Owner FAQ’s

FREQUENTLY ASKED QUESTIONS???

How much do you charge?

There are no set up or upfront fees. The Management fee is 10% of the monthly rent on all residential
properties. We offer discounted management fees on multiple properties owners. Properties out of our
normal service area may be charged a higher management fee. Once the property is rented, there is a
leasing fee of 1 month’s rent which will be deducted from the tenant’s first month payment. At times,
there is a leasing commission paid to the referring agent if the tenant was referred by an outside agent
but this will be paid out of that 1 month leasing fee.

Can I use my own contractors for repairs?

You are welcome to use your vendors as long as they are licensed and insured. A special addendum to
the management contract will need to be signed and we will need a copy of these items from the
vendors in order to protect your interest and that of D-N-A. All instructions need to come through our
office. We have a work order system and if we do anything outside the system, things can go wrong.

How long does it take to rent out a house?

Renting a property depends on price, condition, location, and the market. Our goal is to select a
qualified tenant as soon as possible, but typically between 30-60 days. Since we have access to valuable
rental statistics, it’s our job to advise you on price, condition, location, and market conditions so that we
can achieve this goal.

Can I get out of the management agreement?

D-N-A Property Management strives to provide you with prompt and satisfactory service. If for some
reason you decide to end your management services we just ask that you provide us with a 60 day
written notification.

Who keeps the late fees?

Collecting late rent is a very difficult job. D-N-A retains all late fees in order to offset the cost of eviction
and to pay staff members who need to make those unpleasant calls.

Do I need to provide a stove & refrigerator?

Tenants expect that a rental property have a stove & refrigerator. Because of this expectation we
require that all properties be equipped with these appliances. Items such as a microwave, and washer
and dryer are not required but can be left as a sole convenience to the tenant.

Can I rent it furnished?

We prefer that you do not and most tenants have their own belongings. It is very hard to keep track of
items that were left once a tenant moves out without a very detailed itemized list.

Can I do the repairs myself?

99% of our owners direct D-N-A Property Management to handle all repairs because of our volume, we
get discounted rates and we have long list of professionals who can jump right on the job and get it
done. Because of this, we have developed systems so that these repairs are done timely, cost effective,
and with professional workmanship. So when an owner requests to do work, it’s outside of our systems
and the opportunity for error is greater. With that said, we have had some owners that are professional
tradesmen. In this case, it makes sense to utilize the property owner to service their rental property. In
these cases, we do require all of the paperwork to include licenses and insurances as we do from all of
our other vendors. However, in the case of an afterhours call, we cannot guarantee that the owner will
be called, as these calls are made afterhours and the on-call person does not always have access to the
computer system. In such event, they will call our primary on-call vendor.

Do you offer rent concessions and incentives?

We have an incentive program that we offer to tenants that rent our managed properties. This incentive
program allows us to market the property at $50 higher than the market value and then discount it as
long as the tenant pays on or before the 1st of every month. It is a marketing technique that has
become very effective in getting the phones to ring and more importantly to get the tenants to pay their
rent on time.

Why should I give you reserve money?

D-N-A Property Management requests reserves for each of the properties managed. The reserve funds
are there so that repairs and bills can be paid after rents have been dispersed. As mentioned before, DN-A
is happy to pay mortgages, HOA dues, property taxes, insurance premiums, and any property
related bills at no additional costs to the property owner. However, we do require reserves equal to
these funds so that the bills can be paid on time. A full accounting of reserve funds are provided on each
statement each and every month.

Can a tenant stop paying rent if I don’t make my mortgage payments?

Legally, the tenant is obligated to pay the rent through the term of the rental agreement. Additionally,
while our management agreement is still in effect, it is our responsibility to continue to pursue that rent
on the property owner’s behalf. However, it is possible that a tenant will falsely believe that because the
mortgage is not being paid, they are no longer required to pay rent. Although we are completely
prepared for such an event, we sincerely hope that never becomes an issue. If it does, please be sure to
contact us so that we can explore some of your options.

Why can’t I choose the type of tenant?

