Should I Hold A Vacant House For A Prospective Tenant?

How Long Should I Hold My Vacant House For A Prospective Tenant In Chattanooga?

What’s up, everybody? Alex Smith here from gkhouses Chattanooga.  I wanted to do another Questions Owners Ask. Today’s question is pretty simple, pretty straightforward, “Should I hold a vacant house for a prospective tenant?”

My opinion about holding a rental house  is that, you shouldn’t. The reason being is however long this prospective tenant takes to make a decision, that’s potential loss of income for you.

That’s showing, you know, you’re potentially losing out on other qualified applicants. What we do is we do a pretty firm no hold policy.

So the only thing that’s gonna hold a house for somebody is a signed lease.

Typically, what we’ve seen is if you put a deadline on something, most human beings are gonna procrastinate, so what that looks like for a rental house is prospective tenant ask you to hold a rental house for a week or 30 days.

You know, most people are probably going to find a way to stretch that out as long as possible, but if you tell them, ” You know, the only thing that’s gonna get you in there is a signed lease, and that’s the only thing I can do to hold it for you.”

You know, it puts the onus on them to make things happen and make a decision.

So hope this video about How Long Should I Hold My Vacant House For A Prospective Tenant In Chattanooga helps.

If you have any questions, you know, feel free to reach out to me and let me know. I’ll be glad to help.

Thank you, everyone for joining me in this video and I will be back to you with another video on such topics. Until, then take care. See you.

Looking To Get Into Real Estate Investing In Chattanooga

Things To avoid While Getting Into Real Estate Investing In Chattanooga.

What’s up everybody? Alex Smith here from gkhouses Chattanooga. This is another edition of Questions Owners Ask. The question I wanted to do today was, “I’m looking to get into real estate investing in Chattanooga, what are some things I should avoid?”

So there’s three I wanted to talk about today.

The First Things To Avoid While Getting Into Real Estate Investing In Chattanooga is pretty simple.

And you would probably do this if you are going to look for a house that you are going to live in Chattanooga, is don’t overpay.

You know, everybody always wants to get the best deal for the lowest price you know, this one is pretty simple don’t overpay.

The Second To Avoid While Getting Into Real Estate Investing In Chattanooga is don’t assume a house is going to appreciate.

And to delve a little bit more into that, don’t have appreciation be your only profit center.

Like the stock market, the housing market is impossible to time. You know, home values can change for reasons outside of your control.

And you know, don’t assume a house is going to appreciate and don’t have that be your only form of profit.

A pro-tip while buying/looking for a house in Chattanooga would be to buy a house that you can add value to you by fixing up, whether that’s, you know, doing a whole flip or maybe rearranging the kitchen, upgrading appliances, upgrading cabinets, adding a bedroom, things like that.

If you wanted to appreciate your house by addition, that’s a good way to do it. But like I said, don’t assume your house is going to appreciate because it might not.

Also, In Chattanooga one thing I wanted to talk about is another thing you can do is buy a house that’s already got a tenant in it.

That’s already cash flowing. That’s another good way to generate some cash flow.

And then the last thing I’ll say about appreciation is even if your house value goes down, if you got a tenant in it, you’re generating cash.

So unless you’re looking to sell the house, it really doesn’t matter what the house is worth, if you’re looking to buy and hold. So yeah.

The Third Thing To Avoid While Getting Into Real Estate Investing In Chattanooga  Would Be The One A Lot  Of People Don’t Think About.

This is something a lot of people just don’t think about but, you know, land-lording is a business regardless of whether you have a property manager or you’re doing it yourself.

And you know, looking that you’re going to have some customer service with keeping tenants happy, keeping vendors happy.

You’re going to want to keep your expenses down and you’re gonna want to keep your, you know, increase your revenue however you can.

So, you know, this one’s pretty easy to overlook, but just make sure you’re treating your homes as an active investment and you’re treating them like a business.

These were a few things that one should avoid while trying to get into Real Estate Investing In Chattanooga.

But that’s pretty much it. And If you are looking for a Property in Chattanooga and , If you have any questions,  I would love to help.

