to ensure you can comply with all requirements, and that you do not have any of the automatic denial issues before deciding to apply with our company.

Application fees are $55 per person over the age of 18 that will reside in the home. Everyone who will be living in the home (financially-responsible or not) must submit a separate application and pay the $55 fee.

Pet screening is required and is good for one year following the screening date. The pet screening fee is $25 for the first pet and $20 for a second pet. We do not allow more than two pets at any of our rental properties, even if they are listed as pet friendly. (There is no fee associated with screening a service animal or emotional support animal, however the pet screening is still required.)

In the interest of health and safety, only those people who will be occupying the home will be allowed to view the property at the showing. Please do not bring friends or other family members along for the showing appointment if they will not be moving into the home with you.

Applications are typically processed within seven days after submission. You will be contacted via email regarding your application status, and if any additional information is needed to proceed with processing, you must submit it promptly to avoid cancelation. Please plan to watch your email closely after you submit an application, as it is our primary form of communication with applicants due to documentation regulations. Each financially-responsible applicant will need to provide a valid email address (no shared emails allowed for security purposes).

To remove a property from the market, we require a holding fee equal to one month's rent. The holding fee is refundable for five calendar days following receipt, or until the lease is executed, whichever happens first. The holding fee is then credited toward your security deposit. Until a holding fee is paid and an acceptance of the property confirmed, applications will continue to be processed and offered to other approved applicants; so, please be prepared to pay the fee immediately following receipt of your approved status notification to ensure you do not lose out on your desired property. Holding fees must be paid by certified funds (no cash or online payments).

Once we have received several pending applications on a property, it is temporarily removed from the website vacancies to allow time for application processing. If all applications are denied, the property will go back on the website accordingly.

If your application was approved, but you were not selected as the top applicant for your desired property, your application remains valid for 30 days and can be applied to any other available property within your approved price range for that period of time. After 30 days, you must re-apply since credit reports, background checks, etc. are all updated every month. We must be sure to have the latest, most updated information available for each applicant.

It is one of our deepest desires to have a smooth working relationship with our applicants, tenants, owners, and vendors. By embracing personal responsibility for carefully reviewing documents and being attentive to communications throughout the process, you are doing your part to contribute to a fluid working relationship. Select Rental Services commits to do the same, and we look forward to building these relationships on an ongoing basis.

If you have questions that have not been answered here or in the "Before You Begin" section of our application, please feel free to contact our office by phone at 252.335.8633 or by email at rentals@selectrentalservices.com.

July 2021 Owner/Investor Newsletter

Fri, 23 Jul 2021 14:39:31 GMT

How to Overcome Common Issues

Thu, 24 Jun 2021 18:46:57 GMT

How can I overcome some of the common issues with property management?

If you have been hesitant to hire a professional property management company, is it because of doubts related to the services you've received from a company in the past? Is it because you've heard horror stories from other landlords and you're scared to try the rental gig for yourself? At Select Rental Services, we have carefully honed our processes so that they are both efficient and effective - these processes bring the common issues to rest. When you hire our company, you receive a premium property management experience. Here are some examples of how we help overcome common issues:

Common Issue #1: "It took forever to get my property rented."
Our Solution: We understand that your property must be rented for you to have income. Renting your property requires a lot of attention to make sure it is done in a timely fashion. We have a licensed, dedicated Leasing Coordinator who focuses solely on leasing your property - this means the staff member's entire job is to find, screen, and secure your future tenants. The Leasing Coordinator handles all showings, answers questions from prospective tenants, provides feedback about showings and how well your property is performing, and does a virtual tour video to post on our website to increase marketing exposure. Once applications are received from prospective tenants, the Leasing Coordinator also processes background and credit screenings, handles negotiations regarding move-in dates and other lease terms, collects up-front tenant fees, and executes the lease to secure your next tenant.

Common Issue #2: "They put awful tenants in my home."
Our Solution: While nobody can actually predict the future or know what a person will really be like during their tenancy, we use the most diligent, strict screening process allowable by law. Applications are all processed into our exclusive, detailed scoring system in accordance with all Fair Housing laws. The screening process helps us to identify certain red flags that can indicate the potential for problems. The screening and scoring process includes a credit check, criminal background check, landlord references from prior rentals, income verification, and more. We even have a pet screening process to verify shots and other veterinary records, incident reports, photos, etc. Since we implemented this process, our eviction rate has dropped by 80% and consistently remains well below the national average.

Common Issue #3: "Nobody ever checked on my property during the tenancy and the house was trashed in just a year's time!"
Our Solution: In addition to our detailed move-in and move-out inspections, we also do periodic property visits four times per year (which happens to be more than any of our competitors). When the small issues are found early they are less likely to turn into big problems later. We send lease violation letters to tenants and create work orders as necessary following each property visit. These reports and photos are shared with our landlords via the Owner Portal.

