Frequently Asked Questions By Owners
Fees & Transactions
Do you handle purchase and sales transactions also?
We only handle sales and purchase transactions for our clients and tenants, not the general public. Because we only help our current owners and tenants, we can offer them discounted prices for these services.
What are the monthly management fees?
Our management fees range from 6%-10%.
What is the fee for procuring new tenants?
For our full-service owners, there are
no additional fees for new tenant placement
Do you do tenant placement ?
Yes, we do assist with tenant placements for a flat fee of $1,000. This fee covers marketing, application fees, and background checks, etc.
What is the reserve requirement & what is it for?
A reserve requirement is a small amount of money we keep in your account to cover routine and unexpected maintenance costs.
How often are financial statements prepared & delivered?
We send monthly statements on the 9th of each month, depending on the day of the week it falls on. They are provided by email and/or uploaded to the owner’s portal. Paper copies can be provided by special request.
How are owner proceeds disbursed?
We direct deposit owner’s distributions each month. We can pay using a paper check, if requested, for a small processing fee.
When are proceeds disbursed?
We deposit funds into owner’s accounts each month on the 9th. Occasionally weekends and bank holidays can affect when those funds are available.
Policies
What is the late payment policy?
Rent is due on the 1st and considered late on the 6th. At that time, a late fee of 10% of the monthly rent amount is charged. We give late notices that have a “14-Day Notice to Vacate” built in so that if the tenant doesn’t pay, we can proceed with an eviction process quickly.
What is the policy regarding pets at my property?
Allowing pets is ultimately your decision as the property owner. Pet-friendly properties often see increased tenant retention and shorter vacancy periods, though pets can also come with added wear and risk. We evaluate each pet through an approval process that considers breed, size, number of animals, and property features such as flooring. Approved pets require a non-refundable pet deposit and a monthly pet fee per pet. We’re here to provide guidance so you can make the best decision for your investment.
How many people will be permitted to live in my property?
Our policy is to permit two people per bedroom.
How do tenants contact Clarity Property Services?
There are many ways to contact us. We have phone, email, and in-person at our office. Our hours are Monday through Friday, 9 to 5 PM. Our owners and tenants have portals on our website, which is also a quick way to reach us.
How do you screen applicants?
We do a thorough background check on anyone planning to reside in the property that is over the age of 18. This includes credit check, criminal background check, and previous eviction history. We also verify employment, current and past landlords, and income records when needed.
Filling Vacancies & Marketing
What professional organizations do you belong to?
- River Counties Association of Realtors MLS
- Notary Public in Tennessee
- Bradley County Chamber of Commerce
- Tennessee State Certified General Real Estate Appraiser
- Georgia State Certified General Real Estate Appraiser
- Associate member of Appraisal Institute
How long has the managing broker been in property management?
The managing broker has been involved in property management in the Southeast Tennessee area since 2000.
How many vacancies do you currently have?
Our current vacancy rate is only 2%
How long does it take to get a non-paying tenant out?
We strive to perform the eviction process as quickly as the law allows and when everything goes smoothly, we can have a tenant out in no more than 45 days.
What is the average time to fill a vacancy?
A lot of factors affect how quickly a unit will rent including type, price, condition, etc… but we typically can get the average unit rented within 15 days.
How do you market vacant units and what does it cost?
We use multiple marketing channels, including Realtor.com, Trulia, Zillow, Facebook, ApartmentsForRent.com, and more. All of this is included in our property marketing.
One time Marketing fee:
Cleveland Properties: $50
Non-Cleveland/Bradley Co. Properties: $75
(Chattanooga, Athens, Sweetwater, Ooltewah, and Hixson)
How long does it take to get a vacant unit ready for occupancy?
We can often have our vacant units flipped and ready to move into within 10 business days of the previous tenant’s move out. Occasionally factors like condition at move out, excessive wear and tear, damages, major repairs requiring extensive construction, etc.., can extend the timeline. Owners must also keep in mind that work cannot be performed without the funds in place to cover that cost. We often recommend not taking the last distribution from the unit being moved out of. All needed repairs can be estimated and discussed before work begins.
Repairs & Maintenance of Your Property
Who handles yard care on
vacant units?
Our in-house landscape crew can keep your vacant unit maintained and presentable for a very reasonable rate. If you have a vendor you prefer, we are happy to work with them. Payment for the maintenance of the yard of a vacant unit would be covered by the owner’s reserve funds.
Who handles maintenance and repairs?
We have a staff of insured, bonded, and experienced technicians that can handle almost every type of repair or work a property might need. We offer their services to our owners at prices lower than other vendors outside of our company. However, we are happy to contract a specific vendor if an owner has a preference.
What is the cost for maintenance and repairs?
Maintenance and repair costs can vary depending on many factors, including the type of repair and the time of day (regular business hours versus emergency hours).
General Maintenance Repairs During Business Hours: $50/hr
Weekend/After-Hour Emergency Maintenance Repairs: $80/hr
HVAC Maintenance Repairs: $75/hr
Exact amounts can be determined upon signing the property management agreement.
Do you conduct interior inspections periodically?
We conduct regular inspections of all our managed properties. Quarterly inspections include replacing air filters, checking for leaks under sinks, and conducting a general inspection to ensure the property is being maintained. We charges $50 for the inspection, which includes the cost of the filter. For Multifamily properties, we charge $50 for the first door and $10 for each additional door (up to 4 doors).
Of course, we periodically do a drive-by of each unit. If we see anything concerning, we schedule an inspection of the unit to take a closer look. If we identify any tenant-caused or tenant-related issues, we address them directly with the tenant and require them to resolve the problem promptly.
