Q. Are you a licensed property manager?
A. Yes Holton-Wise is a fully licensed real estate brokerage who is able to perform sales, leasing and property management services.
Q. Do you keep a "client's trust account" that is used for client accounts?
A. Yes. Holton-Wise maintains a non-interest bearing trust account to hold client’s money including but not limited to security deposits and earnest money deposits.
Q. Does the trust account get audited by regulators / regulating authorities?
A. Yes. The Holton-Wise trust accounts are subject to auditing by the Ohio Division of Real Estate.
Q. How many properties do you currently manage?
A. Holton-Wise manages a portfolio of over 500 rentals.
Q. How many property managers do you have, and how many properties does each manager manage?
A. Holton-Wise has a full management staff who works together to manage our entire portfolio of rental properties. All told our staff is over 50 people and includes various office and support staff, leasing consultants, real estate agents, maintenance technicians, general contractors, electricians, plumbers, and landscapers.
Q. How long have you been a property manager?
A. The owners of Holton-Wise have been managing their own rental properties since 2009. The owners of Holton-Wise have been involved in the management of properties owned by 3rd party clients since 2013.
Q. Do you carry insurance?
A. Yes. Holton-Wise carries an appropriate amount of insurance coverage.
Q. Do you oversee rehabs / act as project manager for rehabs?
A. Holton-Wise has a full contracting staff to handle all repairs and renovations. Our contracting staff includes over 50 people and includes maintenance technicians, general contractors, electricians, plumbers, and landscapers.
Q. Do you get my approval for maintenance repairs?
A. Yes. Holton-Wise obtains owners approval for repairs unless the expense of the repair is less than $300.00 or Holton-Wise determines it to be an emergency. Holton-Wise considers something an emergency repair if immediate repairs are required to preserve the property, continue essential services to the property, avoid danger to life or property, or to comply with federal, state, or local law.
Q. Do you cover the entire metro area?
A. Holton-Wise manages properties in a large majority of the Greater Cleveland area however, there are parts of the Greater Cleveland area in which we will not manage properties due to distance or low quality of housing stock.
Q. How do you communicate with owners?
A. Holton-Wise communicates with property owners on a monthly basis. Holton-Wise sends every property owner a monthly accounting statement that gives a line item description of every income and expense for the entire month.
Q. When will I receive the rent payout (AKA owner disbursement)?
A. When applicable Holton-Wise sends every owner a rental disbursement via ACH deposit along with their monthly accounting statement. Accounting statements and rental disbursement go out to property owner on or around the last business day of the month.
Ex. Holton-Wise manages 123 main street for an owner starting January 1st. Tenant pays rent on January 1st. On or around January 31st Holton-Wise sends the owner the January accounting statement along with any applicable ACH disbursement.
Q. Is there any additional fee for sending accounting statements or ACH disbursements?
A. No. Holton-Wise does not charge additional fees for accounting statements or ACH disbursements. The cost for these items and a yearend statement is included with your monthly management fee.
Q. There is a charge on my accounting statement that does not look correct. What should I do?
A. It is infrequent, but occasionally there are accounting errors. Please contact your property manager to report your concern and he or she will contact the accounting department to address the concern. If there was an error, it will be quickly resolved and reflected on your next accounting statement. If there was not an error, you can expect a full explanation so that the accounting report makes clear sense to you.
Q. Would I be locked into a management contract with you? If so, how many days’ notice required to terminate the relationship?
A. Holton-Wise does not lock clients into long term contracts. Property owners are able to terminate their management contract with Holton-Wise with a 30 day notice at any time.
Q. I read a clause in the property management agreement that I would like to change. Can I do this?
A. No. While Holton-Wise tries to provide each and every client with as customized of a service as possible, the reality is that when you are dealing with a company who manages hundreds of properties for investors all over the U.S and abroad there must be automated policies and systems in place. Doing it any other way would be logistically impossible. These policies and systems have proven to be the most effective, efficient and logistically sound way protect the rights and interests of Holton-Wise, our investor clients (you), and our tenants.
Q. How many evictions do you have each month?
A. Holton-Wise manages 500+ properties in varying neighborhoods and asset classes. We perform an average of 5 evictions per month. Generally speaking the nicer the property and location is the fewer evictions a property will encounter. The majority of the evictions Holton-Wise performs every month are for properties that are located on the lower end of the investment spectrum i.e cheap properties in bad neighborhoods are were most of the evictions occur.
Q. What kind of reserves do you require?
A. Holton-Wise holds a reserve amount of $1,000 for every management client.
Q. How long does a typical tenant stay in a property?
A. Holton-Wise manages properties in varying neighborhoods and asset classes. The average stay will depend on the type of property you purchase. Generally speaking apartments in Cleveland have the most turnover and suburban single family homes have tenants who stay the longest.