Just let me know. You can call us or you can email us.

Thanks everybody. See ya.

What makes a property manager unique?

What makes a property manager unique? The promises they make to their customers.

Hey, Spencer Sutton with gkhouses.

Thank you for filling out the form, thank you for reaching out to us.

We will be back in touch with you as soon as possible to answer any kind of questions, walk you through our processes.

Before that happens I just wanted to really make three promises to you.

At gkhouses, we make you these three promises and then if you decide and we decide that it’s a good fit we would love to do business together.

But I think you need to know what these promises are before that happens.

Promise Number One

We promise to give you just a hassle-free property management experience.

And what that means is we have a 100% happiness guarantee and that’s our pledge to you.

If you are not happy, if you’re not satisfied with our service then you can cancel at any time.

There’s no penalty, there’s no fee or anything like that. Our entire goal is to make you happy.

And what we found out is that part of making people happy is giving them a very hassle-free property management experience.

Promise Number Two

We promise to find you a very well qualified tenant quickly.  So this is really what you want.

You want a tenant that meets certain requirements and you want them in your home as quickly as possible.

And we want to give you that and it’s our promise to you that we’re going to do everything possible to make that happen.

We have very strict underwriting criteria for prospective tenants, but we also are very aggressive in our marketing.

So we also have two guarantees that you can learn about, 21 days lease guarantee.

Where we’re gonna rent your house in 21 days or you get 2 months of management free.

Also, we have a tenant guarantee where we’re guaranteeing that that tenant will stay in your home for, you know, a certain period of time.

And so you can ask the gkhouses representative more about those guarantees.

Promise Number Three

And then we promise we are going to treat your home and your tenant with respect.

We’re going to take care of those two and very, very important assets. So your house is an asset but really your tenant is the most important asset.

And when we’re able to take care of those by providing good service, you and your tenant will be happy. These are things like timely accounting when rent is due, maintenance requests handled in a timely manner.

When we are able to do that and keep a tenant happy they will stay in your house longer but they will also take care of your house.

And so those are our three promises, hassle-free property management experience, we’re gonna rent your house to well-qualified tenants very quickly.

Then we’re just gonna take care of your home and your tenant, the two most important assets in this whole equation.

Again we look forward to speaking with you soon and thank you so much for filling out that form

Ever wondered where to invest in Chattanooga?

Join Matthew Whitaker and Alex Smith as they dive into where to invest in Chattanooga, the Downtown edition.

Mathew: What’s up, everybody? Mathew Whitaker back here with another Where to Invest in Chattanooga episode with my man, Alex Smith.

Alex: What’s up, everybody?

Mathew: We are going to… We’ve already done a video on kind of the general areas that people invest in. Now, we want to start digging into some of the areas that we talked about that we just hit on a high level in another video.

So, we’re going to dig into downtown Chattanooga today, so super excited about that. I am going to share my screen with Alex so he knows what we’re talking about and I’m going to pull up an aerial view of downtown Chattanooga.

So, Alex, I mean the cool thing about downtown Chattanooga, you and I we were talking right before this is, it has a lot of diversity. I mean you have some really nice areas and some areas that are undergoing some gentrification.

So, I’m super excited to hop in here and take a look. I think what people know best is areas around the Tennessee Aquarium, the Museum of American Art. So let’s start there. Let’s start on right there on the river. Talk a little bit about that area for us.

Alex: Yeah, sure. So, as you mentioned, the aquarium’s there, you have a couple of museums. In terms of housing, what you’re going to get here is you’re going to get pretty much 100% condos.

These will be really nice condos. They’ll be, you know, from low thousands to, you know, high two’s, that sort of thing. A lot of young professionals will call this area home. But yeah, that’s pretty much what you’ll get.

Mathew: Yeah, this is a really cool area. One of the cool things too is the walking bridge that takes you kind of to the north shore area where there’s some really unique shops.

Think right in here like nice restaurants, everything is walkable, except I know you have to go up to the bluff right there. So some people might not call it walkable. But it’s a really neat, cool downtown area.

