Frequently Asked Questions
Who decides on the amount of monthly rent? After reviewing Legacy Leasing Divisions in depth market analyzer; the owners is able to make an educated decision as to the amount of monthly rent to charge, the decision is always yours! Legacy Leasing will provide the owner with information on similar properties in the area which have recently rented. We assist in maximizing your profit while remaining within the current market environment. Top of page
How do I know that I will get my rent on time? Legacy Leasing’s stringent application process ensures that each applicant is efficiently screened. Qualified applicants should have all of the following:
- A good, clear credit record. (Minimum 2 years responsible credit use and current payments).
- Verifiable current employment and proof of gross monthly income, approximately 3 times the monthly rental amount in the form of your two most current pay stubs. If you are self employed or retired, we require the last two years’ tax returns, bank statements showing monthly income or similar documents to verify your current financial situation.
- At least three years of favorable rental history. If you meet all the other criteria but lack rental or homeownership history, a co-signer and/or additional security deposit may be required. Relatives and friends cannot be considered landlord references.
- Valid photo identification (driver’s license, military ID, or state ID).
- A clear criminal and evictions record.
Legacy Leasing uses all three of the major credit reporting bureaus and has the ability to review a prospective tenant’s credit and other pertinent financial history in a matter of minutes. Top of page
What happens if the tenant pays the rent late? Legacy Leasing places the highest priority on the collection of rent. Payment of monthly rent, in full, is due on the first day of each month. We institute a five-day grace period, if monies have not been received or returned for NSF’s - on the sixth day, regardless the circumstances; Legacy Leasing starts Court proceeding against the occupant. A Court hearing ensues roughly 10 to 15 days after. Most instances result in the occupant paying the balance in full along with any applicable fees. In the unusual case that an eviction becomes necessary, Legacy Leasing will aggressively pursue obtaining possession of the unit, including but not limited to attending all hearings on behalf of the owner. This is a rare occurrence at Legacy Leasing, as our stringent screening policies are tops in the industry. Top of page
How will I know if the tenants are taking good care of my property? Legacy Leasing conducts in-depth outside and inside inspections, which includes pictures kept on a CD with the unit file. We go room-by-room, checking appliances, lighting, and all other elements within the home - this is all done prior to the tenant taking possession of the unit. The occupant is also provided an opportunity to perform a pre-move in walkthrough. Once per quarter, Legacy Leasing again visits the property to perform additional complete (inside/outside) follow up inspections. All information is supplied to the owner, including our actions and/or our professional recommendations. These quarterly inspections ensure that your home and investment is protected. Occupants may also use this opportunity to apprise Legacy Leasing of any deficiencies. At the conclusion of the lease term, Legacy Leasing conducts a final inspection and deducts any monies owed to the owner above normal wear and tear. Top of page
What happens if a tenant damages something? There are two ways we address damages at Legacy Leasing. When Legacy Leasing determines that damages are present - either by way of the occupant or determined during our quarterly inspections - if within our spending limitations Legacy Leasing will arrange for the repair or replacement of that item. This will be paid for out of the maintenance escrow established when our agreement is executed. If the occupant is at fault, they are immediately invoiced for the cost of the repair. These monies are due and payable in the same form and fashion as a rental payment. Again, damages not detected until after move out will be deducted from the renter’s security deposit. Top of page
How does Legacy Leasing take care of minor repair items? The maintenance escrow typically addresses most issues. The owner entrust Legacy Leasing with the ability to make repair decisions under $300.00. Legacy Leasing will provide the property owner with a detailed accounting each month of all monies collected and expensed for any and all purposes. Top of page
How does Legacy Leasing take care of major repair items? Emergency’s do from time to time occur; burst pipes, flooding, or electrical problems are handled immediately by Legacy Leasing. We offer 24 hour emergency assistance making sure to avoid further damage to your investment; while giving the occupant continued and uninterrupted use of the dwelling. Legacy Leasing will notify the owner by phone, email, as provided in the owner contact sheet. For non-emergency big ticket items (carpeting, deck staining, painting projects) Legacy Leasing will contact the property owner to advise of the needed repair and obtain at least three bids from our listing of over 150 vendors. Once the bids are supplied the owner directs us who to go with - we then oversee the entire project. Top of page
How do the mortgage payments, condo/HOA fees, etc. get paid? At the time of execution of the management agreement, the owner advises which bills they would like Legacy Leasing to pay - we will make the monthly mortgage payments, payment of HOA assessments, front foot or capital facility payments, service contracts, and investment contributions. We do this to give each owner the freedom they desire! Top of page
How do I get my money from Legacy Leasing? Legacy Leasing uses Tenant Pro 7 to record the collection of rent payments and all payments authorized by the property owner. Rents are collected within the first week of the month. Invoices are paid the second week of the month. All net rents which are due to the property owners can be electronically transferred from Legacy Leasings Corporate Account directly to each owner's individual bank, credit union, or S&L account. Or a hard copy check is mailed to the address on record. Top of page
How much does all of this cost me? The plethora of services herein, with the exception of procuring new tenants, are provided for at a industry low and 100% tax-deductible fee of 7.95% of the monthly rent, with a minimum fee of $75.00/mo. for occupied units and $50.00/mo. for unoccupied units. Top of page