Allowing a third party to manage your investment property may create some anxiety and questions. Here are some questions that are frequently asked of us by new clients. If you have questions that are not addressed below, please feel free to contact us at your branch location.
“Who does the actual marketing of my property?”
Progressive Property Management or one of our affiliated real estate companies will be the responsible broker for the marketing of your property. Your property will receive professional tools and marketing expertise.
“Who pays for the marketing of my property?”
We offer service plans at Progressive. If you select our “all inclusive” plan, there is no cost to the owner for the marketing of the property. We pay for signage, MLS, and various internet services. If you choose our “a la carte” plan, we charge 35% of the first month’s rent as a tenant acquisition fee and that will cover the cost of paying the agent who brings a tenant through a “fee” service such as the MLS.
“What does it cost to put my property up for lease?”
It costs nothing. We are paid a percentage of the monthly lease payment once we have secured a tenant.
“What is typically involved in preparing a property to be rented?”
Tenants expect all major systems to be operating condition, all health and safety issues to be addressed, and the property to be ‘move-in’ ready. This may include painting, carpet cleaning, interior cleaning and minor repairs.
“Who determines how much to ask for the rent?”
We will recommend an asking price for your property, and use our marketing skills, real estate experience and a rental analysis to determine a price. Ultimately though, the rental market itself decides the monthly rent with the interest and offers from prospective tenants.
“How are the tenants selected?”
We use our “Better Tenant System” which uses a screening process that analyzes credit, income, rental history and most importantly, we listen to their “story”.
“Is there a cost to process the tenant’s application and draw up the lease?”
No there is no additional cost. This is part of our service.
“Who pays for repairs and maintenance during the tenant’s stay?”
The owner typically pays for all maintenance and repairs. For any repairs under $250, we pay these immediately. Any repairs over this amount must be approved by you and we must obtain a minimum of two bids.
“Are management fees deductible on my tax returns?”
Check with your tax expert, but generally our fee is tax deductible.