FAQ

Frequently Asked Questions

Market the property 

Agent for the landlord or investor 

Prepare properties for tenants 

Perform routine property inspections 

Arrange for property viewings 

Prepare rental applications 

Screen applicants 

Coordinate lease signings and renewals 

Maintain the investment property 

Provide administrative and financial property management 

Provide secure Tenant portal for convenient rent payment  

Provide secure Landlord portal for customized financial reporting 

Maintain correspondence with owners and tenants 

Coordinate utility setup and during the make-ready process 

We seek to set the rental rate in such a way that maximizes both interest and profitability. Your lease rate is going to be determined by several market factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. Please contact our office and we can discuss this with you as it relates to your specific property. 

  1. Purchasing a property in poor condition.

Even though the purchase price may be attractive, the number of corrections required to make it inviting to potential tenants can consume every bit of profit made available by a tenant occupying the property. 

  1. Requesting a rent amount that is too high.

This mistake leaves you with long-term vacancies while generating no monthly income. Tenants in the rental market have a good idea of what current rents should be. 

  1. Not keeping an open mind regarding applicants

The changing economy has forced us to make decisions and review tenant applications differently. On average, tenant prospects have lower credit scores than the applicants from a few years back. 

  1. Failure to take advice from your property management company.

The rental property business is complex. But years of experience have introduced us to almost every obstacle rental ownership may present. Trust in your management company. We are here to protect your best interest. 

  1. Not addressing tenant concerns in a timely manner.

Failure to respond to tenant requests can create additional issues for a rental owner. The rental market is highly competitive and tenants in the same area talk with each other. Failure to respond can lead to a search for better-managed living opportunities. 

$50.00 per person 18 years of age or older (applicant or occupant). 

The term “applicant” under this policy means the person or persons signing the lease as a “Tenant.” The term “occupant” in the policy means the person or persons authorized to live in the home under the Occupancy clause of the lease. (An example would be a college student whose parents/guardian still claim the student as a Dependent on their taxes.) 

* APPLICATION FEES ARE NON-REFUNDABLE 

* APPLICATIONS ARE REVIEWED IN THE ORDER IN WHICH THEY ARE SUMBITTED AND ARE ON A “FIRST COME, FIRST SERVED” BASIS. 

Credit Report: A credit report is completed on all applicants with results factored into a credit scoring model. Examples of unfavorable accounts which could impact the overall credit score include, but are not limited to: 

* Unpaid Debt 

* Judgements within the last 7 years 

* Late payment history  

* Eviction filings or evictions in the last 7 years 

* Applicants must have a minimum credit score of 550. 

Income: 

* Applicants must have a minimum combined gross income (before taxes) of three (3) times the monthly rent amount. 

* Verification of income is required: 

    * Consecutive and most recent pay stubs for Gross Monthly Income 

    * Bank Statements (for the most recent 90-day period) 

    * Social Security or Retirement Income verification 

    * Legal documentation supporting other income (such as child support, alimony, etc.) 

    * Where new employment may be applicable, a copy of “letter of intent to hire” from future employer verifying start date and compensation 

* Verification of income for self-employed, retired or unemployed applicants may include CPA prepared financial statements or copies of current and previous year tax returns filed with the IRS and two of the most current bank statements 

Rental History: 

* Rental history should reflect no outstanding debt to any landlord or management company 

* Acceptable Rental Payment History (no more than 3 late payments for any 12-month period in the last 3 years) 

Criminal Record: 

A criminal background check is conducted on each applicant and occupant aged 18 years or older. The application will be denied for criminal-related reasons that have occurred within the timeline identified below prior to the application date. All records are evaluated from the date of disposition. 

Co-signers are accepted for applicants who have no previous rental history or who do not meet the required income criteria outlined above. 

* Co-signers are screened the same as an “applicant” and must therefore meet all screening criteria 

* Co-signers are required to sign the rental agreement 

* Co-signers may be relatives or an employer; friends may not serve as a Co-signer. 

If an applicant has no credit, does not meet the income criteria, and/or where a co-signer cannot be obtained, Peppertree Property Management reserves the right to require a higher Security Deposit. In this case, the higher Security Deposit would not exceed an amount equal to two (2) times the monthly rental amount. Acceptance of a higher Security Deposit would require individual owner approval.

Residents are asked to phone, or mail their requests to us, and they can request maintenance through our secure online web portal. Once a work order has been submitted, our maintenance team will contact the resident for details to help determine the basis for the work order. Once the workorder has been reviewed and approved, we will schedule the repair. Most repairs are scheduled within one business day. Air conditioning, no heat or hot water are given priority and are usually handled the same or next business day. 

Acceptance of a pet requires individual property owner approval. If the owner permits pets, the following criteria will be required: 

* Pet Deposit. 

* One Time Pet Fee (Non-Refundable). 

* Pet Rent, per pet, to be paid monthly in addition to rent. 

* Most updated Vet Records. 

* Recent Picture of the Pet. 

* Breed Restrictions may apply. 

Property damage liability insurance coverage, including a minimum of $100,000 of liability coverage for perils of fire, smoke, explosion, water discharge, and sewer backup is a requirement of the lease.