Owner FAQ

  • How are properties advertised?
    • We advertise on several main sites that syndicate out to over 30 rental listing websites. Zillow.com, Trulia.com, HomesForRent.com, HotPads.com, Rentals.com, account for the majority of prospect leases. We also utilize an automated lockbox showing system to allow more prospects to view the home.
  • How often do you inspect a property?
    • Properties are inspected twice per year during the initial 12-month lease term. After the initial lease term properties are inspected once per year. We do offer additional inspections at a cost of $85/inspection. If there are issues at the property such as late payments, lease violations, etc additional inspections will be completed at no extra cost.
  • What specific services do you offer?
    • Main Street property Management is a full-service management company. We handle everything from initial property on-boarding with clean-up and repairs; marketing and advertising; property showing; tenant screening and leasing property inspections; rent collection; delinquency follow-up and eviction proceedings; maintenance coordination; move-out procedures; and security deposit dispositions.
  • How much do your various services cost?
    • Our management fees are 10% of gross monthly rent collected. Which means we only charge a management fee if the property is occupied and the tenants are paying rent. For occupied properties we charge a $100 on-board fee and for vacant properties we charge 50% of one month’s rent for tenant procurement.
  • When is rent distributed to me?
    • On-time rent proceeds are closed out on the 10th of each month. You’ll receive a statement and proceeds will be processed to your account the following business day. If rent was paid late an additional proceeds closeout will be done on the 15th of the month.
  •  Are there management / other fees due when the properties are vacant?
    • We do not charge any fees when the property is vacant, and we are actively trying to rent the home.
  • What miscellaneous fees could I be charged beyond the management & leasing fees?
    • If a tenant decides to renew their lease and remain in the home for another 12-month term, we charge a $95 renewal fee to cover the cost of a renewal inspection, new lease paperwork and market analysis.
    • Our management provides a Legal Services Program partnered with Property Management Law Solutions which provides attorney retainer services to landlord for any Landlord tenant related issues, including eviction representation. The charge for this program is $84 per year.
    • We also offer project management services for properties that need remodel work outside the scope of normal property management. If you purchase an investment property that needs a full remodel before placing a tenant, we can coordinate and contract with vendors to remodel the work and charge a 9% project management fee on gross costs.
  • What steps do you take to market properties once a tenant gives notice they will not be renewing the lease?
    • Once notice of non-renewal is received from a tenant the property is placed on our upcoming available list and marketed to interested parties. 7 days prior to vacancy the property is advertised, and showings are scheduled 3 days after the property is inspected. We do not show occupied properties prior to a vacancy. Unfortunately, most tenants are not cooperative with showings and failure to show often results in losing a quality prospect. We also can’t guarantee the move-out condition of the property and must inspect before it can be shown.
  • How long are properties you manage typically vacant before finding a new lessee?
    • Our average days vacant is 19 days, compared to market average of 38 days in Escambia and Santa Rosa counties.
  • How do you determine market rent value?
    • Market rent is determine by comparing the subject property to comparable properties that have rented in the last 6 months as well as comparable properties currently available for rent. We also revise rent prices each week based on activity and feedback received – a price reduction is almost always better than an extended vacancy.
  • What lengths of leases do you offer?
    • We require an initial 12-month lease for all tenants. After the initial 12-months, lease can be extended on a month-to-month basis or for an additional 7- or 12-month term.
  • What is the average length of occupancy per tenant?
    • Average occupancy length is dependent on the property type, area and price range; however average for Escambia and Santa Rosa counties is 2.3 years.
  • What percent of expiring leases renew for another lease?
    • On average about 60% of tenants renew for an additional year.
  • What do you require as a security deposit?
    • Minimum security deposit will be equal to one month’s rent and can increase from there up to two month’s rent to offset additional risk factors on an application.
  • How is the security deposit handled?
    • Security deposits are held by Main Street in a non-interest-bearing account. At the end of the lease we will complete a move-out inspection to determine what, if any, expenses should be charged to the departing tenant’s deposit. Security deposits are the most litigated issues in rental properties and must be handled properly and legally.
  • What is the average cost after a tenant moves out to make the property move-in-ready again?
    • Make ready repairs vary depending on price range but Owners should budget $200-$500 per turnover for general upkeep and preventative maintenance. Longer term tenants will have normal wear and tear expectations so turnover costs will be higher.
  • What are your screening requirements for applicants?
    • We check credit, background, income, and rental references for any person over the age of 18 that will be living in the property. Income required is 3x monthly rent for single occupants and 4x monthly rent for multiple occupants. Background should be cleared of felony convictions, sex offenses or domestic abuse convictions. 2 years of positive rental references are required.
  • How often will I receive updates / communication on the properties?
    • Ideally ‘no news is good news’, the less you hear from us the better so at a minimum you will receive a statement each month. However, you will receive email notification of any event impacting the property: maintenance, late rent payments, lease violations, lease expirations, inspections, etc. You also have access to an online portal allowing you to see all work orders, property notes, invoices, balances, and statements.
  • How often do you communicate with the tenants?
    • Tenants receive Quarterly maintenance emails, along with communication during maintenance issues, lease expirations, or other property events.
  • How many properties do you have under management?
    • We currently manager 520 residential rental units.
  • How are repairs / maintenance requests handled?
    • When a work order is received from a tenant, we will submit the work order to the appropriate vendor and send you a notification email updating you on the issue. If the repair is a required landlord repair item and less than $250, the vendor will make the repair and submit an invoice. Any repairs over $250 must be approved by the property Owner.
  • How do you handle late rental payments?
    • Rent is due on the 1st and late by the 5th. On the 6th the tenant will receive an email and phone call request for payment. On the 7th 3-day notices are delivered in person to the property, which is the first formal step towards eviction. If payment has not been received after the expiration of the 3-day period we will discuss with you on how to proceed and whether eviction is necessary.
  • What would you expect from me as a property owner?
    • We expect property owners to maintain their rentals to a quality standard and understand that rentals are an investment and may require upkeep and repairs. The biggest reason for tenant turnover is a failure to make timely repairs or standard issues. Vacancy costs typically outweighs any cost savings from delaying repairs.
  • Do you mark-up maintenance costs or repairs invoices?
    • No. We utilize 3rd party vendors for maintenance work on your property and the bill received is passed along directly to the homeowner – a copy of which can be seen in your online portal. You pay exactly what is charged for every repair.
  • Do you work with home warranties?
    • We can work with home warranties to submit work orders, schedule repairs and pay invoices; however, there is an additional fee for each work order of $45. Unfortunately, home warranty companies add an extra layer of communication and work adding hours of labor for our office and can often delay repairs by a week or more. Home warranties are designed for homeowners who are willing to deal with some discomfort to save money on repairs. A tenant without a/c for 10 days will not renew their lease.