So, jumping from there over to UTC, the University of Tennessee at Chattanooga, why don’t you talk a little bit about investing around the university?

Mathew: Yeah, so around the university in Fort Wood and Martin Luther King, you’re going to get, you know, a pretty decent combination of condos/apartment/houses.

Your tenant population here is going to be mostly students who just want like a short walk or a short drive to school. You’ve also got the hospital in there. That’s a regional hospital, so they get all kinds of people from all over coming in there.

So, Martin Luther King, you’ve also got the Chattanooga Choo Choo in there. There’s a ton of good restaurants in there. So, you know, you’re going to get a lot of people visiting the city to go to either north of the city or this particular area right here.

For housing, if you don’t get…if you’re not dealing with apartments or condos, or, you know, like small student-type housing, it’s, you know, probably going to be a historic home.

Mathew: Very cool. And I can remember as a kid going to the Choo Choo. So this area right here is a regional draw for like weekend vacationers. So it’s an awesome area to invest. It’s undergoing a lot of revitalization.

All right, let’s go east and look at the zoo, Orchard Village, Orchard Knob, Highland Park area.

Alex: Yeah, so these four areas, when Mathew mentioned gentrification a second ago, this is where it’s going to be. So on one street, you might have, you know, mostly houses that have been flipped and flipped and fixed up and have young families living there.

You know, either the next street or a couple of streets over, you might have some houses that, you know, are looking for somebody to flip. Your quality of properties here is going to be across the board.

Another thing to note here is the word on the street is that the schools are not…public schools are not great in this area as a whole, this area being downtown. Another thing to note is that, you know, if you’re interested in getting into Section 8 housing, this is where you’ll find some good Section 8 type housing.

Mathew: So you’re talking super diverse. I mean all the way from professionals to Section 8.

All right, cool. So as we had west, we jump over the National Cemetery into the south side historic district.

Alex: Yeah, so just like it says most of the houses here are going to be huge, historic type homes built a long time ago. Not really a ton of rental potential out here. I cannot think of a house that we manage in this area. If we do manage one it’s probably one or two. There’s not many.

Mathew: Very cool. And then am I right, kind of south of that, you get into some industrial, west of that, you get into some industrial as well, right?

So obviously the Tennessee River running through the city is an important part of the city’s history. People love to live where they can see the river. There’s multiple mountains around this downtown area.

But we’re super excited about Chattanooga. I was on the phone yesterday with an investor and I was telling him that Chattanooga was the place that he need to be looking for. So, any last thoughts from you, Alex, before we send our viewers on their way?

Alex: Yeah, a couple of things to plug Chattanooga a little bit. So I read an article today on forbes.com that Chattanooga was tied for 6 nationwide for cities where jobs are going to be for 2019.

Another thing is that Volkswagen is building a new…a plant specifically for their electric cars that’s going to open, I believe it’s 2022. I could be wrong on that but it’s sometime in the next few years.

Mathew: Do you know where that’s going to be built?

Alex: Yeah, Volkswagen is out east.

Mathew: Okay. So right up off of 75?

Alex: Yes.

Mathew: Very cool.

Alex: Yeah, so a lot of potential for a huge influx of people moving to the city for one reason or another. So this is a perfect time to get into investing in Chattanooga.

Mathew: Awesome. Well Alex, thank you so much. This was very helpful. And if you have any questions, I know Alex will be super helpful. Why don’t you give them your number real quick, Alex.

Alex: Yeah, so my number is (423) 648-7368.

Mathew: Awesome. And we will see you all later. Thank you.

Where To Invest In Chattanooga

In this video, we explore the different areas of the city and where to invest in Chattanooga, TN based on your goals and risk tolerance.

Matthew: Hey, everybody, Matthew Whitaker here. I am with Alex Smith. Alex Smith runs our Chattanooga office for gkhouses and we are going to talk about where to invest in Chattanooga, Tennessee, and North Georgia. Say “Hi,” Alex.

Alex: What’s up, everybody?

Matthew: So, Alex was kind enough, cool enough, to put together a map of the North Georgia, Chattanooga area and what I would like to do in this video is basically walk through the map and let him tell you a little bit about each area and what houses you can find in there, what types of inventory, what people are doing there.