Common Issue #4: "Maintenance issues were never addressed and it caused major damage to my home!"
Our Solution: We offer a 24/7 maintenance hotline to our tenants so they can call any time of day or night to report issues by phone, or tenants can submit work order requests online via their Tenant Portal. The maintenance hotline and online reporting systems are directly connected to our property management software system, so we receive notifications about maintenance requests immediately after they have been reported. We work with a vast network of insured vendors who have the ability to get the job done. Your Property Manager oversees the work orders to ensure they are completed in a timely manner and billed properly. There is always a team member on call for nights, holidays, and weekends to address any urgent maintenance issues that may arise. Our leases explicitly hold the tenant responsible for reporting maintenance issues to us. However, even if a tenant fails to report a maintenance issue, the Property Manager will often discover it during one of the quarterly property visits and address the issue at that time.

Common Issue #5: "I couldn't ever reach my Property Manager."
Our Solution: We have a company policy to respond to all messages within 24 hours (business days). When we receive an email, text, or phone message from you, we will contact you at the earliest possible opportunity, but certainly within the next business day. We also have an Office Administrator staffed at the front desk during business hours to field incoming phone calls and walk-ins.

Common Issue #6: "Tax time is too difficult."
Our Solution: We have a bookkeeper on staff, and a system that makes tracking your financials easy. At the end of the year, you will receive a detailed Owner Statement, which includes the amount of rental income you received, plus a categorized list of expenses like maintenance, repairs, and management fees. This handy statement will help you (or your CPA) expedite your tax filing. Throughout the year, you can check your financial statements, receipts, inspection reports and photos via your convenient Owner Portal.

As you can see, issues can arise even when you hire a management company. However, the right management company will make the day-to-day operations simple and effective, helping you get the most return out of your investment. When you hire Select Rental Services, you get the power of a full team of professionals working to provide you a premium service.

June 2021 Owner/Investor Newsletter

Thu, 17 Jun 2021 20:49:05 GMT

Breaking Your Lease

Wed, 16 Jun 2021 18:18:05 GMT

I need to break my lease...what do I do?!

Job transfers, medical issues, or other emergent life events can disrupt your plans and present the urgent need to move before your lease expiration date. Anytime you cannot fulfill the full term of your lease, it is considered "breaking" the lease and there are some associated consequences. Since a lease is a legally-binding contract, you remain responsible for your rent, utilities, lawn care, and all other lease obligations for the remainder of the lease term even if you have to move out early (**see footnote below regarding military orders). The exception to this rule is if we can find new, approved tenants to begin a new lease prior to the end of your lease term. Basically, the sooner we can find new tenants and execute a new lease, the less days you'll be held responsible for your lease obligations.

Here are some things you can do to facilitate a smooth transition and to reduce your expenses associated with early termination:

Written Notice: Submit written notice that you will be vacating the property to your Property Manager as early as possible before your move. Make sure to include the date that you will surrender possession of the home back to Select Rental Services. We cannot begin marketing the property to find new tenants until we have your written notice and your official move-out date (which is the day you will be returning keys to the office). When we have ample time to find new tenants, we are more likely to have someone lined up to start a new lease shortly after your move-out.

Be Cooperative: Once your property is put on the market, we will begin showing the property to approved applicants. Be cooperative during these showings by allowing access to your property and keeping your home as clean and tidy as possible. When a home looks its best, prospective tenants are more likely to lease the home, thereby cutting down on the days you'll remain responsible for your lease. Prospective tenants are looking for homes that are decluttered, clean, and well-maintained (including the lawn). While we understand you'll be packing and moving, we just ask that you do your best to present the home in the most welcoming light.

Read and Follow Your Move-Out Instructions: Once your move-out process begins, you'll receive move-out instructions from our office via postal mail and email. This may seem obvious, but you MUST READ these instructions. Your move-out instructions include important information about what your Property Manager will expect to see after your move-out. Once you have returned keys to our office, your Property Manager will then perform an independent move-out inspection (you will not be present at the time of inspection). If the property meets all the standards outlined in your move-out instructions (i.e. clean, lawn has been mown, landscaping trimmed, no damages noted, etc.), you are significantly less likely to have any deductions for damages/maintenance on your security deposit. However, you will be responsible for any costs associated with re-renting the property that the landlord incurs due to your breach of the lease; as such, your security deposit will be processed in accordance with the NC Tenant Security Deposit Act ( click here to see the full statute - NC G.S. 42-51).

