Owner FAQ

Below is a list of the most frequent questions we get asked about My Elite Rentals Property Management. If you have any other questions that are not listed here, please take a moment to fill out the contact form at the bottom of the page or call us at (540) 685-1111. We'll get back to you promptly with an answer!

What are the different types of rental properties that you manage?

We specialize in long-term (usually 1 year) leases of single family homes all over the Hampton Roads area.

What areas do you service?

We service the entire Hampton Roads Area including, Virginia Beach, Norfolk, Portsmouth, Chesapeake, Suffolk, Newport News and Hampton.

What property management experience and credentials do you offer?

My Elite Rentals Property Management has been managing rental properties in Hampton Roads for over 13 years. Our owners continue to use us for the property management needs due to the level of exceptional service and great pride that we take in our business.

Why should I hire My Elite Rentals Property Management to manage my property?

We strive to meet every need and expectation of our property owners, but we may not always be the best fit. You should only hire us if you feel that we would be the best company to manage your investment.Putting your property in someone else's hands can be a frightening and emotional experience. We encourage you to talk to other property managers and ask question before choosing one. Its important that you trust them before leaving your home in their hands. The more research you do, the better you will feel about your decision. We hope to earn your trust and your business.

How much will my home rent for?

This is the number one question for new owners. Many factors come in to play when determining what a homes rental value is including comparative properties, competition, condition of the home, and current market trends to name a few. One thing is certain, we will take the time to thoroughly analyze all these factors and work together with you to determine the listing price.

What will you do to market and lease my home?

We will give your home the maximum exposure to potential tenants and perform thorough credit/background checks on all applicants.

YARD SIGN - We always place a professional and clean "For Rent" sign at the home (unless restricted by associations).

MLS - We will enter your home in the MLS providing thousands of Realtors and their clients with the information they are looking for.

INTERNET - We market your home on the top Real Estate search portals including Realtor.com, Rentals.com, Trulia, Zillow and many others. Because we are in a military town, we go above and beyond by listing your home on websites specifically designed to help military families find rental homes.

CLIENT DATA BASE - We keep a constantly updated database of current and past clients, many of whom are actively seeking a home to rent. Our system is able to match your home to the criteria they search for giving us a head start on finding a tenant quickly.

PROPER PRICING - Even the most beautiful home on the market will not lease easily if its overpriced. We will do a through CMA (Comparative Market Analysis), and work with you to determine the best listing price.

What do you do to qualify a potential tenant after they apply to rent my home?

This is one of the most important aspects of the successful management of your home. We process all applications personally and never send applications to a 3rd party. An applicant must demonstrate a history of being a responsible tenant or homeowner as well as meet credit standards.

LANDLORD REFERENCES – We personally speak with past landlords and ask detailed questions about the applicant’s rental history and how well they took care of the property.

CREDIT REPORT - We always pull a full credit report for every applicant which tells us their current and past performance toward meeting their financial obligations. It also shows us their monthly debt, credit score, and their previous addresses. All applicant must meet established credit standards before lease signing.

DRIVER LICENSE VERIFICATION - We require a copy of an applicant's drivers license. This tells us not only if the addresses given on the application are consistent but also when and what the last drivers license activity was, such as a renewal or change of address. This is important because if someone says they have been living at a certain address for the past three years, but then we see they renewed their drivers license a year ago at a different address, a red flag goes up and we often find in that situation that the applicant is trying to conceal bad rental history.

EMPLOYMENT/INCOME – We contact the employer to verify length of employment, status, and income. An applicant needs to earn at least 3 times the monthly rent in gross income to qualify for rental and we will want to see a copy of their pay stub.

PETS – 80-90% of renters have pets. We leave the decision to allow pets up to you. If you decide to allow pets, we charge a standard $25 per month, per pet fee.

What happens if the tenant does not pay their rent?

Rent is due on the 1st late by the 5th. If on the 5th we have not received their rent we immediately send them a 5 day Pay or Quit letter. This letter then is forwarded to our attorney on retainer and they take it from there. On the 5th day they file with the courts for possession and a judgment against the tenant. This process takes about 30-45 days. Most of the time the tenant pays the rent and late fees and there are no issues. If they do not then the attorney will go to court and get possession of the property we will make an appointment to meet the sheriff out there and evict the tenants. While all this is happening we try to collect from the tenants by sending emails and making calls to them on a regular basis.

How informed will I be about what happens with my property?

We keep you informed on everything. If something needs to be repaired we will get with you for approval (there are some emergencies where we may have to step in and have something done just to stop any more damage and then we will immediately call you.) As far as rent payments etc we will make sure that we contact you by the 6th of the month to let you know if rent has not been paid and that the letter has gone out.

How do you handle maintenance requests?

If a tenant calls in a request for services we will take all of the info and call you and let you know what is going on. With your approval we send one of our vendors out to check on the situation. Once approval is given for the repair to be done they will take care of it, invoice us and we will pay them when we receive rent from the tenants the next month./p>

Do you use the cheapest maintenance people you can find?

All of our contractors are licensed and insured. We have been using these contractors for years and we even trust them in our own homes. They give us the best deals around. Because they work with us on all of our rentals and get so much work from us they take very good care of us and the owners.

Do you hold some of my money for repairs? How much?

You can set a reserve amount for repairs but you do not have to. That is by owners choice.

How do I know your property manager won’t spend my money on large repairs without my approval?

We get approval on all repairs large or small.

What if I want you to use my plumber, A/C company, etc.?

We prefer to use our vendors as we know they will invoice us and we know what their charges are etc, however, if an owner has a company they would like us to use that is fine as long as they are licensed and bonded.

I want you to use a home warranty company for all of my repairs is that okay?

That's fine! We have several owners that have a home warranty on their property and we work with that warranty company to get the repairs done.

My home has a pool. How do you deal with that?

This is based on how the owner would like to handle it but we have a pool and spa addendum and in most cases the tenant is responsible for all upkeep and repairs while they live in the home.

When do you mail the owner’s checks and statements?

We pay our owners via direct deposit so they receive their money quicker. All rents are processed by the 5th so we push all rents thru to owners on that date...of course if it is a weekend or holiday where banks are closed you will receive it on the next business day. Statements are available via our website where each owner has their very own log in and can view their leases and invoices and statements anytime

Can you put my rental proceeds directly into my checking account?

Yes we actually prefer to pay owners via direct deposit.

What will I receive with my monthly statement?

When you log into our website you will be able to view your statement (to include rents received and all expenses for that month), invoices for that month and your lease and management agreement.

How much is your monthly property management fee?

We charge 10% of the rent we collect for each property.

Are there administrative fees or other service charges up and above the property management and leasing fees?

There is a $250 start up fee and yearly renewal fee.

Is the Lease Agreement a standard, widely used form?

We use the standard lease for this area, however, we also have many other addendums and forms that we use.

Who holds the tenant’s security deposit?

We always hold the security deposit this is a liability issue and it is always best that we hold it in our escrow account.

How much security deposit do you charge the tenant?

Normally we charge 1 month rent as security but this could change depending on the owners requests.