So, Alex, I think the best thing for us to do is just start on the south side with this big, green box here and talk about North Georgia.

North Georgia

Alex: Okay. So, obviously a little disclaimer on this map. It depends on what you’re looking for. I pretty much drew it from the perspective of just buying and holding a single family house.

So, if you’re looking for flips, I’ll talk about that a little bit but this is mostly geared towards buying, holding a single family.

So, in North Georgia, you’re gonna find a really good mix of between Class C and Class A properties. The benefit of investing out in this area is that the schools are really good out here.

Matthew: Okay. That’s really cool to know. So, you’re telling me a lot of people buy in North Georgia because the schools, the public schools are good?

Alex: Yeah. So, your options in Chattanooga are to send your kid to a not-so-good to okay public school in the city or send to a private school. If you don’t wanna do either and send them to a really good public school, North Georgia is where you want to be.

Matthew: So, the word on the street is that North Georgia has got great public schools.

Would you say, in this big box…are there are a lot of single-family rentals?

Alex: Oh, yeah. Yeah. There’s a lot of single-family rentals out here.

Matthew: And from a scale of 1 to 10 in terms of value, 10 being hey, is the best value in Chattanooga, what would you give this North Georgia area?

Alex: Probably between a 7 and 9.

Matthew: So, there’s some great deals in that area?

Alex: Yes.

East Chattanooga

Matthew: Cool. All right. Let’s move on. Let’s talk about East Chattanooga.

Alex: So, East Chattanooga…again, if you’re looking to buy and hold a single family, this is where you wanna be. The schools are okay out here but you’re gonna get a lot of bang for your buck in terms of a good value for a house that you can hold on to and on a good tenant and get some rent, good rent out for a couple of years.

Anybody who doesn’t wanna live downtown or in the North Shore, they either live in East Chattanooga, so the second green area or they live in Red Bank.

Matthew: Cool. And we’ll talk about Red Bank up here in a second. So, East Chattanooga and just a disclaimer on schools, this is what the word on the street is.

We’re not making any claims to schools being better. We’re just saying what people are saying to us. And so you’re saying on the east side on a scale of 1 to 10, what about value?

Alex: Between an 8 and 9.

Matthew: So, this is probably the highest value area in all Chattanooga?

Alex: What I was gonna say was in North Georgia it’s not as densely populated as it is east of the city. So, if you wanna minimize days on market and get a good value, East Chattanooga is where you’ll wanna be.

Matthew: And how’s the competition in East Chattanooga? Do a lot of people know about this?

Alex: That’s a good question. In terms of if a lot of people know about it, I don’t know, but I would guess so.

Downtown

Matthew: Cool. All right. There aren’t too many secrets anymore with the internet. All right. Let’s move to downtown Chattanooga. Why don’t you tell us…I would imagine there’s a lot of lofts down there?

Alex: Yes. So, downtown we manage a couple of downtown condos. So, if you’re looking to get into that space, downtown would be a good area to find that sort of property in.

Matthew: Cool. So, you’re talking about industrial-type buildings that they’ve retrofitted into condos and restaurants in the area?

Alex: Yeah. Either that or a new building specifically for condos.

Matthew: Cool. And now on a scale of 1 to 10, the value in that area in your opinion.

Alex: Not so great. Probably between a 5 and 7, if not lower.

Matthew: Okay. So, you got to look a little harder for the deals. All right. What about these two red boxes right here, North Shore and Ooltewah?

Alex: Yeah. So, before we head to those, another quick, little factoid about downtown. So, Matthew, if you’ll zoom into the map a little bit so they can see the neighborhoods.

As you move east into the city you’ll get a pretty decent mix of property types, you could find a distressed Class D, you can find a historic Class A.

If you’re into flipping, this would be a good place to find a flip. The schools in this area are not good, so keep that in mind. If you’re not really looking to do a flip and you wanna get into maybe lower income housing, this would be a good area to do that in as well, but you’ll find a lot of older houses that will probably need a lot of maintenance.

