Frequently Asked Questions from Property Owners
Below are some of the most frequently asked questions from our property owner clients. The information contained here is brief, at any time you require additional explanation you may contact our Client Services department. (Please visit Our Resources page to learn more about CrestCore and how we can help you.)
1. How are my properties set up in the CrestCore management system?
You begin by signing our Management Agreement which contains a list of your property addresses. We will create an owner portal for you on the CrestCore website where you will receive all communication and documentation. A user guide will be uploaded immediately so you can begin to use the portal right away (click here to view the Owner Portal login screen).
2. How do I use the Owner’s Portal?
You can use the Owner’s Portal to view your statements, look at completed work orders, and get weekly updates during the tenant screening process. Watch the video to learn more about how to use it.
3. Once my property is in the system what can I expect?
If your property is vacant, we will have our Maintenance department do an evaluation to determine its readiness for leasing. It is our policy, depending on the area, to pull the A/C condenser, cage the A/C unit or leave it as-is. We also board up the windows in vacant properties (at our discretion) to protect your investment. If repair work is required you will be notified and receive a quote for your approval prior to any work being done. If the property is occupied we will contact the tenant immediately to make arrangements to collect the rent.
For more information about vacant property policies and procedures, please see the “Maintenance” and “More About Vacant Properties” sections below.
4. Who do I contact if I have questions or concerns?
CrestCore has a dedicated Client Services department for your convenience. You may contact Client Services during normal business hours (10AM to 3PM CST Monday through Friday) via email at email@example.com, the Comment area in the Owner Portal, or by phone at 901-385-3119 ext 34.
1. How is the rent rate set?
Target rent is set using current market analysis and internal statistics. We have developed a proprietary tool that utilizes our 2,000+ property database to accurately assess market conditions. All target rents must be approved by the property owner.
2. How do you get a tenant for my property?
We maintain a large staff of full-time Leasing Agents along with a dedicated Leasing department to market our managed properties. In addition we advertise the property on the CrestCore website (click here to view the For Rent section of our website) as well as many others like the local MLS, Zillow, Trulia, Hot Pads, Craigslist, etc. A CrestCore For Rent sign will also be placed in the front yard.
When a prospective tenant completes an application to lease the property we put them through an extensive qualification process including, credit check, rental history check, criminal background check, income and identification verification. The time it takes to get the property leased will vary. You will receive weekly updates in your owner portal.
3. How long does the tenant stay in the property?
Typically, we write our leases for one 12-month period. However, we may write a longer lease with your permission. When a tenant wishes to renew at the end of their term, we will renew the lease for another 12-month period if they have performed according to the conditions of the original lease and you allow them to stay. Sometimes a tenant may remain in the property on a Month-to-Month basis. We require a 30-day notice for all move outs.
4. What happens if the tenant does not pay the rent?
You will receive monthly updates on rent payments received as well as late payments. Rent is due on the 1st of the month and considered late on the 6th day of the month. Late fees are retained by CrestCore to cover the cost of collections and court appearances.
If the rent goes unpaid after the 17th day of the month in which it is due, our Payments & Collections department will send you notice of pending legal action (FED). Charges to cover the court cost and attorney fees start around $225. We only use professional eviction attorneys to handle all evictions. You will have the option to stop the proceedings if you wish by the 20th of the month. The eviction process usually takes 30-45 days plus some additional time to remove the tenant from the property. There may be additional charges related to your case as well as securing the vacant property.
For more detail on the eviction process, please see the “More About the Legal Process” section below.
5. How often do properties go vacant?
According to current statistics vacancy rate is less than 5%. Once a vacant property is refurbished, properties are usually re-leased within 30 to 45 days. We will do a weekly check of all vacant properties at no charge.
6. What happens to the security deposit when a tenant moves out?
Security deposits are held in an escrow account at Triumph Bank in Memphis, TN.
When a tenant moves out, the security deposit is returned to them unless any of the following conditions exist:
-They are past due on the rent.
-They have unpaid fees.
-They have not given proper notice as required.
-They have left the property in unsatisfactory condition.
Security deposits that are not returned to the tenant will be paid to the property owner.
