Why Property Management?
Owning rental property can be a great way to make additional income. However, it also requires a large amount of effort and time. Hiring a professional property manager will take lots of stress and duty off your shoulders. At Hospitality Realty & Hometown Property Management, we handle the day to day so that your property is taken care of and can bring a steady stream of income for your investment.
Management companies deal directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions.
Our Property Managers are Licensed Real Estate Agents solely dedicated to managing your single family rental home, or multi-property portfolio. Rest assured that a true professional bound by the National Association of Realtors' Code of Ethics will be bringing their know-how and expertise to your property, giving you the peace of mind that comes with knowing your investment is in good hands.
Property Management Services for Tennessee and Kentucky
Lease Preparation & Renewal
Tenant Relations & Communication
Rent Collection & Security Deposit Accounting
Delinquency Notices & Eviction Representation
Detailed Property Maintenance
Online Access for Tenants and Owners
Monthly and Yearly Financial Reporting
Property Management - Owner FAQ's
Can I handpick my tenant from the list of applicants?
All prospects are screened according to the same criteria in regards to credit, criminal, and rental background as well as income. We comply fully with the Fair Housing Act. This means that you cannot choose to refuse anyone that is a member of a protected class.
Can I refuse tenants with pets?
You can choose to prohibit pets in your rental, but you cannot deny a service animal or emotional support animal should a tenant have one. We use a third party known as PetScreening.com. PetScreening helps with assistance animal accommodation request validation through their comprehensive legal and FHAct/HUD guideline review process to confirm authenticity of the Assistance Animal. Per the Americans with Disability Act; no fees, deposits or additional rents can be collected for these animals.
What do you look at when screening applicants?
Credit: We obtain a credit report which tells us the applicant’s current and past financials. This report will show credit score, debt to income ratios, and if they are reliable on making payments to their current creditors.
Criminal: We run a full criminal background check for each applicants history. Applicants with felonies under 10 year old are automatically denied.
Income: We verify employment and income using the applicants paystubs. An applicant needs to earn 3 times the monthly rent in gross income to qualify for a property.
How often do I get reports about my property?
Owners get monthly financial reports showing all rent, applicable fees, and maintenance costs. Along with monthly reports, owners will receive property inspection reports every 6 months while the property is tenant occupied. Full inspection reports with any noted damage as well as preventative maintenance recommendations are done whenever the property is vacant.
What are your fees?
Our Management fees are a percent of the monthly rent. Specific fees will depend on the size, location, and number of properties you place with us. In addition to monthly management fees, there is a one time leasing fee at the start of each new tenant of $250, and a one time fee for the ability to use direct deposit of rental income.
What are common costs associated with tenant turnover?
Property Owners can expect to have some costs associated with maintaining a rental property. Normal wear and tear is not charged to tenants, so you will want to review all inspection reports and preventative maintenance recommendations so costly maintenance and improvements don't pile up all at the same time. Some routine property owner costs can be for things such as power washing exterior, replacement of worn carpet or flooring, large landscaping such as tree trimming, or finishing exterior patio/decks, etc.
Do you sell properties as well?
You are welcome to use any Realtor you are comfortable with, however, all of our Property Managers are licensed Real Estate Agents and can assist with this as an additional add on service to your property management.
How long is the property leased to a tenant?
Leases are a minimum of 12 months. Any requests for longer than one year will be sent to Owner for approval.