North Shore and Ooltewah

Matthew: Awesome. All right. Let’s move on to North Shore and Ooltewah. Let’s group them together because these are where the pricier homes are.

Alex: Right. Exactly. So, North Shore is like the hip area of town, a lot of Class A. You might be able to find a flip but I would imagine they’re pretty hard to find.

North Shore specifically is pretty overpriced but it’s very densely populated. So, keep those in mind if you’re looking to invest in the North Shore area.

Matthew: Awesome. And you would say the competition there is pretty stiff to find awesome deals?

Alex: Yes. That’s what I would say.

Matthew: All right. And then the last thing, this Northside you’re calling Hixson.

Alex: Yeah. So, before we get there I wanna talk about Ooltewah for a second. So, the good thing about Ooltewah is that you’re pretty close to Volkswagen and you’re pretty close to Amazon. Those are probably the two biggest employers in Chattanooga, I would say.

Matthew: And those are up 75?

Alex: Yes. You’ll also find a lot of Class A. So, not necessarily a ton of value there, but a good thing to know about Ooltewah is the proximity to Amazon and Volkswagen.

Red Bank and Hixon

Matthew: Perfect. All right. And let’s talk Red Bank and Hixson.

Alex: Yeah. So, as I mentioned a second ago, Red Bank is similar to East Chattanooga. If people wanna be close to the North Shore but don’t wanna deal with North Shore prices, Red Bank is where they go.

So, you’ll find a lot of good value there. As you get further north, or I guess northeast into Hixson…Hixson is not incorporated, so it’s not as densely populated. And yeah. It’s not gonna be as densely populated as your East Chattanooga.

Matthew: Awesome. And you think this is a place for prime value?

Alex: I would say Red Bank is. As you get further and further north, I wouldn’t say the same thing.

Matthew: It’s just harder to find deals because they are more spread out, not dense?

Alex: Yeah. There’s deals to be found, but if you wanna minimize your vacancy, Red Bank in East Chattanooga is where you’re gonna wanna be.

Conclusion

Matthew: Awesome. Well, we have run through all of Chattanooga. Alex, I appreciate you taking a few minutes to talk to me about this.

If you wanna find out more, you can reach out to us. Alex is obviously available. We’d love to talk to you about meeting your investing needs in Chattanooga. So, thank you very much, everybody.

Alex: Thanks, everybody.

How much do you charge for maintenance in Chattanooga?

Alex Smith here from gkhouses, Chattanooga, with another edition of Questions Owners Ask. Today’s question is, “How much do you charge for maintenance in Chattanooga?”

This question has a two part answer: third-party vendors and in-house maintenance.

Third-Party Vendors

We only dispatch licensed, insured, and bonded third-party vendors for jobs like plumbing and HVAC.

We send a work order directly to them, and they’ll go out to the property. Any job that falls under the $500 maintenance reserve, they’ll go ahead and do.

Anything that comes close to or goes over that $500 maintenance reserve, they put together an estimate of hours needed to do the job and any materials associated with completing it. We then send that to you for approval before we dispatch them to go out and fix the issue.

You can feel free to ask us any questions that you have during the process.

If you have someone else that could handle the job for cheaper, that’s perfectly fine too.

In-House Maintenance

We handle any work other than plumbing and HVAC in house.

For general handyman jobs, we charge $78 an hour in labor. We also charge you for materials, which can vary in price depending on the job.

As with third-party vendors, any job under $500 we go ahead and do.

When we send your owner statements twice a month you’ll be able to see the work orders, how much we spend in materials to do the job, and how many hours it took. Feel free to ask us questions.

Anything that comes close to or goes over the $500 reserve, we send you an estimate of hours and materials needs do the job.

Once you approve, we’ll go ahead and do the work, or you can send someone else to go ahead and take care of it.

The work we do may sound expensive, but if you want us to do the maintenance work, you don’t have to deal with the headache brought with dealing with vendors or rehab crews, etc.

We take all that off your hands and give you some peace of mind. All of our work comes with a 12-month warranty.

If we have to go back out and do anything else related to work we’ve already done, that won’t be at any cost to you.