Q. How long do properties usually stay vacant before being rented?
A. After Holton-Wise performs all the repairs necessary to get a property rent ready we strive to have all of our properties re rented within 30 days.
Q. How do you market vacant properties?
A. As one of the largest property management companies in the area Holton-Wise has a huge neighborhood presence performs top notch advertising on multiple media platforms including
• Yard signs
• Lettered vehicles
• City Murals
Q. Why hasn't Holton-Wise found a renter for my property yet?
A. Holton-Wise is very aggressive when it comes to leasing properties. Our goal is to get every property rented in 30 days or less. We make every effort to frequently update ads online, answer the phones when prospective renters call, and show the property as many times as necessary. Some of the most common reasons for properties sitting on the market too long are
If we run into a situation where your property is not renting quick enough Holton-Wise will develope an action plan to get your property rented as soon as possible. Lots of times a price reduction or cosmetic upgrade does the trick.
Q. How do you screen tenants?
A. Holton-Wise performs a thorough background check that includes a credit and criminal check as well income verification and when possible an interview with the tenants previous landlord.
Q. What qualifications do you look for in tenants?
A. Holton-Wise looks for tenants who have an income of 3x rent, a consistent history of paying their bills and no violent felonies or prior evictions.
Q. Is it okay to give my contact information to the tenant?
A. No. This is not a good idea. In almost every situation that an owner has provided this information or access to the tenant, they have come to regret it because the tenant will call the owner instead of the manager. Sometimes the tenant will feel that they can gain the owner's sympathies when the manager is trying to enforce the lease. Interaction with the tenant allows for more legal liability as well. Holton-Wise knows the laws well enough to know what is and is not allowable. Holton-Wise will treat all tenants with respect and administer its services according to applicable laws.
Q. Do you ever visit the properties you're managing, just for inspection, rather than for specific maintenance requests?
A. Once a year Holton-Wise offers an optional Yearly Maintenance Tune up & Inspection. Holton-Wise will perform a property inspection & replace the furnace filter, change out all smoke detector & CO detector batteries in one unit.
Q. I have a friend that lives near my property and the told me that there is a problem with my property. Why didn’t Holton-Wise contact me about this problem?
A. Typically, Holton-Wise is able to catch and address the majority of concerns that are not reported by the tenant through our property inspections. However Holton-Wise manages hundreds of properties and there are times in which problems can arise when Holton-Wise is not physically at the property. The only way Holton-Wise would know about a problem at the property is if the tenant or some other person such as a friend, neighbor or city official called to report the problem to us. Holton-Wise places a small sign with our contact information on every property to encourage people to contact us in these situations. If your friend has reported an issue to you simply send us an email and we will take the necessary steps to address the concern.
Q. I don’t feel like my property manager contacts me enough. Why is this and what can be done about it?
A. Holton-Wise is experienced in real estate investment and property management. We have hundreds of properties in our management portfolio and our employees are trained to know what to do without bothering the property owners. Our goal is to provide property owners with the most hands off investment possible. One of the most challenging parts about property management is the time it takes for property managers to adjust to the preferences of each individual property owner. It may take a few months before your property manager really understands your preferences regarding communication. Some property owners never want to be contacted while others want to be contacted about every occurance. Please convey to your agent what you are expecting as far as frequency and kinds of communication. Holton-Wise is committed to providing quality communication and if you feel that after working with us for a few months that the communication is not sufficient for your needs and preferences please convey this concern to us and we will provide a solution that will work for your needs and preferences.
Q. What do you do if a tenant doesn’t pay rent?
A. Holton-Wise has a zero tolerance policy for nonpayment of rent. We begin the eviction process for all delinquent tenants on or around the 10th of every month.
Q. How does the eviction process work? How long does the eviction process take?
A. Generally speaking the eviction process takes about 6 weeks. The typical steps involved are as follows.
• Holton-Wise places a 3-DAY notice on the tenant’s door.
• Holton-Wise and our legal counsel file for eviction.
• Holton-Wise and our legal counsel appear in court on behalf of the property owner.
• The judge hears both sides of the case and makes a ruling.
• The tenant is usually forcibly removed from the property within 14 days of the court proceeding.
Q. Do you charge the tenants late fees? If yes, who keeps the late fees?
A. Holton-Wise retains any and all late fees collected from tenants. Because we retain these fees we do not charge property owners for collection efforts including but not limited to multiple collection phone calls and placing 3-Day notices on tenant's doors.