Owners F.A.Q » Acuity Limited Owners F.A.Q – Acuity Limited

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info@acuity.co.ke

Owners F.A.Q

I have my property managed by Acuity, can you save me money?

Yes. In most cases our ability to obtain higher rents, less delinquency, lower vacancy rates, lower repair costs, and a faster turnaround of vacating units. In short, your cash flow will be better than if you try to manage all of the day-to-day burdens yourself. Our services help to PROTECT your investment, ENHANCE your cash flow, and SAVE your valuable time.

Do I lose control of my property once you start to manage it?

No. We work for you, and with you, and guide you in setting the parameters not defined by law. We are property investors here to help you through the management, tax, accounting, and even resale of your investment property.

Yes. Our policy is that the security deposit is typically one month's rent. Pets are not allowed without your permission.

What happens to the tenant's security deposit? Do you send it to me?

No. The tenants are entitled to receive interest on their security deposit during the time it is held by the Property Manager. We hold security deposits in escrow during the tenancy, and credit interest to the tenant at move-out. The move out checklist documents the condition of your property at Lease termination. Any damage expenses beyond normal wear are deducted from the security deposit along with any other money owned by the tenant. The balance is returned to the tenant within 30 days of move out.

Do you insure my property when you manage it?

No. You maintain your own personal Property insurance; Contact your insurance professional for more information on rental property coverage to ensure that you are fully covered for all of the risks and issues facing rental property owners. We will gladly recommend insurance companies interested in writing insurance on your property. We stipulate in our Lease that the Tenant is required to obtain renters insurance to cover only their possessions in the event of damage.

Will I know what is going on with my property?

Yes. We will communicate with you throughout our contract. We will contact you at reasonable times to discuss repairs and notify you of any tenant requests to vacate. Plus, throughout the contract, we will keep you aware of other issues that may arise. We summarize all activities occurring with your rental property each month.

Do you inspect the home during the tenancy?

During tenancies, we will perform periodic irregular external property surveys (drive-bys) to identify exterior tenant damage or lease violations. We may also schedule an interior inspection/survey of the property if there is cause to believe that there may be tenant damage occurring inside the home (i.e. visible exterior damage, neighbor or Association noise or other complaints, late rent, or lease violations, etc.).

Do you qualify all applicants that want to rent my property?

Yes. Our application is designed to generate complete information from each prospective tenant. We process all applications and verify criminal background, rental history, employment history and income verification, credit history, and also check the sex offender and Methamphetamine database. We have specific Guidelines for tenant screening that are consistently and fairly applied to all applicants. In general, an applicant must have good rental history (not from friends or relatives), have three (3) times the rent rate in verifiable household income, possess an acceptable credit history, and have no criminal background to qualify. 

Do you advertise vacancies?

Yes. We start marketing the vacancy as soon as we receive notice from the tenant of their intention to move. We know where to advertise most effectively to find the best tenants, quickly. We will produce better prospects sooner, and will minimize vacancies, which is likely your biggest expense. We know the rent values, vacancy factors, and time on the market in your area. We will sometimes place a sign on the property. We then advertise in the local community and web-based resources, and additionally disclose the availability to our relocation network, and through a Realtor referrals network. Advertising costs are passed on to the owner, but will be your most cost effective investment in finding a responsible, high quality tenant quickly. We also pay commissions out through our relocation and real estate network, which is included in the leasing fee.

Do you handle problems late at night?

Yes, 24 hours a day, 7 days a week. Tenants are given our number when they move in and in the case of an emergency they are directed to call us 24/7. We will talk with the tenant to determine how best to proceed. Many times we can solve minor problem over the phone, and initiate a scheduled non-emergency repair.

Can I still use my favorite contractors?

Yes. You are free to use your own contractors who have a working relationship with. They will need to be identified and processed prior to the first tenant taking occupancy of the property. 

Do you pay the bills for me?

Yes. We will gladly pay for repairs for you from owner funds. There must, of course, be sufficient cash flow from the property to cover such expenses and we may require you to set up a reserve fund for this purpose or send a check to cover the expense. Recurring bills like utility bills during vacancies, association fees, or mortgage payments are paid directly by the owner.

When do I get my monthly statement and check after the tenant pays their rent?

Rents are due on the 1st of each month, and there is a short grace period of till the 10th of every month. Sometimes, however, tenants pay late, or if payments are received by check, they may take a few days to clear the bank but this will be none of your worries. We pay your total rent collectibles at the stipulated date in the agreement and we are left making efforts to collect delinquent rents in the event of a late payment, to ensure that all tenants' rent payments clear the bank, owners' monthly statements.

Are your management fees competitive?

Yes. Our Full Service Management fees for residential properties are 8% of the gross collected rent each month and an initial leasing fee of 1 month’s rent for new Leases. We do not charge set-up fees for onboarding properties with existing tenants. We feel we offer some of the lowest fees and the best service available. We do not charge a management fee while your property is vacant. We also pay referral commissions out through our relocation and real estate network, which is included in your leasing fee.

Does your management agreement give you exclusive right to sell my property?

No. We can sell your property if you would like us to, but it is not a requirement of our management contract. We will provide facilitation services for you and your tenant in the event that an agreement to buy the property is arranged by us. We charge a nominal sales commission for arranging this type of sale.

Are you licensed?

Acuity Limited is a licensed real estate company with its operations in Kenya. Additionally we are a member of Kenya Professional Realtors Association (KPRA).

Can you start managing my properties today?

Yes. We can start the process immediately. Contact us today to set up a no obligation consultation to discuss your property in detail.

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