Move Out on the Date Specified: Be sure to move out and turn in keys to our office no later than the date you specified when you gave your written notice. With an adequate amount of time given in your notice and your full cooperation during showings, most of the time we will have a new tenant lined up to take possession of the property soon after your move-out. This will mean that your Property Manager only has a few days to prepare the property for turnover. So, if you do not turn in keys on the date promised, the whole process is delayed and causes a ripple effect for the next tenant. If you cause delays in the turnover process and the new tenant cannot take possession of the property on the planned lease date, you will remain responsible for the lease until the situation has been resolved.

When it's all said and done, following these tips and staying in communication with your Property Manager will help you cut down on the negative consequences associated with breaking a lease.

**In the case of a required move based on active duty military orders, the procedure for early termination is different. Consult with your Property Manager if you are an active duty military tenant for instructions specific to your lease.

Common Tenant Misconceptions

Mon, 07 Jun 2021 16:37:08 GMT

Do you know what you don't know about renting a home from us?

Over the years, we have found that there are some common tenant misconceptions that seem to repeatedly appear. No matter how much the terms of the lease are explained verbally, marked in bold on the paperwork, or explained in detail in the tenant handbook, somehow many of the same things come up again and again. It's unclear where the myths come from, but it's safe to say that this era of online, instant information and social media are at least partially to blame. Do you know what is required/allowed as a tenant of Select Rental Services?

Here, we will debunk some common myths:

MYTH: Tenants can follow the Property Manager around the house during a Move-in/Move-out inspection.

FACT: Tenants DO NOT accompany Property Managers for Move-in/Move-out inspections - it is not optional, it is simply not allowed. The Property Manager will do a full, thorough inspection and document the findings with photos and/or videos, and an inspection report. The tenant and landlord will then be supplied with this documentation once the inspection is complete.

MYTH: The landlord takes care of ants, roaches, or other pest problems.

FACT: After providing a tenant with a pest-free rental upon move-in, further pest control is the responsibility of the tenant. Tenants who submit maintenance requests for pests in the home will be reminded of these obligations and directed to seek pest control services directly from a licensed and insured vendor.

MYTH: The landlord is responsible for all heating and cooling system maintenance.

FACT: While the landlord is responsible for providing a working HVAC system, the tenant is actually responsible for one of the most important parts of system maintenance - the air filters. Tenants are required to change the filters regularly. Select Rental Services makes this easy and convenient by enrolling our tenants in an automatic filter delivery program. Filters arrive to the tenant's home every 60 days, and they are date-stamped to show the date the filter is due to be installed. If a tenant fails to change air filters regularly, and the HVAC technician determines that a system malfunction was caused by dirty filters, the tenant will be charged for the cost of the repair.

MYTH: As a tenant, I should be able to keep my home as cool (or as warm) as I like if the HVAC system is functioning properly and I am paying the power bill.

FACT: While it is true that you are paying for the power usage, an air conditioning (or heating) unit cannot overcome severe outdoor temperatures at all times, even when it is functioning perfectly. For example, if it is 100 degrees outside, your air conditioner will not usually get the home down to an inside temperature of 60 degrees - the systems are just not that efficient. Furthermore, overloading a system in that manner can cause it to break down completely. Take care to keep temperatures at a reasonable level and don't expect more out of the system than it is designed to give.

MYTH: If I told my Property Manager about a maintenance issue over the phone, that's all I have to do. The landlord will be responsible for the cost of repairs/maintenance.

FACT: Maintenance requests MUST be submitted to our 24-hour Maintenance Hotline, either by phone or via your Tenant Portal. Calls and/or emails to the Select Rental Services office or to your Property Manager DO NOT constitute official notice for requested maintenance - and this is not because our staff is lazy or unconcerned about your maintenance issues. By starting with our official Maintenance Hotline, you enter a specific, intentional system to resolve the issue. For example, the Maintenance Hotline can provide troubleshooting options for many maintenance issues, and can sometimes even help you resolve the issue completely without the need for a vendor to visit your home. If a vendor is needed, the Maintenance Hotline will notify the Property Manager and it will be handled accordingly. The system is carefully designed to create an efficient, cost-effective, safe way to handle maintenance, so it MUST be followed. When considering the cost of repairs, it cannot always be assumed that the landlord will be responsible for the bill. The landlord does carry the responsibility to provide a habitable dwelling. However, if a maintenance vendor determines that the damage was caused by tenant neglect, misuse, or abuse, the tenant will be charged for the cost of the repair. Tenants are responsible for the upkeep of the property, including but not limited to lawn care, weeding flower beds, trimming trees and shrubs, cleaning out gutters, and keeping the property clean and safe (inside and out).

MYTH: I can put a trampoline in the back yard as long as I take it down when I leave.

