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What Kind of Fees Can I Expect with a Charlotte Property Management Company?

What Kind of Fees Can I Expect with a Charlotte Property Management Company?

by AM Realty, LLC. | Jul 31, 2020 | Owner Education, Property Management Education, Uncategorized

One of the first questions most owners ask us is – how much does property management cost? This is a good question. When you hire a professional Charlotte property management company, you’re looking for the resources and expertise that will help you make your...

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Rental Criteria & Application Instructions

Thank you for your interest in renting a home that is professionally managed by Advantage Property Management Services. Below you will find the instructions and criteria required when submitting a rental application. It is important that you read the information below prior to submitting an application to understand what is required for renting the property. If you have further questions, please contact one of our leasing agents at x2.

Q: General Application Information

A: Anyone 18 years of age or older must submit a rental application. When submitting an online rental application, you may complete the “Other Applicants and Adult Household Members” section, which allows separate applications to be submitted together.APMS can only approve complete Rental Applications. A complete application includes the online Rental Application form for all adults household members, proof of income documents, and the application fee. If you have a pet you must also submit the Pet Application through the third-party screening service we use. If your application is approvable, but not the approved one for the property for which you are applying, you may consider applying for our other available properties for 45 days without payment of an additional application fee. After 45 days you will be asked to submit a new Rental Application.All Applicants must see the interior of the property before an application will be processed. The property must be accepted in “AS-IS” condition before an application can be approved, except where there is written agreement for modifications or repairs. Any such modification or repair request must be in writing and included with your application under “Other Information – Any other information we should know?” If your maintenance and repair request is acceptable to APMS, then it will be acknowledged in writing. Verbal representations are non-binding. In the event that the manager receives two or more unrelated applications for the same property, the Applicant understands the Landlord may select the Applicant desiring the property in “AS IS” condition over another Applicant requesting maintenance or repairs (this does not apply if the request is related to accessibility accommodations).

Q: Application Processing and Time Frame

A: Most applications are processed in 2-3 business days. However, it can take longer. You can help speed up the process by putting your current employer and current and past Landlords on notice that we will be contacting them.No vacant rental property will be held for more than 14 days unless approved by the property owner. Negative findings may cause denial of an application; false documentation or failure to disclose information is grounds for denial of an application. We will send you a link so that you may monitor the progress of your application.

Q: Income Requirements

A: Basic Criteria: Gross household income of 3.5+ times the asking rent.Minimum Criteria: Gross household income between 2.5x – 3.49x the asking rent will be considered with an increased security deposit. Applications with gross household income below 2.5x the monthly rent will not be considered and should not apply. Income must be verifiable. Examples of income verification include, but are not limited to, pay stubs, employee records, income tax returns, social security documentation, and bank statements.

Q: Basic Criteria

A: Priority will be given to an Applicant who meets all of these Basic Criteria, is willing to sign a long-term lease, has no pets, and is willing to take possession the date the property is available for move-in. To be accepted at the advertised Security Deposit, an Application must meet ALL of the following criteria:Income: Gross household income of 3.5+ times the asking rent.Credit: 700+ credit scoreRental History: No evictions, unpaid balances to past Landlords, 2 or more late rental payments, foreclosures, bankruptcies, or non-medical collections.Criminal History: Within the last 7 years, no felonies for illegal manufacture or distribution of a controlled substance, or felonies resulting in bodily harm or intentional damage or destruction of property (for example “arson”). No sexual related offenses for any time period.Applicants who do not meet the Basic Criteria, but exceed the minimum criteria, are encouraged to apply and may be accepted with a higher security deposit.