Fair Housing Laws and their enforcement and subsequent penalties for not abiding them can be very
tricky. We have taken over many properties that were self-managed, because after being fined for
violating Fair Housing Laws, they came to us to manage. When you listen to their stories, we get the
impression that they did not set out to intentionally discriminate, but because their selection process
was not consistent and left room for interpretation, they were found guilty. We are trained in Fair
Housing Laws. We offer an application to each and every person who makes an inquiry. We process
every application in the same exact manner. And we accept or deny applicants based on our scoring
system.

Why do I need to add D-N-A Property Management to my insurance policy as an additional insured?

By adding D-N-A Property Management as an additional insured, you prevent the tenant or guest of the
tenant from bringing 2 separate lawsuits against you and D-N-A Property Management Co. The
insurance company can equally defended the property manager as well as the homeowner and there
not be any additional costs incurred by the home owner.

Can I sell my rental while the tenants still occupy the property?

If the property is a multi-family building, then you definitely want to sell it fully occupied. Investment
Properties’ value is directly related to its potential income. If you decide to sell, please alert us as there
are a number of things that we can do on our side to make it successful. This is also a good time to
remind you that D-N-A Property Management is a full service licensed real estate brokerage. Think
about it, D-N-A has a good relationship with the tenant(s), we intimately know the property, we already
have all of the information needed to list the property, and we have the skills to work with the tenants
to make this a success. We may even already have a buyer in mind.

I already have an existing tenant. Will you manage the property?

Yes. The tenants will need to sign a lease with us. If they are already behind on rents and have to be
evicted you may need to attend any court cases because the lease agreement was prior to you hiring us.
However, we will accompany you and hold your hand through the entire process.

Why do you require tenants to have liability insurance?

We require residents to carry insurance in case of damage to the property. This saves claims on your
property insurance or covers the deductible in more serious incidents. Knowing all of the units are
covered also avoids the time and hassle of trying to collect from tenants who just don’t have the funds
to pay for the damage.

Can I inspect the property?

As mentioned before, inspections are important and need to be done. The tenants do have legal rights
to the property and there are laws and rules that we must follow. Therefore, we require that all
inspections be scheduled through our offices. Additionally, for the protection of everyone, a D-N-A
employee will accompany the property owner or their designee on any inspections. When you return to
visit your property, don’t be surprised if it doesn’t look the same as when you left. Tenants do create
wear and tear, but anything beyond that we will have repaired and charge the tenants from their
security deposit.

Should I accept pets?

We find that about 80% of the renters seeking a home have pets. We typically recommend that owners
consider pets on a case by case basis so that they will tell us about the pets when they apply instead of
trying to sneak them in later. We do not recommend puppies, as there is always a learning curve. If you
allow pets we typically charge the tenants a one-time non-refundable fee of half of the monthly rental
amount and the fee is paid to you. This does not alleviate the tenant from any responsibility of insuring
that the pet does not cause any damage. We have an addendum that states all damage caused by a pet
must be paid at 100% of the cost. Again, you will always have the final say. A longer vacancy period may
be incurred as a result of not allowing any pets into the leased dwelling. Service animals, however, like
those required to aid the blind, are exempt by law from these restraints.

What kind of software do you use?

D-N-A Property Management utilizes state-of-the-art property management specific software. Go to
www.appfolio.com for more information.

Do I need to finish repairs before you start showing it?

We’ll start showing the property as soon as we have the property under contract. But you know the old
saying, “first impressions are lasting impressions”. The better the property looks, the better the chances
of it renting out. We’ll do our best to help them imagine what it will look like once completed, but the
truth is, you’ll want to get the repairs done as soon as possible and not be disappointed if no one does
an application until the work is complete.

Can I place a limit on occupants?

To prevent overcrowding and undue stress on plumbing, septic’s, and other systems, we can restrict the
number of people who may reside in a property if we place it in the marketing upfront. Please keep in
mind in determining these restrictions, we must adhere to all applicable fair-housing laws.

IF THERE ARE ANY QUESTIONS OUTSIDE OF THIS INFORMATIONAL PACKET PLEASE FEEL FREE TO ASK!