Frequently Asked Questions
How long has the managing broker been in property management?
The managing broker has been involved in property management in the Southeast Tennessee area since 2000.
What professional organizations do you belong to?
River Counties Association of Realtors MLS
Notary Public in Tennessee
Bradley County Chamber of Commerce
Tennessee State Certified General Real Estate Appraiser
Georgia State Certified General Real Estate Appraiser
Associate member of Appraisal Institute
Do you handle purchase and sales transactions also?
We only handle sales and purchase transactions for our clients and tenants, not the general public. Because we only help our current owners and tenants, we can offer them discounted prices for these services.
What is the average time to fill a vacancy?
A lot of factors affect how quickly a unit will rent including type, price, condition, etc… but we typically can get the average unit rented within 15 days.
How many vacancies do you currently have?
Our current vacancy rate is %2.0
How long does it take to get a non-paying tenant out?
We strive to perform the eviction process as quickly as the law allows and when everything goes smoothly, we can have a tenant out in no more than 45 days.
Do you charge for monitoring and maintaining vacant units?
We use all of our marketing outlets to advertise our vacancies at no additional cost to you. We are happy to negotiate special activities like a feature on a property in the newspaper or billboard, if requested.
How do you market vacant units and what does it cost?
We utilize many different marketing outlets including Realtor.com, Trulia, Zillow, Facebook, billboards, and much more. All of this is included in all of our management packages. When requested, specialty marketing can be done for reasonable prices.
How do you screen applicants?
We do a thorough background check on anyone planning to reside in the property that is over the age of 18. This includes credit check, criminal background check, and previous eviction history. We also verify employment, current and past landlords, and income records when needed.
Who handles yard care on vacant units?
Our in-house landscape crew can keep your vacant unit maintained and presentable for a very reasonable rate. If you have a vendor you prefer, we are happy to work with them. Payment for the maintenance of the yard of a vacant unit would be covered by the owner’s reserve funds.
What is the late payment policy?
Rent is due on the 1st and considered late on the 6th. At that time a late fee of 10% of the monthly rent amount is charged. We give late notices that have a “14 Day Notice to Vacate” built in so that if the tenant doesn’t pay, we can proceed with an eviction process quickly.
Who will be the person handling my property?
Our property manager will oversee all day to day decisions, manage staff, conduct planning, and handle paperwork involved in the care of your property. We always have someone in the office to answer calls, greet customers, and schedule showings for vacant properties.
What is the policy regarding pets at my property?
Deciding to let tenants have pets is up to the property owner. Some important things to consider when making this decision is the type of pet, how many, the size of the animal, and the type of flooring in the property. We always require a nonrefundable pet deposit per animal and we never allow pets that are considered an aggressive breed. We are here to offer our expertise and assist in making that decision.
How many people will be permitted to live in my property?
Our policy is to permit two people per bedroom.
What are the monthly management fees?
Our management fees range from 5% to 10% depending on the management package you select.
What is the fee for procuring new tenants?
With some of our management packages a $50 fee is charged for the processing of new tenants. This is determined when the management agreement is negotiated.
What is the fee for renewing leases?
We do not charge additional fees for renewing leases.
What is the reserve requirement & what is it for?
We ask owners to keep a reserve of funds for each property so when a repair or an expense shows up after the last monthly distribution but before the next rent payment is collected, there are monies available to cover that cost. On average owners are asked to keep $250 in their balance but exact amounts are determined and outlined in the property management agreement. In the event the property management relationship is terminated, those reserved funds are paid out to the owner in their final distribution.
How do tenants contact Clarity Property Management?
There are many ways to contact us. We have phone, fax, email, and in person at our office. Our hours are Monday thru Friday, 9 to 5 PM. Our owners and tenants have portals through our website that is also a very quick way to reach us.
How often are financial statements prepared & delivered?
We send out monthly statements on the 10th of each month (or the closest business day, depending on when the 10th falls in the month). They are provided by email and/or uploaded to the owner’s portal. Paper copies can be provided by special request but this service does involve a small additional fee.
How are owner proceeds disbursed?
We direct deposit owner’s distributions each month. We can pay using a paper check, if requested, for a small processing fee.
When are proceeds disbursed?
We deposit funds into owner’s accounts each month on the 9th. Occasionally weekends and bank holidays can affect when those funds are available.
Who handles maintenance and repairs?
We have a staff of insured, bonded, and experienced technicians that can handle almost every type of repair or work a property might need. We offer their services to our owners at prices lower than other vendors outside of our company. However, we are happy to contract a specific vendor if an owner has a preference.
What is the cost for maintenance and repairs?
Maintenance and repairs can cost between $25 to $50, depending on many factors including type of repair, time of repair (regular business hours versus emergency hours), and your management package. Exact amounts can be determined when the property management agreement is signed.
Do you conduct interior inspections periodically?
We conduct regular inspections of all our managed properties. We inspect a minimum of once per 12 months without any additional charge to the owner. For owners who prefer more frequent visits to their properties, we suggest you consider more than just our basic management package. Of course, we do a drive-by of each unit periodically. If we see anything concerning, we schedule an inspection of the unit to take a closer look and if we find any tenant-caused or tenant-related issues, we address those directly with the tenant, requiring them to resolve the problem promptly.
How long does it take to get a vacant unit ready for occupancy?
We can often have our vacant units flipped and ready to move into within 10 business days of the previous tenant’s move out. Occasionally factors like condition at move out, excessive wear and tear, damages, major repairs requiring extensive construction, etc.., can extend the timeline. Owners must also keep in mind that work cannot be performed without the funds in place to cover that cost. We often recommend not taking the last distribution from the unit being moved out of. All needed repairs can be estimated and discussed before work begins.