Q: Credit Requirements:

A: Basic Criteria: Credit score of 700 or higher for each Applicant.Minimum Criteria: Credit score between 600-699 will be considered with an increased security deposit. Applicants with credit scores below 600 will not be considered and should not apply. APMS obtains a credit report for all Applicants and does not accept copies of credit reports from Applicants.APMS accepts discharged bankruptcies if the prospective Tenant has re-established good credit. Negative credit reports may be grounds for denial of an application.Due to credit reporting regulations, we cannot provide you with a copy of your credit report or discuss its contents with you. However, we can provide you with the name of the credit-reporting agency so you may request a copy from them. All information collected for the approval or denial of this application is considered confidential in nature and for company use only.

Q: Application Fee

A: A $45.00 application fee is required per Applicant, without exception, and is non-refundable. This fee offsets the costs incurred while processing an application. A $45.00 application fee for guarantors is required as well and is non-refundable. If you have a pet, a separate pet application fee will be due to the third-party pet screening service.

Q: Security Deposits & Risk Mitigation

A: The advertised security deposit is available to applicants that meet all the Basic Criteria and have no pets. Applications that do not meet the Basic Criteria are considered higher risk. APMS mitigates the increased risk by increasing the security deposit. Applications that do not meet the Basic Criteria, but exceed the Minimum Criteria, may be approved with a higher security deposit. If a pet is accepted, the security deposit will be increased by $500/pet.If an application is approved with a Guarantor, the security deposit will be increased to double the monthly rent. If the property is furnished or partially furnished, the security deposit will be increased by 1x the monthly rent.

Q: Rental History or Property Ownership

A: Basic Criteria: APMS requires a minimum of two (2) years of verifiable rental history, and/or homeownership.Minimum Criteria: we will consider applications without verifiable rental history or homeownership with an increased security deposit. An eviction in the last 10 years is grounds for denial. References must be verifiable and family references are unacceptable. Negative references can be grounds for denial of an application.

Q: Criminal Background

A: Applicants who have been charged with crimes should disclose all information. This information does not automatically disqualify Applicants. However, Applicants should not apply if, within the last 7 years, they have been convicted of any felonies related to the illegal manufacture or distribution of a controlled substance, or felonies resulting in bodily harm or intentional damage or destruction of property (for example “arson”). Applicants should not apply if they have been convicted of any sexual related offenses.

Q: Acceptance/Denial of an Application

A: All Applicants applying together must qualify; denial of one Applicant may result in the denial of all Applicants.APMS typically notifies Applicants of acceptance or denial within 3-5 business days of application, unless APMS cannot complete verifications. If more documentation is required, APMS will notify the Applicant. Submitting a rental application does not constitute an offer to rent or commitment of any kind. If an application is accepted, APMS will send the Applicant an “Offer to Rent” email. Applicants are required to adhere to the timelines outlined in the “Offer to Rent” email. You will be asked to provide the security deposit and the first month’s rent within 48 hours. Make sure your funds are available in advance. The security deposit and first months rent must be paid by cashier’s check or money order payable to “Advantage Property Management Services”.

Q: Multiple Applications

A: If we receive multiple applications we will process all applications for consideration as to what we (in our sole discretion) deem the best Applicant, which may not necessarily be the first application received. In such cases, more than one Applicant may be approvable. Because we represent the best interest of the property owner, we will accept the best application, which may not necessarily be the first application received. Applications remain active for 45 days and may be assigned to another property we have available for rent.APMS expends time and incurs cost in processing applications. Hence, our policy is that the application fee is non-refundable. If your application is approvable, but not the approved one for the property for which you are applying, you may consider applying for other available properties that we may have for 45 days without payment of an additional application fee.

Q: Ideal Applicants & How To Make Your Application More Attractive

A: Ideal Applicants will have qualifications that exceed the basic criteria, will sign a longer-term lease, will to move in on the advertised available date, and will not have any negative rental history, bankruptcies, evictions, or collections. Applicants can make their applications more attractive by providing required documents quickly, agree to a lease term longer than 12 months, and/or agree to move in on the advertised available date.

