Frequently Asked Questions
Frequently Asked Property Management Questions
How are communications handled between all parties (Tenant, Landlord, and Management Teams)?
A communication plan is tailored to the property and its parties based on certain identified items (plan picked, owner’s objective, current property condition, etc.).
What are your strategies in improving my property’s value?
Periodic inspections, proactive response to potential risks, consistent maintenance and repairs, consistent coordination with facilities and vendors, etc.
Do you have any credentials?
We are proud to be part of all property management accreditations such as NARPM, IREM, CAI, PMA, and AOBA with certifications in project management, ACoM, Financial Management, and more.
How do you keep Rental Owners informed?
Stripe Management has a clear and consistent protocol in place to ensure compliance with state regulations and to protect the rights of both the landlord and the renter. Among the steps we take are:
Understand the legislation: We keep up to date on the security deposit laws in both Maryland and Washington DC, ensuring that I understand the deposit amount restrictions, the rules for returning deposits, and any other relevant regulations.
We collect the security deposit legally, in compliance with Maryland and Washington DC legislation, and give tenants with a receipt for the deposit.
Record the property’s state: Before the tenant moves in, we conduct a move-in inspection with the tenant and document the property’s condition with photos and written evidence.
We conduct a move-out inspection with the tenant and use the move-in inspection as a reference to judge the condition of the property when we return the deposit. We quickly restore the security deposit, as required by Maryland and Washington DC law, and provide tenants with an itemized statement of any deductions.
Maintain detailed records: We keep detailed records of the deposit amount, the condition of the property at move-in and move-out, any deductions, and the deposit return date.
We ask the tenant to supply a forwardable address so that we can restore the deposit if the tenant moves out without providing a new address.
Communicate with tenants: Throughout the move-out process, we engage with tenants to ensure that they understand the protocols and to answer any questions or issues they may have.
We would be able to handle the security deposit and move-out process professionally and efficiently if we followed these processes, while also complying with state regulations and preserving the rights of both the landlord and the renter.
What Financial Services do you provide both Tenants and Landlords?
We offer monthly financial reports, a tenant online payment portal, fast deposit processing, accounting, and financial analysis.
What strategies do you have to get units occupied on time?
As property managers in Maryland and the District of Columbia, we use various marketing techniques to promote rental listings and attract potential tenants. Some strategies we use include online advertising (MLS, Trulia, Zumper, Zillow, Apatrments.com, etc.), Social Media platforms, leveraging of our local leasing agents, Signage, Virtual Tours and Open houses, Print Advertising, and more.
Do you help create a budget for annual repairs and maintenance?
Yes, by researching the both the average market cost of repairs per unit in the area in conjunction with the historical data of the property’s cost.
Do you require tenants to obtain renter’s insurance?
Yes, this works in the advantage of both the tenant and landlord pertaining to damages, liability, etc.
What procedures will your company take to qualify tenants?
Tenant screening, financial stability for rent payment (Employment or Business)
How do you handle tenant complaints and maintenance requests?
Establishing a clear communication channel for tenants to submit maintenance requests and complaints, prioritize emergency requests, keep detailed records, hire professional contractors, communicate with tenants throughout the process, follow up after completion, and address complaints promptly to find a solution that is acceptable for both the tenant and the landlord. This approach helps maintain positive relationships with tenants while handling requests and complaints efficiently.
What procedures do you have in place to keep a property in good condition?
Consistent tenant engagement, periodic inspections, monthly property reports and recommendations.
What is the typical turnaround time on tenant complaints?
Less than 24 hours.
Can you explain your approach to rent collection and late payments?
As a property manager in both Maryland and Washington, DC, having a clear and consistent approach to rent collection and late payments is critical to ensuring that money is received on time and any concerns are handled effectively. Among the steps I would take are:
- Clearly express the rent due date
- Offer numerous payment options
- Adopt a late fee policy
- Follow-up on late payments
- Send a reminder note
- Call legal counsel
- Maintain correct records
I would be able to ensure that rent is paid on time and any difficulties are handled promptly by having a clear and consistent strategy to rent collecting and late payments, while also keeping excellent relationships with tenants.
How do you handle evictions and legal compliance?
Stripe management uses best practices to handle evictions and legal compliance. To handle evictions and adhere to legal requirements, proper documentation, following the right procedures, contacting a lawyer, and keeping records are necessary tasks. Also, it’s critical to interact with tenants, abide by fair housing regulations, and pay security deposits. You can reduce legal concerns by taking these actions.
Can you provide a detailed breakdown of your fees and services?
Our service fees are Fairly straightforward. 8% off monthly rental and Tenant Placement, no other fees AT ALL!
How do you handle evictions and legal compliance?
Stripe management uses best practices to handle evictions and legal compliance. To handle evictions and adhere to legal requirements, proper documentation, following the right procedures, contacting a lawyer, and keeping records are necessary tasks. Also, it’s critical to interact with tenants, abide by fair housing regulations, and pay security deposits. You can reduce legal concerns by taking these actions.
