Landlord
Frequently Asked Questions
Why should I use a Lease Option instead
of simply renting?
- Higher Quality Tenant
- Tenant Responsible For Repairs
- Non Refundable Option Money
- Above Average Rental Rates
Quite simply, you should Lease Option because you typically get a much
better tenant that is more likely to take care of the home. The tenant
is typically responsible for the repair and upkeep of the home. (We strongly
recommend that you keep the home covered with a home warranty as added
insurance and to make it easier for the tenant to keep the house in good
condition.) Also, instead of taking a large security deposit that you
are supposed to hold in a trust account, you will receive non-refundable
option consideration (money) that you can use to cover closings costs,
negative cash-flow, or to take that cruise you've been dying to take.
Finally, Lease Option "Tenant/Buyers" typically pay a slightly
higher rent than normal.
What does CRES do to find quality tenants?
Tenants, like home buyers, do two things when they are looking to move:
(1) Drive prospective areas; and (2) jump on the internet. For the drivers
we make sure your home has the proper sign riders (ie: "For Sale
or Lease Option"), color flyers, plus we use the Proquest 800# system.
Each house gets a sign with a unique extension that can be entered when
you call a 1-800 number in order to hear more information on the house.
Proquest instantly sends us a message via text and email containing their
name, contact info, address and even tells us if they are looking at the
sign in front of the house, the website, or an online posting on Craigslist
or Backpage. This allows us to follow up with them while they are a HOT
LEAD. For the internet surfers we are constantly optimizing our website
for better search engine results, plus we have an extensive 'pay-per-click'
advertising campaign. Experience has shown that people that find us using
the internet are typically a higher quality tenant (as opposed to those
that found us in the newspaper). Therefore we have focused our marketing
efforts accordingly.
What does CRES do to screen prospective tenants?
Our qualifying process includes:
- Credit
Check
- Employment
Verification
- Prior
Eviction Check
- Criminal
Background Check
- Current
Landlord References
Do you offer 'ala carte' services?
Because having a Lease Option tenant is typically very low maintenance,
many owners (especially local ones) choose to manage their own properties.
However, they may find that they need one or more of the following services,
which we offer on an individual basis:
Tenant Placement - We will find, screen and place a
Lease Option tenant ("tenant/buyer") on your behalf. However,
the lease and option is between you and the tenant and once they have
moved in you take over collecting the rent. We will drive by the property
each week that it is vacant to put up flyers and check to ensure that
the home is presentable. We can also arrange for yard maintenance or other
repairs as needed, as long as you provide us with funds to cover such
expenses. However, the Placement Fee is typically not due until a tenant
is placed (and their Option consideration is collected). There are no
hidden 'advertising' or 'marketing' costs - just the flat fee!
PRICE: Flat fee of $2,000 or 1/2 the Option consideration, which
ever is greater (some restrictions may apply).
Eviction - In the event your tenant fails to uphold
their end of the bargain, we can help you get them out in a timely manner.
PRICE: Flat fee of $500 (typically - price may vary depending
on circumstances).
Statutory Agent - Out-of-state owners are required by
Arizona statute to maintain a current in-state agent for acceptance of
service. CRES will register your property as a rental and provide and
maintain statutory agent service.
PRICE: $100 per year.
We will always do our best to keep you informed and up-to-date on any
requirements such as rental taxes, registering with the county, obtaining
a license, etc.
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