WE ARE PLEDGED TO THE LETTER AND SPIRIT OF THE U.S. POLICY FOR THE ACHIEVEMENT OF EQUAL HOUSING OPPORTUNITY THROUGHOUT THE NATION. WE ENCOURAGE AND SUPPORT A PROGRAM IN WHICH THERE ARE NO BARRIERS TO OBTAINING HOUSING BECAUSE OF RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN.

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APPLICATION PROCESS

We appreciate your interest in our available homes for lease offered by AM Realty, LLC. In order to qualify for one of our rental properties, you must submit a rental application. The rental application must be completed by each person age 18 years and older who will occupy the property. Applicants are required to complete the application in its entirety and submit all specified documents.

Leases are granted on a first-approved application basis. AM Realty, LLC will process your application and notify you if you qualify to lease the desired property. Allow two business days for the rental application to be processed. If any additional information is needed a representative will contact you.

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Important Guidelines for AM Realty, LLC. Residents

RENT DUE: All rents are due on the first day of the month. Some of our leases have a grace period. Any rent not received by 5:00 PM on the last day of the grace period is considered late and will incur a late fee. Rents can be paid on line, mailed to us, or dropped off at our office. There is a secure mail slot on our front door where rents can be dropped off 24/7.

LATE RENT: Any rent not received by 5:00 PM on the last day of the grace period (if any) is late and a late fee of 5% will be charged. Personal checks are not accepted after the 5th of the month. If your rent is late it must be paid with a cashier’s check or money order (payable to AM Realty, LLC.) and must include the late fee.

BOUNCED CHECKS: If your check is returned by the bank for non-sufficient funds, or for any reason, you will be charged a returned check fee of $25 PLUS the late fee of 5%. Replacement checks must be paid with a cashier’s check or money order and must include the NSF fee and the late fee. Personal checks will not be accepted by any tenant who has had two checks returned by the bank.

AUTOMATIC PAYMENTS: If you choose, you can arrange for an automatic payment with your bank. You can also make online rent payments via our Online Tenant Portal.

MOVING OUT: You must give 30 days written notice of your intent to move out. Once we receive your notice we will send you a move out packet with information regarding the pre-move out inspection and cleaning instructions.

MAINTENANCE REQUESTS: All requests for maintenance and repairs must be made through the TENANT PORTAL. You must give us permission to use our keys for entry or you must be home to let the repair person in.

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Allison Regets, Owner

Allison brings a wealth of knowledge from an extensive real estate background in sales and property management. She is a rare Charlotte native having grown up in the Queen City. She is a graduate of Johnson and Wales University with a degree in hospitality. Her property management, customer and client relationship skills are above reproach. Allison believes individual client attention is the key to successful, prosperous relationships.
 
AM Realty has been established for over 10 years now! AM Realty has the ability to help you invest in properties, sell properties and manage them! We aim to be your one stop shop for all of your real estate needs.
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Call or text us at (704) 850-9323 during business hours.

We guarantee that a team member will be on the other end to answer any questions you may have.

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Teresa Sutton, Accounts Receivable/Office Manager

After graduating in accounting from Clemson University, Teresa has enjoyed 40 years accounting experience, including 10 years in Public Accounting. She became a licensed NC & SC Realtor® in 2005. The majority of her background is in Residential and Commercial real estate. Teresa has worked for AM Realty since 2011.

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Troy Reece, Head of Maintenance

Troy has a company called AR Comfort. AR Comfort works in conjunction with AM Realty to provide a number of services to our owners, tenants and properties. Troy’s company can handle anything from AC maintenance/replacement, appliance repair, hot water heater repairs, general troubleshooting, light plumbing work and more. Troy works as a sub contractor for AM Realty and keeps his rates super low since he has been with the company for over 11 years.

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Jessica Williams, Leasing Manager

Jessica “Jess” Williams has over 15 years of multi and single-family property management experience. Originally from New York but considers herself a Charlottean having resided here for 12 wonderful years. She attended community college with a focus on business management. She has the pleasure of running the day-to-day leasing operations for AM Realty. “I feel very fortunate to work alongside 2 powerful women with such integrity.”

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