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Will Your Rental Property Cash Flow? (Free Tool)

Will Your Rental Property Cash Flow? (Free Tool)

by Peter Lohmann | May 27, 2020 | Investing in Rental Properties, Owner Education, Property Management Education, Rental Price, Uncategorized

This post will review estimating the income and expenses of your rental property to determine your anticipated cash flow.  You can download a helpful template to summarize your numbers at the following link: Property Proforma Template Below is an outline of the...

2020 Franklin County Market Rent Data

by Peter Lohmann | Jan 14, 2020 | Investing in Rental Properties, Rental Market Trends, Rental Price

At RL Property Management, we maintain a database of several dozen fields of data for each unit that we manage throughout Columbus and Franklin County.  Three of those fields include the square footage of the unit, the market rent of the unit and the zip code.  The...

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Nate Miller – Senior Maintenance Specialist

Nate works in the maintenance division, ensuring every work order and maintenance request gets completed quickly and efficiently.

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Tiffany Haynes – Leasing Specialist

Tiffany helps prospective tenants locate their perfect home. She also crafts our advertising campaigns, works with owners & tenants who have questions, and processes all the incoming rental requests.

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Miranda Zoladz – Director of Maintenance

Miranda heads up our maintenance department, ensuring all maintenance requests are handled quickly and efficiently. She holds an active Ohio real estate license.

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Adam Rich – COO

Adam Rich is a graduate of The Ohio State University, with a degree in Civil Engineering. He holds an active Ohio real estate license.

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For Agents

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  • To request a lease renewal, simply complete the from below. We will initiate the renewal process and be in touch soon.
  • To obtain a copy of your lease immediately, simply log in to the resident portal. There is a PDF copy of the lease available for download. If you are unable to log in, press submit to request your lease be emailed or mailed to you.
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RESIDENT FAQs

Q: Do you allow pets?

A: Generally yes, though it depends on the property.

Q: Do you have a pet deposit / pet fee?

A: There is no pet deposit, but we do charge pet rent. $50 per pet. There is also a one-time $100 pet acceptance fee.

Q: How much is the security deposit?

A: An amount equal to one or two month’s rent, depending on credit.

Q: Do you accept section 8 (AKA housing assistance, AKA vouchers)

A: Yes, at select properties.

Q: How much do I need to move in?

A: Security deposit, plus first full month’s rent & prorated, plus lease-signing administrative fee equal to 10% of the rent.

Q: Can I drive by and take a look?

A: Yes, we encourage this before scheduling a showing.

Q: Is rent pro-rated if I move in mid-month?

A: Yes.

Q: What utilities do I have to pay?

A: The resident is responsible for all utilities (electric, water and gas) unless otherwise specified.

Q: What's the application fee?

A: $40.00 per person. All adults 18+ must apply.

Q: Can I apply online?

A: Yes, you can apply on our website.

Q: Can I pay rent online?

A: Yes, you can pay rent online for free.

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Rental Criteria & Application Instructions

Thank you for your interest in renting a home that is professionally managed by Advantage Property Management Services. Below you will find the instructions and criteria required when submitting a rental application. It is important that you read the information below prior to submitting an application to understand what is required for renting the property. If you have further questions, please contact one of our leasing agents at x2.

Q: General Application Information

A: Anyone 18 years of age or older must submit a rental application. When submitting an online rental application, you may complete the “Other Applicants and Adult Household Members” section, which allows separate applications to be submitted together.APMS can only approve complete Rental Applications. A complete application includes the online Rental Application form for all adults household members, proof of income documents, and the application fee. If you have a pet you must also submit the Pet Application through the third-party screening service we use. If your application is approvable, but not the approved one for the property for which you are applying, you may consider applying for our other available properties for 45 days without payment of an additional application fee. After 45 days you will be asked to submit a new Rental Application.All Applicants must see the interior of the property before an application will be processed. The property must be accepted in “AS-IS” condition before an application can be approved, except where there is written agreement for modifications or repairs. Any such modification or repair request must be in writing and included with your application under “Other Information – Any other information we should know?” If your maintenance and repair request is acceptable to APMS, then it will be acknowledged in writing. Verbal representations are non-binding. In the event that the manager receives two or more unrelated applications for the same property, the Applicant understands the Landlord may select the Applicant desiring the property in “AS IS” condition over another Applicant requesting maintenance or repairs (this does not apply if the request is related to accessibility accommodations).

