Owner FAQs for MDC Property Management
1. Onboarding and Initial Setup
Q: How do I get started with MDC Property Management?
A: Once you sign our property management agreement, our team will guide you through the onboarding process. This includes submitting necessary documents, providing property keys, and completing an onboarding form. You’ll also receive access to your owner portal on manageohio.com, where you can monitor property performance, financials, and maintenance updates.
Q: What documents do I need to provide during onboarding?
A: We’ll need proof of ownership, insurance documentation, and a W-9 for tax purposes. We’ll also ask for property details such as HOA rules (if applicable), recent inspection reports, and any warranties or service contracts related to the property.
2. Financials and Owner Payouts
Q: When and how will I receive rental income payouts?
A: Owner payouts are typically processed between the 8th and 12th of each month after we reconcile tenant payments and property expenses. Payments are sent via ACH transfer to your designated bank account.
Q: What fees can I expect as part of property management?
A: Our fees include a monthly management fee, leasing fee, renewal commissions, and optional add-ons like maintenance coordination or HOA management. A detailed breakdown of fees can be found in your agreement or in the “Management Fee Breakdown Sheet” on the owner portal.
Q: Will I receive monthly statements or reports?
A: Yes, you’ll receive a detailed monthly statement summarizing rental income, expenses, and maintenance costs. These are uploaded to your owner portal by the 12th of each month.
Q: How do tax-related items work?
A: At the start of each year, we provide a detailed 1099-MISC form for your tax records, along with an annual financial statement summarizing all income and expenses for the prior year.
3. Maintenance and Repairs
Q: How do you handle maintenance issues?
A: Tenants can submit maintenance requests directly through their tenant portal. Our team evaluates each request and coordinates with pre-vetted vendors to address the issue promptly. For repairs exceeding $500, we’ll contact you for approval unless it’s an emergency.
Q: Can I use my own preferred vendors?
A: Absolutely! If you have trusted vendors you’d like us to use, provide their contact information during onboarding. We’ll coordinate with them for any approved maintenance work.
Q: Do you offer preventative maintenance services?
A: Yes! We offer our MDC Safeguard program, which includes seasonal preventative maintenance options like HVAC tune-ups, gutter cleaning, and more. You can choose individual services or enroll in a standard or premium plan.
Q: What happens if a tenant damages my property?
A: In the event of tenant-caused damage, we’ll coordinate repairs and charge the tenant’s security deposit for the cost. If the damage exceeds the deposit, we’ll assist in pursuing additional legal remedies if necessary.
4. Tenant Screening and Leasing
Q: How do you screen tenants for my property?
A: We conduct a thorough screening process that includes credit checks, background checks, employment verification, rental history, and income verification. We only approve tenants who meet strict criteria to ensure reliable occupancy.
Q: What is your process for lease renewals?
A: We review market rent trends 90 days before lease expiration and recommend any necessary rent adjustments. Tenants are notified and given the option to renew. If they decline, we begin marketing the property to minimize vacancy.
Q: What happens if a tenant needs to be evicted?
A: Evictions are rare due to our robust screening process, but we’re prepared if needed. Our team handles the legal process, from serving notices to coordinating with attorneys and local courts. Costs associated with eviction are billed to the owner.
5. Marketing and Vacancy
Q: How do you market my property to prospective tenants?
A: We use a combination of professional photography, online listings, social media promotion, and partnerships with popular rental platforms like Zillow and Apartments.com. We also leverage our local network to ensure maximum exposure.
Q: How long does it take to lease a property?
A: Leasing timelines vary based on factors like location, price, and condition. On average, most properties are leased within 30 days. Proper pricing and curb appeal play a significant role in reducing vacancy.
Q: Can I adjust the rental price during a vacancy?
A: Yes! We’ll provide market data and recommendations, but you have the final say in setting or adjusting the rental price.
6. Communication and Owner Portal
Q: How can I access my owner portal?
A: Visit manageohio.com and log in with the credentials provided during onboarding. The portal gives you access to financial reports, maintenance updates, tenant lease details, and more.
Q: Who should I contact for questions about my property?
A: For general questions, email [email protected]. For specific concerns, you can also reach out to your assigned property manager. We strive to respond to all inquiries within 24 hours.
Q: How are emergency issues handled?
A: Our team operates a 24/7 emergency hotline for urgent issues like plumbing leaks or heating failures. These are addressed immediately, and you’ll be notified of any significant events as soon as possible.
7. Legal and Compliance
Q: How do you ensure my property complies with local laws and regulations?
A: We stay up to date on local ordinances, building codes, and landlord-tenant laws to ensure full compliance. We’ll notify you of any updates or required changes to your property.
Q: What insurance coverage do I need as a property owner?
A: You’ll need landlord insurance with sufficient liability coverage. We recommend discussing your specific needs with an insurance professional, and we require a copy of your policy for our records.
Q: Do you handle HOA-related matters?
A: Yes, we offer optional HOA coordination services, including compliance monitoring and communication with the HOA board. Additional fees may apply for this service.
8. Miscellaneous
Q: Can I add or remove properties from management?
A: Yes, you can add properties at any time. For removing a property, we require a 30-day notice in writing after the initial agreement term.
Q: Do you manage short-term rentals?
A: Our services focus on long-term residential rentals, but we’re happy to refer you to professionals specializing in short-term rental management.
Q: Do you charge a fee if the property is vacant?
A: No monthly management fee is charged during vacancies; however, any ongoing expenses (e.g., utilities, HOA fees) are still the owner’s responsibility.