Owner FAQ
Property Owners FAQ
What services do you offer?
At Lux Property Management, we offer a comprehensive suite of services to ensure your property is well-managed and your tenants are satisfied! This includes, but is not limited to thorough screenings, maintenance, marketing, renewals, and move in/move out management. See our What We Offer page for a more detailed list.
What types of properties do you manage?
We manage a diverse range of properties to suit various investment needs and preferences. This includes residential properties, apartments, commercial properties, vacation rentals, condos, and AirBNB properties.
How do you determine the rental rate for my property?
We determine the optimal rate through a comprehensive market analysis and property evaluation. By comparing your property to similar ones in the area, assessing its unique features, and weighing different factors, we can set a competitive rate. We also review historical rental data and current demand to identify key trends and fluctuations to keep your properties a step ahead. Using these details, we will set a rental rate that balances attracting quality tenants and maximizing your rental income.
How do you screen potential tenants?
We utilize modern property management software to conduct thorough tenant screenings. This process includes detailed background and credit checks, rental history verification, and employment/income verification. This way we are able to ensure we select a reliable and responsible tenant(s), reducing the risk of issues and helping maintain a positive rental experience for both owners and tenants.
How do you handle maintenance requests?
We manage maintenance requests efficiently through our online portal. Tenants can easily submit requests, which are promptly reviewed and addressed by our team. We coordinate with tried and trusted vendors to ensure timely and professional repairs at low rates. Our goal is to keep maintenance costs down, while maintaining the property in excellent condition, ensuring tenant satisfaction and preserving the value of your investment.
What is your process for handling tenant disputes or issues?
We handle tenant disputes and issues with a structured and fair approach. First, tenants can report concerns through our online portal or by contacting our office directly. We promptly review each case and communicate with the involved parties to understand the situation fully. Our team mediates to find a fair and amicable resolution, prioritizing compliance with lease agreements and legal requirements. By addressing issues swiftly and professionally, we aim to maintain a positive living environment.
How and when will I receive rental payments?
Rental payments are typically disbursed to property owners monthly, on the last day of the month, after we collect rent from tenants. For your convenience and efficiency, we offer payment processing via direct deposit into your designated bank account or by paper check, ensuring a seamless and timely transaction every month.
What fees do you charge for your services?
Our fees are structured to be transparent and competitive within the property management industry. They generally include a management fee of 10% of the monthly rent collected and a leasing fee of 50% of the monthly rental rate for tenant placement. We also charge a $250 lease renewal fee. For a visual breakdown, see our What We Charge page.
It's important to note that we do not markup or charge additional fees for managing repairs. We believe that these services are integral to effective property management and are included in our management fee. This approach ensures that your maintenance costs are kept transparent and fair, without any surprises.
Our percentage-based management fee ensures that we are motivated to rent properties at the highest achievable rental rates and minimize vacancies. After all, if the property isn’t generating rental income, neither are we. This structure aligns our interests with yours as a property owner, ensuring proactive management to maximize your investment returns.
For further details or a tailored breakdown specific to your needs, we encourage you to reach out to us. We understand the importance of transparency, and are here to provide clarity and support in managing your property effectively.
How do you handle security deposits?
We handle security deposits with strict adherence to legal guidelines. Upon move-in, we collect the deposit and securely hold it in a designated account. During the move-out inspection, we assess the property for any damage beyond normal wear and tear. Based on this assessment, we deduct repair costs if necessary and return the remaining amount to the tenant within the legally specified timeframe. Our thorough process ensures fairness and compliance, protecting both property owners and tenants.
What are my responsibilities as a property owner?
To manage your property effectively, we require your cooperation in providing necessary information and permissions. Your approval is essential for moving forward with repairs, ensuring your property is maintained to the highest standard. We handle day-to-day operations and tenant communications on your behalf, allowing you to enjoy a hassle-free ownership experience while we take care of the details.
What should I do if I want to sell my property?
If you decide to sell your property, we’re here to assist you every step of the way. Our team provides market analysis to determine the optimal listing price, coordinates with real estate professionals for showings, and manages tenant relations during the sale period to ensure minimal disruption. We'll handle the details, so you can focus on achieving a successful sale.
How often will I receive updates about my property?
You can be as involved as you want! We want to communicate with you how YOU want to be communicated with. With that being said, our standard communication process prioritizes transparency, and we aim to keep you informed regularly about your property's status. You can expect updates on tenant turnovers, maintenance issues, financial statements, and any other pertinent matters on a monthly basis. Additionally, we are available to discuss any concerns or questions you may have at any time.
Who will be my primary point of contact?
You will have a dedicated property manager as your primary point of contact. This professional will oversee all aspects of your property management, providing you with regular updates, addressing any concerns, and ensuring seamless communication. With a single point of contact, you can expect personalized service and quick responses to all your needs.
How do you ensure compliance with local, state, and federal laws?
We ensure compliance with local, state, and federal laws through a comprehensive approach. Our team stays up-to-date with the latest regulations and industry standards by subscribing to legal updates and industry newsletters. We conduct thorough lease reviews and property inspections to ensure all legal requirements are met. Additionally, we work closely with legal professionals to address any complex issues, ensuring your property is always in full compliance and minimizing legal risks.
What happens if a tenant needs to be evicted?
If a tenant needs to be evicted, we handle the entire process for you. Our team manages everything from serving notices and filing legal paperwork to coordinating with law enforcement if necessary. We ensure the eviction process is carried out smoothly, efficiently, and in full compliance with legal requirements, minimizing stress and disruption for you.
Do you offer any guarantees or warranties for your services?
Yes! We stand behind our services with guarantees of quality and professionalism. Additionally, each tenant we place is guaranteed for the duration of their initial lease term, so if a tenant moves out early, we will replace them for free without any additional fees. We are committed to delivering efficient property management that meets or exceeds industry standards. Our goal is to ensure your peace of mind and maximize the performance of your investment property.
How do you handle lease renewals and rent increases?
We handle lease renewals and rent increases with a strategic and transparent approach. Prior to the lease expiration, we review the current market conditions and the tenant's rental history. We then propose renewal terms and any rent adjustments based on this analysis. Our team communicates clearly with tenants to discuss the new terms, ensuring a smooth renewal process. By proactively managing lease renewals and rent increases, we help maximize your rental income while maintaining positive tenant relationships.
What should I do if I have a question or concern about your services?
If you have any questions or concerns about our services, please don't hesitate to contact us. You can reach us via phone or email. Our team is here to assist you and ensure your experience with our property management services is seamless and positive.