Q: Application Processing and Time Frame

A: Most applications are processed in 2-3 business days. However, it can take longer. You can help speed up the process by putting your current employer and current and past Landlords on notice that we will be contacting them.No vacant rental property will be held for more than 14 days unless approved by the property owner. Negative findings may cause denial of an application; false documentation or failure to disclose information is grounds for denial of an application. We will send you a link so that you may monitor the progress of your application.

Q: Income Requirements

A: Basic Criteria: Gross household income of 3.5+ times the asking rent.Minimum Criteria: Gross household income between 2.5x – 3.49x the asking rent will be considered with an increased security deposit. Applications with gross household income below 2.5x the monthly rent will not be considered and should not apply. Income must be verifiable. Examples of income verification include, but are not limited to, pay stubs, employee records, income tax returns, social security documentation, and bank statements.

Q: Basic Criteria

A: Priority will be given to an Applicant who meets all of these Basic Criteria, is willing to sign a long-term lease, has no pets, and is willing to take possession the date the property is available for move-in. To be accepted at the advertised Security Deposit, an Application must meet ALL of the following criteria:Income: Gross household income of 3.5+ times the asking rent.Credit: 700+ credit scoreRental History: No evictions, unpaid balances to past Landlords, 2 or more late rental payments, foreclosures, bankruptcies, or non-medical collections.Criminal History: Within the last 7 years, no felonies for illegal manufacture or distribution of a controlled substance, or felonies resulting in bodily harm or intentional damage or destruction of property (for example “arson”). No sexual related offenses for any time period.Applicants who do not meet the Basic Criteria, but exceed the minimum criteria, are encouraged to apply and may be accepted with a higher security deposit.

Q: Credit Requirements:

A: Basic Criteria: Credit score of 700 or higher for each Applicant.Minimum Criteria: Credit score between 600-699 will be considered with an increased security deposit. Applicants with credit scores below 600 will not be considered and should not apply. APMS obtains a credit report for all Applicants and does not accept copies of credit reports from Applicants.APMS accepts discharged bankruptcies if the prospective Tenant has re-established good credit. Negative credit reports may be grounds for denial of an application.Due to credit reporting regulations, we cannot provide you with a copy of your credit report or discuss its contents with you. However, we can provide you with the name of the credit-reporting agency so you may request a copy from them. All information collected for the approval or denial of this application is considered confidential in nature and for company use only.

Q: Application Fee

A: A $45.00 application fee is required per Applicant, without exception, and is non-refundable. This fee offsets the costs incurred while processing an application. A $45.00 application fee for guarantors is required as well and is non-refundable. If you have a pet, a separate pet application fee will be due to the third-party pet screening service.

Q: Security Deposits & Risk Mitigation

A: The advertised security deposit is available to applicants that meet all the Basic Criteria and have no pets. Applications that do not meet the Basic Criteria are considered higher risk. APMS mitigates the increased risk by increasing the security deposit. Applications that do not meet the Basic Criteria, but exceed the Minimum Criteria, may be approved with a higher security deposit. If a pet is accepted, the security deposit will be increased by $500/pet.If an application is approved with a Guarantor, the security deposit will be increased to double the monthly rent. If the property is furnished or partially furnished, the security deposit will be increased by 1x the monthly rent.

Q: Rental History or Property Ownership

A: Basic Criteria: APMS requires a minimum of two (2) years of verifiable rental history, and/or homeownership.Minimum Criteria: we will consider applications without verifiable rental history or homeownership with an increased security deposit. An eviction in the last 10 years is grounds for denial. References must be verifiable and family references are unacceptable. Negative references can be grounds for denial of an application.

Q: Criminal Background

A: Applicants who have been charged with crimes should disclose all information. This information does not automatically disqualify Applicants. However, Applicants should not apply if, within the last 7 years, they have been convicted of any felonies related to the illegal manufacture or distribution of a controlled substance, or felonies resulting in bodily harm or intentional damage or destruction of property (for example “arson”). Applicants should not apply if they have been convicted of any sexual related offenses.

Q: Acceptance/Denial of an Application

A: All Applicants applying together must qualify; denial of one Applicant may result in the denial of all Applicants.APMS typically notifies Applicants of acceptance or denial within 3-5 business days of application, unless APMS cannot complete verifications. If more documentation is required, APMS will notify the Applicant. Submitting a rental application does not constitute an offer to rent or commitment of any kind. If an application is accepted, APMS will send the Applicant an “Offer to Rent” email. Applicants are required to adhere to the timelines outlined in the “Offer to Rent” email. You will be asked to provide the security deposit and the first month’s rent within 48 hours. Make sure your funds are available in advance. The security deposit and first months rent must be paid by cashier’s check or money order payable to “Advantage Property Management Services”.

