Property Management Fees
November 9, 2021
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.
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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.
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).
