Owner FAQS

The key to marketing your home is to reach the largest audience possible of potential renters. Some of the ways we market your property are as follows:

• Promoting your property at www.elderbroach.com
• Adding your property to the Multiple Listing Service. This can be accessed by Realtors as well as by prospects by going to www.carolinahome.com.
• Promoting your property on our widely distributed rental list
• Yard and directional signs when permitted
• Realtor referral program
• Digitally photographing the property
• Arranging for and showing properties

Your home will be marketed on a myriad of current traditional real estate and rental related websites. This is included in your marketing fee. Should you desire additional marketing above and beyond our standard practices, the cost may be borne by you.

Every property is different, so unfortunately there is no universal formula that you can apply to find the fair market rental value of your home. It usually takes market experience and knowledge to be able to accurately predict how much your property will rent for. Some of the factors that we use to determine the rent are:

• Condition of the property
• Location of the property
• Current market conditions
• Comparable properties in your neighborhood/area
• Neighborhood amenities
• Time of the year

Before we can give you an accurate assessment of your property’s rental value, an agent of Elder Broach Properties will need to walk through your home.

Unlike many real estate companies, Elder Broach Properties will send a licensed agent to show your home. We do not give out keys or leave properties unlocked for prospective residents. If the property is occupied while we are marketing the home, we will coordinate showings with the current resident to make the showings as least intrusive as possible.

There are seven protected classes according to Federal and State housing laws. The protected classes include the following: Race, Religion, Color, National Origin, Sex, Handicap, and Familial Status (children under 18). You are not required (but you may choose to) rent to smokers, pet owners, roommates, etc.

There are several factors that contribute to how quickly a property will rent. These include the following:

• Is the property properly priced?
• Is the property in good condition?
• Is the property in a desirable area?
• How many other rentals are on the market?
• What time of year are you marketing the property?

While there is no guarantee for how quickly a property will rent, our experience and knowledge of area rentals, combined with an aggressive marketing plan will help you avoid extended vacancies. We strive to rent your property in the shortest possible time to a well-qualified resident.

A good tenant is one who pays the rent on time and takes care to preserve the value of the property. The best way to find a good tenant (and avoid a bad one) is through a tough screening process. A thorough background check is vital. Elder Broach Properties uses the following five resources to gather the needed information:

• Credit report
• Employment and income verification
• Prior rental/mortgage history
• Nationwide Criminal Report
• Nationwide eviction report

We will conduct a due diligence investigation on potential tenants. Once we have evaluated the factors in our standard operating procedures we will present and consult with you on approving the applicant.

Yes, all residents pay a security deposit. The required security deposit for residents who qualify with our top rating is the equivalent of one month’s rent. (ex. The resident rents a home for $1,500. Before moving in, the tenant will pay a security deposit of $1,500 and the first month’s rent of $1,500). The security deposit is held in a trust account in accordance to N.C. General Statutes.

Our standard lease term is for one year. We will not sign a shorter or longer lease without your consent.

All rent is due and payable to Elder Broach Properties, Inc. You will have no involvement in the collection procedure.

By law the owner of the property is responsible for maintaining the property in a “safe, fit and habitable” condition. This means that the owner is responsible for structural and mechanical upkeep of the property. The only exception to this is if the tenant damages the property through intentional or negligent misuse of the property, the tenant is responsible for repairing the damage. However, the tenant is responsible for the following items:

• Yard maintenance (mowing, raking, trimming shrubs, etc.)
• Keeping the gutters free and clear of leaves and debris;
• Replacing smoke and carbon monoxide detector batteries as needed;
• Changing heating and air conditioning filters
• Keep the plumbing lines free of hair, grease & debris

Except in the case of emergency, we will contact you about repair needs at your property. The property management agreement does allow us to make repairs to the property without your consent as long as the repair does not exceed $300. Nevertheless it is our policy to try and reach you before we have a repair made to your property.

In the event of an emergency at the property (broken water line, sewage back up, electrical problem, roof leak, or any other dangerous occurrence) we are contacted by the resident any time (24 hours, 7 days a week) and we will react to the emergency. We will make every attempt to contact the homeowner, but the most important matter is protecting the safety of the resident and preserving the value of the property.

The resident is responsible to pay all utilities at the property, including power, gas, water, cable, telephone, trash pickup, etc.

Owners will receive the rent that is collected each month on or before the last day of the month in which the rent was collected. Owner checks are usually direct deposited on or before the 27th of the month..

As rents are received by Elder Broach properties the collected rents are placed into our trust account. At this time, our preferred method of disbursement of funds is electronically through direct deposit. Statements are available at time of disbursement via the owner portal on our website.

We are very proactive in collecting the rent. For each of our leases the rent is due on the first of the month. The resident has a five day grace period in which to pay the rent, without a late fee being charged. If the rent is not received by the fifth of the month, a late fee is assessed. If the rent is not received before the sixth of the month we will contact the tenant by telephone or email. Finally, if the rent is not paid by the tenth of the month, we will file eviction papers in small claims court on the eleventh of the month. We believe that keeping in close contact with the residents helps keep collection problems to a minimum.

Elder Broach Properties is a licensed real estate firm. The Broker in charge is Trish Norton. She has been licensed for over 25 years in property management.

There will always be a thorough, written line-item survey of the interior and exterior of a property when a tenant moves out of the property. In addition there will be minimum of a written, line-item interior and exterior survey every year at renewal time.

It is important that you understand that once we have signed a contract between a tenant and Elder Broach Properties the tenant is entitled to remain in the property for the duration of the contract (normally one year). The contract would remain in effect even if you sell the property. If there is any question that you may need possession of the property in the foreseeable future, you should not lease your home.

Yes, as an owner you will receive a monthly report accounting for the financial activity for your property for both month to date and year to date. In addition, the year end summary provides you with an accurate accounting for your property, which will be useful in your income tax preparation.

At Elder Broach our main focus is property management. We do, however, assist investors in selecting and buying properties that best suit their financial goals for their real estate investment portfolio. We also assist the investor in devesting or selling their investments should the need arise. Tenants also frequently use our real estate sales expertise to help them fulfill their American homeownership dream.

If you are not currently under contract with another real estate firm, we can begin managing your property as soon as we each sign the property management agreement. If you are under contract with another real estate firm we cannot manage your home until your current agency is terminated.

Elder Broach Properties is located in the heart of Cotswold. We are near the intersection of Sharon Amity and Randolph Road. We are easily accessible to the major interstates, uptown, etc.

As pool season approaches, it is time to acquire pool passes for your tenant. If your property does not have a pool or other amenities that require special access, please disregard this notice.

If the community where your home is located does have a pool, your HOA may have already sent you the required forms or documentation. If the form needs to be completed and sent back to them, please do so as soon as possible. If you would like to have the pass or key sent directly to us, please send it to the attention of Pool Passes at: 203 Greenwich Road, Charlotte, NC 28211. Per the lease agreement, tenants must have access to the amenities of the community.

If your HOA has not been in contact with you, please initiate the contact to obtain the pass/key.

HOA's have become much stricter when allowing property managers to sign for owners on these types of forms. Therefore, we will not be able to make this contact for you.