Q: Multiple Applications

A: If we receive multiple applications we will process all applications for consideration as to what we (in our sole discretion) deem the best Applicant, which may not necessarily be the first application received. In such cases, more than one Applicant may be approvable. Because we represent the best interest of the property owner, we will accept the best application, which may not necessarily be the first application received. Applications remain active for 45 days and may be assigned to another property we have available for rent.APMS expends time and incurs cost in processing applications. Hence, our policy is that the application fee is non-refundable. If your application is approvable, but not the approved one for the property for which you are applying, you may consider applying for other available properties that we may have for 45 days without payment of an additional application fee.

Q: Ideal Applicants & How To Make Your Application More Attractive

A: Ideal Applicants will have qualifications that exceed the basic criteria, will sign a longer-term lease, will to move in on the advertised available date, and will not have any negative rental history, bankruptcies, evictions, or collections. Applicants can make their applications more attractive by providing required documents quickly, agree to a lease term longer than 12 months, and/or agree to move in on the advertised available date.

WE ARE PLEDGED TO THE LETTER AND SPIRIT OF THE U.S. POLICY FOR THE ACHIEVEMENT OF EQUAL HOUSING OPPORTUNITY THROUGHOUT THE NATION. WE ENCOURAGE AND SUPPORT A PROGRAM IN WHICH THERE ARE NO BARRIERS TO OBTAINING HOUSING BECAUSE OF RACE, COLOR, RELIGION, SEX, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN.

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Get a Free Rental Analysis

  • If you have an emergency at your property during business hours, call our office at 614-725-3059. If you have an emergency after-hours, call (614) 360-1288. Please note that if you request emergency maintenance for something that is not actually an emergency, fees may apply and resolution of your problem will be slowed.
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OWNER FAQs

Q: Are you licensed?

A: Yes. RL Property Management Group, Inc is a licensed real estate brokerage in the State of Ohio (file number REC.2015003677) as required by Ohio law.

Q: Can I view my financial statements online?

A: Yes. We set up a custom account for each owner. You can log in to your property owner portal anytime 24/7 and see real-time information about your property including rent coming in, expenses going out, many different financial statements, as well as scanned copies (PDFs) of all bills and invoices.

Q: Will you provide a rent estimate?

A: Yes. Please inquire and we can work up an estimate.

Q: Do you manage Associations? ie, HOA's and COA's?

A: No. We are completely focused on residential property management.

Q: What services do you provide as part of your Property Management Agreement?

A: We are a full-service property management company. All items involved in managing property are handled by us, including leasing, maintenance and rent collection. This provides a “hands off” experience for the owner, and can turn investment property into truly passive income.

Q: How do you screen potential residents and what is your application procedure?

A: We use a time-tested custom rental application and TransUnion background check services. As part of this screening, we evaluate an applicant’s credit score, criminal history, residential history, job history and income, as well as other proprietary factors.

Q: How long does it take to rent out my property?

A: Average time from listing to signed lease is about 3 weeks. It may take longer or shorter than this depending on the asking rent and market conditions. Leasing is seasonal; spring and summer is the best time.

Q: Do you charge a leasing fee?

A: No, we do not charge any leasing fees. We believe that it’s important to align our incentives with those of the property owner – which means taking our time to find the best tenant, not just filling the unit with the first person who has a security deposit and collecting a big fee (only to do the same thing in 6 months when that tenant doesn’t work out). Our incentive is to find great tenants and keep them in the property for as long as possible, since the cost to re-lease the unit is paid for entirely by our company.

Q: What are typical costs for maintenance and repair work?

A: General maintenance and repairs are completed at an hourly rate by one of our internal maintenance team members, with materials charged at cost. Specialized repairs are completed at competitive industry rates plus a 10% project management fee.

Q: How do you handle evictions?

A: We use professional local attorneys to complete the court eviction process. We will attend all necessary court appearances on your behalf and attend to the process from start to finish.

Q: Do you provide a standard lease?

A: Yes, RLPMG uses a custom lease prepared by us and reviewed by our legal counsel. It includes many special clauses and details to ensure the property owner is protected.

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Pet Application

Each of our properties has its own unique Pet Policy, which is specified in the advertisement.  Before you schedule a showing or submit a rental application, review the property’s pet policy to ensure your pets comply.