If you have any other questions, feel free to reach out to us! We would love to talk to you!

Should I advertise my rental home in Chattanooga newspapers?

Alex Smith here from gkhouses Chattanooga, with another edition of “Questions Owners Ask.” Today’s question is Should I advertise my rental home in Chattanooga newspapers?

Short answer? No.

There are several places you can advertise your rental home that’s free and will get a lot more views than a newspaper would. Most of the time people either drive through a neighborhood to look for rental homes or they browse available homes on Zillow.

These days there are options available other than Zillow and Trulia. You’ve got Craigslist. You’ve got the Facebook Marketplace. There are a lot more avenues when advertising that you don’t have to pay for and that will generate infinitely more exposure than a newspaper would.

I hope this helps! If you have any questions, feel free to reach out!

What Is Your Chattanooga Property Management Pricing

Watch this video to find out more about our Chattanooga Property Management Pricing.

Spencer Sutton here with gkhouses in Chattanooga and I want to talk to you about our Chattanooga property management pricing. So, the pricing I will walk you through will focus on our three unique pricing plans.

I will start with our Gold package, then I’ll move to our Platinum package, and then I will move on to our Investor package.

Marketing and Leasing

So, the first thing that I want to make you aware of is that most of the time, we receive houses that are vacant.

Now we do get houses that have tenants already, maybe an owner is self-managing and they want to let us take over the headache for them. So, if that’s the case, it’s a very similar process except for not actually going out to the house and marketing the home for lease.

But this is from a vacant house perspective. We are going to onboard that property. We will do a full walkthrough for you, give you a report that is going to let you know if the house is rent ready or if it needs a little bit of work.

And then from that point, we’re going to aggressively market the home.

And so, our whole goal is to get as many people in the home and to see it and then to fill out applications as possible. And we’re gonna screen everyone very thoroughly.

The biggest part about owning your own property is getting the right tenants in your home. And so, we do all of this, and there’s no upfront fee for this.

We also have a 100% Happiness Guarantee, so you could cancel at any time during this process. But the very first fee that you will see comes after we place a tenant in your home.

Gold Package

And so, on the Gold package, that leasing fee is 50% of the first month’s rent. So, if you had a house that was renting for $1,200, that leasing fee $600.

We will take it out of the tenant’s first-month rent once they move in. So that is, again, it’s a one-time fee for all the marketing, finding the tenant, screening the tenant, and placing them in the house, collecting a security deposit equal to one month’s rent.

And then from that point forward, the monthly management fee on that Gold package is going to be $89 a month.

And that $89 a month is going to give you all of our standard property management features.

We will:

  • Collect rent
  • Communicate with the tenant so that you don’t have to
  • Manage work orders
  • Disperse funds to you on the second Friday of every month
  • Send you an owner statement twice a month

So, these are the basic property management services that we offer to you in Chattanooga on the Gold package.

Optional Services

So, on a side note, there are optional services that you can add to this package should you want to, if you’re interested in things like quarterly inspections.

We will go in your house, change the air filter (because we know tenants don’t do that), check batteries and smoke detectors and then take pictures throughout the house and send you a report.

We would do that four times a year. So that’s an optional service you can add.

And then we also have a biannual HVAC inspection. So it’s really preventative maintenance that we do once in the spring and once in the fall.

And what we’re trying to do is avoid some type of an emergency service call in the heat of Chattanooga summers or when it gets really cold in Chattanooga. So, those are optional services.

That’s the Gold package, $89 a month management fee.

Platinum Package

Moving on to the Platinum package. Now the Platinum package is guaranteed rent.

If we placed a really well-qualified tenant in your home, sometimes bad things happen that cannot be foreseen in the screening process.

An example is if someone lost their job, or maybe they went through a personal crisis – a health crisis – and they could not pay rent.

If you were on the Platinum package, we will still pay you rent.

We will still pay you the same amount of rent that we paid you from the very beginning. That’s what we mean by guaranteed rent. And then it’s on us to go ahead and collect from that tenant.