7. Will I have to deal with complaints from tenants?
No, we attempt to satisfy tenants at the departmental level. When needed, we involve managers and the Principal Broker of CrestCore. Only after exhausting all avenues without resolution will we ask for your direct involvement.
1. What happens when work needs to be done on my property?
We handle all small repairs (under $500) as needed. You will be notified by email whenever a work order is opened for maintenance. If the repair is in excess of $500 we will notify you and ask for your permission to proceed. You will receive a written quote of the work to be done as well as itemized charges. CrestCore adds a 15.9% billing fee to the total of the approved invoice to cover management of the project and final inspection of the work. Once the work order is completed you will see the bill in your owner portal and you will receive a report for the closed work order. You do have the option to secure additional estimates from outside contractors on your own if you wish to do so.
2. What is the average cost of a repair?
About $125 on average.
3. Do I need to schedule lawn care if my property becomes vacant?
No, when properties become vacant we put them into our bi-weekly rotation for grass cutting. The charge for this service is around $46 per cut. As a property owner you are responsible to meet city code enforcement standards related to the condition of the lawn – charges from the City can be over $250 for violations.
4. What about air filters and yearly inspections?
We offer a bi-annual 22-point Inspection and Maintenance service. The following areas are covered. -HVAC system inspection and filter change -Roof inspection -Yard inspection -Exterior walls inspection -Interior inspection including cleanliness, electrical outlets, sink faucets, toilets, lights and fans, and signs of water damage to cabinets or ceilings Change smoke detector batteries. The charge for this service is $115 per visit (Spring and Fall). Please watch our 3 Ways to Save Money on Maintenance video to learn more about reducing maintenance costs.
1. When do I receive my Owner Statements?
You will receive an email notice when your statement is available to view on your owner portal on the last business day of the month.
2. When do I receive my money?
You will receive an email notice that a payment to your account is pending. Checks are cut and direct deposits made on the last business day of the month (your bank may take 48-72hrs to post the direct deposit). On newly leased properties, there are two possible scenarios may apply. Month #1 there will be leasing expenses of 50% of the rents received and your monthly management fee. Your payment will be reduced by these amounts. Month #2 if the Tenant’s move in date was after the first of the month they will pay a prorated rent and this will affect the total payment you receive. You will be charged an on-going monthly management fee based on your Management Agreement.
3. What happens if my Statement shows a negative balance?
You may experience a month when expenses are greater than the income received. If this happens you can go to your owner portal and make a contribution to your account or mail a check to CrestCore to cover the negative balance. We do not accept credit card payments at this time.
Bi-Annual Property Preventative Maintenance Inspections
It has been our experience that in our years of property management many maintenance & HVAC service calls were the product of poor maintenance on the tenant’s part. In an effort to reduce the number of unscheduled service calls and reduce maintenance costs for our property owners, we have established a bi-annual HVAC preventative maintenance program. This program consists of (2) visits per year- once in the spring and once in the fall.
In the Spring: The cooling system is inspected thoroughly, air filter(s) changed, & the outside condensing coil(s) cleaned. Then the system’s operating pressures are checked and any potential problems identified. At this time any needed repair can be scheduled and performed before the hot summer rush.
In the Fall: The heating system is thoroughly checked. The air filter(s) changed again and the furnace(s) is professionally serviced. Allowing again for any potential problems to be identified and scheduled for repair.
Please see full breakdown of items checked during these inspections:
Spring Service (Air Conditioning):
- Clean and inspect condensing coil
- Clear condensate drain
- Change air filter
- Check AC operating pressures
- Test condenser starting capabilities
- Inspect and test blower assembly
- Check and test safety controls
- Lubricate moving parts where required
- Calibrate thermostat where applicable
- Check supply and return air flow
- Check expansion valve operation (if applicable)
- Evaluate overall air conditioning performance
Fall Service (Heating):
- Inspect heater exchanger and burners
- Vacuum debris from service box
- Inspect and clean pilot assembly and/or flame sensor where applicable
- Inspect and test blower assembly
- Inspect and test safety controls
- Change air filter
- Check amp draw on blower motor
- Inspect and test draft inducer assembly (when applicable)
- Inspect furnace exhaust vent piping
- Inspect supply and return air duct system
- Check supply and return air flow
- Inspect and clean exterior furnace enclosure
- Evaluate overall heating performance