Applicants with pets or service/companion/assistive animals are required to submit a pet application through a third-party pet screening service. There is a fee for the service (fee is waived for service/companion/assistive animals). The application is available here.

If a pet is allowed, the security deposit amount will increase by $500/pet and Tenant will pay a Pet Administration Fee (“Pet Fee”) of thirty dollars ($30.00) per month for the first pet and twenty dollars ($20.00) per month for any additional pets.

Even if a property allows dogs, the following dog breeds are never allowed: Akita, Alaskan Malamute, Boxer, Bull Mastiff, Canary Dog, Chow Chow, Doberman Pinscher, German Shepherd, Husky, Pit Bull, Rottweiler, and Wolf Hybrid. Applicants with these dog breeds as pets should not apply.

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Fill out the form below to download this free information:

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  • If you have an emergency at your property during business hours, call our office at 614-725-3059. If you have an emergency after-hours, call (614) 360-1288. Please note that if you request emergency maintenance for something that is not actually an emergency, fees may apply and resolution of your problem will be slowed.
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APPLICATION PROCESS

We appreciate your interest in our available homes for lease offered by XYZ PM. In order to qualify for one of our rental properties, you must submit a rental application. The rental application must be completed by each person age 18 years and older who will occupy the property. Applicants are required to complete the application in its entirety and submit all specified documents.

Leases are granted on a first-approved application basis. XYZ PM will process your application and notify you if you qualify to lease the desired property. Allow two business days for the rental application to be processed. If any additional information is needed a representative will contact you.

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Important guidelines for XYZ PM Residents

RENT DUE: All rents are due on the first day of the month. Some of our leases have a grace period. Any rent not received by 5:00 PM on the last day of the grace period is considered late and will incur a late fee. Rents can be paid on line, mailed to us, or dropped off at our office. There is a secure mail slot on our front door where rents can be dropped off 24/7.

LATE RENT: Any rent not received by 5:00 PM on the last day of the grace period (if any) is late and a late fee of 5% will be charged. Personal checks are not accepted after the 5th of the month. If your rent is late it must be paid with a cashier’s check or money order (payable to Gordon Property Management) and must include the late fee.

BOUNCED CHECKS: If your check is returned by the bank for non-sufficient funds, or for any reason, you will be charged a retuned check fee of $40.00 PLUS the late fee of 5%. Replacement checks must be paid with a cashier’s check or money order and must include the NSF fee and the late fee. Personal checks will not be accepted by any tenant who has had two checks returned by the bank.

AUTOMATIC PAYMENTS: If you choose, you can arrange for an automatic payment with your bank. You can also make online rent payments via our Online Tenant Portal.

MOVING OUT: You must give 30 days written notice of your intent to move out. Once we receive your notice we will send you a move out packet with information regarding the pre-move out inspection and cleaning instructions.

MAINTENANCE REQUESTS: All requests for maintenance and repairs must be made through the TENANT PORTAL. You must give us permission to use our keys for entry or you must be home to let the repair person in.

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Schedule a Call

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Peter Lohmann – Principal Broker / CEO

Peter Lohmann is a graduate of Geneva College, with a degree in Electrical Engineering. He is a licensed real estate broker in the State of Ohio and an adjunct faculty member at Hondros College, where he teaches their annual 2-day property management continuing education course. Peter is also available for speaking and consulting engagements.

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Call or text us at (614) 706-0785 during business hours.

We guarantee that a team member will be on the other end to answer any questions you may have.

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Lauren Begley – Administrative Assistant

Lauren helps the entire team stay on track by coordinating many different activities within RL Property Management.

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Dianna Stearns – Director of Property Management

Processes rent payments, answers tenant questions, and organizes and executes many of our key processes. She holds an active Ohio real estate license.

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Amy Shafer – Assistant Property Manager

Amy helps the entire team stay on track by coordinating many different activities within RL Property Management. She holds an active Ohio real estate license.

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Molly Harris – Property Manager

Molly processes rent payments, answers tenant questions, and organizes and executes many of our key processes. She holds an active Ohio real estate license.

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Josh Blinzler – Maintenance Technician

Josh works in the maintenance division, ensuring every work order and maintenance request gets completed quickly and efficiently.

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Wayne Mitchell – Maintenance Supervisor

Wayne works in the maintenance division, ensuring every work order and maintenance request gets completed quickly and efficiently.

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