FACT: Tenants must have WRITTEN permission before ANY changes or improvements can be made to the property - this includes painting, pools, trampolines, gardens, etc. Even when permission is granted, the property must be returned to its original condition upon move-out unless otherwise specified in writing.

MYTH: A tenant may choose whether or not to have renters' insurance coverage.

FACT: Renters' insurance is REQUIRED to rent a property from Select Rental Services, as it is in both the tenant's and landlord's best interest. For example, if the refrigerator stops working and a tenant had just purchased hundreds of dollars of groceries, the spoiled food is NOT the landlord's responsibility. Renters' insurance coverage can help recoup the costs of the tenant's lost groceries. Likewise, some renters' insurance policies even cover the cost of a hotel stay if there is a problem that makes the home uninhabitable (i.e. no heat, no water, etc.). There are many kinds of renters' insurance policies, and they all cover different things, so it is imperative to research the details and choose a policy that covers the most important items.

MYTH: "Utilities" mean electric service.

FACT: The term "utilities" does include electric service, however it also includes all other forms of service required at the home - natural gas/propane, water, cable/internet, phone, etc. The tenant is responsible for connecting all forms of utilities that are needed at the home. Additionally, if the main heat source is fueled by gas, the tenant MUST connect and maintain gas service. The use of electric space heaters as a main heat source is NOT allowed.

MYTH: Tenants will not be charged for any days beyond the lease expiration date as long as they have moved out.

FACT: Even after moving out of the home, the final step in surrendering possession and ending the lease is actually to turn in the keys to Select Rental Services. Until keys have been turned in AT THE OFFICE, the tenant remains responsible for pro-rated rent. Select Rental Services even provides a dropbox for keys to be turned in after business hours. If keys are not turned in, the tenant may even face an eviction proceeding as a holdover tenant, which goes on record and could hinder future rental applications.

MYTH: My rental house is on fire - I must call Select Rental Services to get help!

FACT: In the case of emergency (such as a fire or break-in), tenants MUST CALL 911 first to get help from the appropriate authorities. After the emergency has been secured/contained, then the tenants must report the issue to Select Rental Services for follow-up.

MYTH: Once a tenant turns in keys, the security deposit will be refunded immediately.

FACT: While we make every effort to efficiently and swiftly process security deposit refunds, the Property Manager has 30 days after keys have been turned in (or 30 days after the lease expiration date) to process the security deposit by NC law. Tenants must leave a forwarding address and should not count on being able to pick up a refund check immediately after keys are surrendered. In cases where the property was left in poor condition and multiple vendor bids are required, NC law allows the Property Manager to extend the refund period an extra 30 days with written notice to the tenant. The better the property condition at move-out, the faster the processing time for a security deposit refund.

MYTH: If a tenant owes money, Select Rental Services must keep hounding the tenant to pay.

FACT: Select Rental Services, in cooperation with the landlord, can (and will often) submit unpaid tenant balances to a third-party collection service. Even if a judgement is granted by the court for the unpaid balance, Select Rental Services can still pursue collection of the unpaid judgement.

MYTH: If tenants break their lease (move out and turn in keys prior to the lease expiration date), they are no longer responsible for the lease.

FACT: Tenants remain responsible for all lease terms (rent, utilities, lawn care, etc.) until a new tenant is placed and a new lease is signed, or until the lease expiration date, whichever comes first.

MYTH: The landlord must change the locks between tenancies.

FACT: The tenant is responsible for changing locks if desired; however, if locks are changed, a new key MUST be provided to Select Rental Services immediately.

MYTH: Prospective tenants cannot hold/reserve a property.

FACT: APPROVED applicants may pay a holding fee (equal to one month's rent) to hold a property off the market. The holding fee is refundable for 5 calendar days, or once the lease has been executed (whichever comes first). At lease commencement, the holding fee is converted into a security deposit. However, if the tenant backs out of the lease prior to taking possession of the property, the holding fee covers the loss to the company and the landlord for having to re-market the property and find a new tenant.

MYTH: Tenants can bring pets as long as they pay a pet fee.

FACT: This one is partially true, but needs more explanation. Pets are only allowed with landlord approval. Additionally, a non-refundable pet fee of $300 per pet is required (this is not a deposit that will be refunded later...this is a fee for the convenience of allowing a pet in the home; damages from pets may still be deducted from security deposit funds). There is a maximum limit of two pets for any Select Rental Services property; however, some landlords prefer to either prohibit pets altogether, or they may only allow a single pet, or a certain type of pet. Prospective tenants should inquire about the pet fees for the specific property of interest prior to making application.

May 2021 Owner/Investor Newsletter

Wed, 26 May 2021 16:09:13 GMT