Also, if for some reason, for some unfortunate reason we had to move to an eviction, then we will pay for the entire eviction.

And once we take possession of the property, we will continue to pay you for an additional three months or until we find another tenant, whichever comes first.

There is no leasing fee on this Platinum plan.

The monthly management fee starts at $199 a month. You can see a full schedule of fees on our Chattanooga Property Management Pricing page.

Platinum comes with some optional services. It comes with a quarterly inspection and with the biannual HVAC and preventative maintenance package.

So, those are two things that are automatically included in that Platinum package. So, we just went over Gold, and then Platinum. And now if you’re an investor, we have a plan for you as well.

Investor Package

If you’re an investor, we offer you an 8% management fee. So it’s 8% of rent collected.

The leasing fee is going to be 50% of the first month’s rent. And then the features that you get are the same as the Gold so it’s all of our standard features, our standard property management services.

In Conclusion

I hope we have answered your questions about Chattanooga Property Management Pricing.

Whether you’re a homeowner who’s planning on moving out of their home and wanting to rent their house, or whether you’re an investor, whatever the case is, we have a plan for you in Chattanooga.

So, please give us a call. We’d love to talk to you. You can find a form on this website. You can find our phone number. And we’d love to talk to you about property management in Chattanooga.

How much is your pet fee in Chattanooga, and what does it cover? 

Alex Smith here from gkhouses, Chattanooga, with another edition of Questions Owners Ask. Today’s question is, “How much is your pet fee in Chattanooga, and what does it cover?”

Our pet fee is $300 per pet. The tenant pays this non-refundable fee if they sign a lease and move in with a pet.

The first $250 of the pet fee goes straight to the owner’s pocket.

We keep the other $50 because of the administrative costs associated with vetting the pet to make sure it is not a dangerous breed.

The pet fee covers any potential damage to the home that’s above normal wear and tear as the result of having a pet in the house.

If a tenant has a really good pet and if they take care of the house on top of that, there may be very little damage. Sometimes there’s more than what you would expect.

Unfortunately, that’s the risk you run if you allow a pet in the house.

We also enforce breed restrictions because our insurance will not allow us to rent a house with certain dogs. We do not allow the stereotypical dangerous breeds, such as German shepherds, pit bulls, Staffordshire terriers, etc. 

You will also want to look at your house’s insurance policy for any similar stipulations.

If you have any other questions, feel free to reach out! We would love to speak with you!

WHAT-DO-PROPERTY-MANAGERS-DO-IN-CHATTANOOGA

What do property managers in Chattanooga do?

 

Alex Smith here from gkhouses, Chattanooga with another installment of Questions Owners Ask. Today’s question is, “What do property managers in Chattanooga do?”

The short answer? We do all the stuff that you don’t want to do or that you might be tired of doing if you are self-managing your home right now.

To break this answer down, we handle the entire life cycle a house goes through.

Marketing

While the house is vacant, a property manager should shine at marketing. We put the house on websites that will maximize leads. We manage those leads, drive prospects to view the house, and push them to fill out applications.

Our job is then to find a good tenant, to vet them properly, and to make sure they will pay rent on time.

When an owner self-manages, many tend to fall victim to stories the tenant fabricates. A property manager will have more resistance to such traps.

Managing a Tenant

Once we lease a house, the next step is managing the tenant.

If for some reason a tenant is late on a payment, which is sometimes inevitable, we handle all the communication involved in collecting the rent due from the tenant every month.

Accounting

Another thing your property manager does is accounting.

We keep precise exact accounting record of what money comes in and what it is spent on, such as maintenance.

We make this available to our owners in twice monthly owner statements.

Maintenance

The last piece is managing maintenance. If you have ever managed a rehab or worked with vendors of any kind, you probably know how much of a pain this can sometimes be.

We are here for peace of mind. We have in-house vendors (gk employees that do maintenance for us), and we handle third-party maintenance. We handle all of it for you!

Sometimes this process can get messy, but that’s what we’re here for! Our job is to make your life easier. For more information, you can check out the benefits of property management!

And if you want to learn more about investing in Chattanooga real estate, check out this video we shot.