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All Forum Posts by: Laura Stayton

Laura Stayton has started 1 posts and replied 248 times.

Post: Security Deposit Question:

Laura StaytonPosted
  • Property Manager
  • Delaware
  • Posts 248
  • Votes 133
Quote from @Laura Stayton:

You need to look at the Landlord tenant code for the county/state you're in to see how you're obligated to send the deposit back.  In DE we must send a letter within 20 days of move out by certificate of mailing itemizing any deductions against their deposit or if none saying this represents the return of your deposit in full etc with a check to the forwarding address provided to you by the tenant.


Just wanted to add that in Delaware if you don't send the itemization within 20 days of move out you are obligated to pay them DOUBLE the security deposit and cannot deduct damages.  So this is very important to do correctly

Post: Zillow Background / Credit Score - DO NOT USE / WARNING!!!

Laura StaytonPosted
  • Property Manager
  • Delaware
  • Posts 248
  • Votes 133
Quote from @Marcus Auerbach:

Zillow Credit Scores are not only wrong, they are totally random!! When you hit print on a Zillow Application Credit Score, you get a different result every single time. WTH!!  Can someone explain this?

I tested this several times, even went to a differnt computer. The 3 examples below were printed within minutes. Its basically pick your own score. If you did not like the first one, just print another one. I did some research and looks like I am not the first one to discover this?

There is no way Zillow is not aware of this!!

We have literally an eviction at the moment with someone, who per Zillow had excellent credit. We based the decision on the score shown on the screen and when the troubles started we brushed it off as a misunderstanding, because the person had excellent credit. Until we discovered the score is different every time you print!

Can someone verify what we are experiencing here?


 I don't know but I will say we've had 2 different owners come to us within a few months who used Zillow to screen and the tenant moved in and never paid a dime.  They didn't know how to get them out and ended up speaking to us (we referred to an attorney) Looking up the individuals on the court connect here in DE they were evicted from numerous homes before that didn't show up on Zillow screening.  So not sure what's happening over there but definitely beware.

Post: Property management lease only service?

Laura StaytonPosted
  • Property Manager
  • Delaware
  • Posts 248
  • Votes 133
Quote from @Ryan Duphorn:

I'm 25 and just closed on my 2nd property that I will be owner occupying / house hacking and moving out of my current house hack to rent out to a family/tenant. It's a 4 bed 2 bath house. I found a local property management company that offers a "lease only service" meaning that they will take pics, market/list the property for rent, handle showings, screenings, and paperwork to onboard the tenant and then hand it over to me to manage. I've decided that I want to manage it myself for at least a year to not only save costs but because the property is local to my next one, I've lived in it for over a year so I know the maintenance of the home, and I'm a PM for a home builder so I have all the handyman/tradesmen relationships that I can use for any repairs. The PM company charges a fee equal to first months rent for this lease only service. I would rent the property for $2000. Do you think it's worth $2000 to have a company handle the full tenant onboarding process?

Since I'm young and haven't done this leasing/renting out process before (my house hack roomates have been friends), I'm afraid of onboarding the wrong tenant or drafting up paperwork/leases that doesn't fully protect me as a landlord. Plus doing a bunch of showings and processing applications doesn't sound too fun either. Is the tenant onboarding process really that difficult or strenuous to where it's worth utilizing this lease only service despite the fairly hefty fee for a process that will probably take the PM company roughly 2-3 weeks to do?


 Yes it's worth it if you have a reputable management company.  We market the home, handle the showings, application, credit and background checks, verify income etc and then submit to the owner for approval.  Once approved, we offer a lease to the tenants, collect first months rent (which we retain) and security deposit (payable to owner)  We also make sure they have utilities transferred and renter insurance in place before obtaining keys for move in.  We then turn everything over to the owner.

If you don't know what you're doing, there are so many missteps you can make along the way and believe me there are some sophisticated scammers out there these days.  Protect yourself.  You also need a binding lease that abides by the landlord tenant code of your state so it's enforceable.

Totally worth it and why we have the same owners come back to us time and time again as needed when the tenants we place move and they need us again.

Good luck

Post: Security Deposit Question:

Laura StaytonPosted
  • Property Manager
  • Delaware
  • Posts 248
  • Votes 133

You need to look at the Landlord tenant code for the county/state you're in to see how you're obligated to send the deposit back.  In DE we must send a letter within 20 days of move out by certificate of mailing itemizing any deductions against their deposit or if none saying this represents the return of your deposit in full etc with a check to the forwarding address provided to you by the tenant.

Post: Tenant has vacated property but other tenant wants to stay

Laura StaytonPosted
  • Property Manager
  • Delaware
  • Posts 248
  • Votes 133

When is the lease up?  I would have her reapply and make sure she can afford it on her own.  Otherwise I would give notice for her to move end of term and start over.

Boyfriend would have to put in writing that he is giving up possession of the unit and rights to security deposit (in DE anyway) 

Post: Are these property management fees standard? Central FL

Laura StaytonPosted
  • Property Manager
  • Delaware
  • Posts 248
  • Votes 133
Quote from @Deb L.:

I'll be renting out a condo soon; the prior tenant was a relative, great tenant for many years. I self-managed, no extra fees, etc.

I've recently hired a property manager. Here are their fees to the tenant--

$150 administrative fee
$75 application fee (I think that is per person)
44.95 per month resident benefit package (includes renter's insurance, monthly air filters, credit building, I.D. protection) --mostly a cash grab 
Plus our condo charges $100 application fee.

 I might be $50-$100 high on the rent I've set which I can of course change if I don't get a potential tenant. 

Their monthly charge is 7% whereas the standard seems about 10%.  So the tenant is basically paying the difference on a $2K rental.  

Are these fees going to scare off potential renters or is this the norm?

Thanks!  

Yes I think this will deter people from applying.  $75 application fee is higher than standard (in Delaware at least) and then a condo fee as well.  I would ask what the condo fee covers and see if you need both.  These discounted management companies generally make up the difference somewhere else.

Post: Property damage - freak accident

Laura StaytonPosted
  • Property Manager
  • Delaware
  • Posts 248
  • Votes 133

In Delaware, we have 20 days to send the security deposit letter to the tenant.  We would get a price for the floor and add that cost to what they owe.  Sometimes tenant will pay but you have a record of it at least.  We utilize a collection agency as well for these.  Good luck

Post: Application Before or After Showing?

Laura StaytonPosted
  • Property Manager
  • Delaware
  • Posts 248
  • Votes 133

Have a set of criteria that you will accept for an approved application (min credit score, income etc) for ALL applicants and post that with your listing or ask before you show.  Then show them if they meet it and take the application.  I personally think it's too much to ask people to apply and pay the app fee before they even see the property.

Post: Am I being ripped off by my PM?

Laura StaytonPosted
  • Property Manager
  • Delaware
  • Posts 248
  • Votes 133
Quote from @Lewis Kerwin:

Hi,

I have an out of state investment property in a major city. Just looking at recent statement I saw that there was an unreported expense (just under the $200 threshold to report to me). When I looked at description it said:

"Pre-Move-In Issues:

Tech went to the store to purchase an aerator.
He came back to the unit and replaced 2 aerator in the kitchen and bathroom.
Tested both faucets and working as should be.
He turned the outlet 180° for the AC plug.

$194

"

Does this seem appropriately charged?

Thanks for your perspective!


 Yes, that seems legitimate and reasonable 

Post: Checking for Evictions

Laura StaytonPosted
  • Property Manager
  • Delaware
  • Posts 248
  • Votes 133
Quote from @Makan A Tabrizi:

Being a landlord in Colorado is getting more challenging with all the new laws getting passed. I'm a new landlord, trying to be vigilant about checking applicants' backgrounds. I've been doing some research and apparently, the courts can "suppress" records of eviction proceedings for cases that are pending (the ones where eviction has been granted will show in the background check, (I hope and think). Am I wrong in assuming that if eviction is pending from another property they wouldn't be applying for my property? I almost know the answer, which brings me to the next question: If a current eviction procedure can be suppressed am I totally out of luck trying to screen a person in this regard? (assuming there isn't a string of late payments and so on the credit report). Thanks in advance for the responses.


 Every state is different so hard to say.  In Delaware, we screen thoroughly (credit, criminal, eviction etc) and also check court connect Delaware - sometimes eviction history shows there even when it doesn't on the credit report.  In general though, if they are in court their credit is not up to par so make sure you're checking everything you can.