Q. I am new to real estate investing. Will Holton Wise work with me to get started in real estate investing?
A. Absolutely. Holton-Wise is committed to making investing in real estate as safe, easy & painless as possible for both new & experienced investors. Take a look at this VIDEO for a complete overview of how Holton-Wise works with both new and seasoned real estate investors to buy investment properties in Northeast Ohio.
Q. Does Holton Wise work with out of state investors who want to buy Cleveland real estate?
A. Yes. Holton Wise will help out of state investors purchase, buy, sell and manage rental property in the Cleveland housing market as well as all over Northeast Ohio. CLICK HERE to book a free a free consultation with one of our representatives to discuss Cleveland real estate investment opportunities.
Q. How do I buy rental property out of state?
A. Holton Wise can assist you in the purchase and management of any investment property in the Cleveland housing market. CLICK HERE to book a free consulation with one of our representatives who can explain how Holton Wise will walk you through the entire Cleveland real estate investment experience with our full lineup of turnkey real estate investment services available for investors who want to invest in real estate all over Ohio.
Q. Will Holton Wise send me properties or do I get to pick out the kind of property I want to buy?A. Both. When working with Holton Wise to invest in Cleveland real estate, investors have two options with how they want to buy their investment properties. Investors can browse and bid on Holton Wise's inventory of properties on The Investment Properties For Sale Show, or for a more personalized investing experience Holton Wise will work with you 1 on 1 to find investment properties based on your wants, needs and investment goals through The MLS Search & Analysis Show. For more information on either of these Cleveland real estate investment options CLICK HERE to book a free a free consultation with one of our representatives who can speak to you in detail about your real estate investment business in the Cleveland real estate market.
Q. Can Holton Wise give me some more information about the Cleveland housing market?
A. Cleveland has become the poster child of American revival in core industries. It combines a solid business infrastructure with education, lifestyle and an affordable cost of living. The universities attract researchers and students from around the world. The city has a great orchestra, museums and recognized sports teams. There are miles of park trails, the shores of Lake Erie and The Rock and Roll Hall of Fame. All of this adds up to make Cleveland a great place to live and work, and thus an attractive investment climate for rental real estate.
Let’s look at some compelling research about Cleveland and its Northeast Ohio region.
North East Ohio Employment
The macro environment is critical when looking at rental real estate investments, and Cleveland hits all the markers. There is strong rental demand, and a good economy leading to stable renters and great cash flow for investors.
Q. I would like to buy a property that is listed Zillow, Trulia, Craigslist, FSBO, from another turnkey provider or listed on the MLS by another Realtor but need more information and would like to know if it would be a good investment. Can Holton-Wise help me with this?
A. Yes. Holton Wise can assist real estate investors in the purchase of any property in the Cleveland housing market. Watch this VIDEO for more information on how Holton Wise can assist real estate investors in the purchase and analysis of any property in the Cleveland market.
Q. I would like to buy a property but cannot find what I am looking for on the HoltonWiseTVm the MLS, Zillow, Trulia, Craigslist or anywhere else, but I know the type of property I want to buy. Can Holton-Wise find a property that meets my investment criteria?
A. Yes. Watch this VIDEO for more information on how Holton-Wise can assist you in the purchase and analysis of any house or apartment building in the Cleveland, Ohio area.
Q. When do I get to take a tour of the properties I like before I decide if I want to buy them or not?
A. At Holton-Wise we do not provide physically guided buyer tours or buyer showings. However, at Holton-Wise we are committed to complete transparency and ensuring potential buyers get as much information as possible on all of the properties we sell. As such, we provide video tours, disclosures and allow buyers to accompany their home inspectors and appraisers on any and all inspections and appraisals. More information on this can be found in this VIDEO.
Q. What is the best market for out of state investing?
A. In our opinion Cleveland Ohio is the best cash flow market in the United States. For more information on why Cleveland is a great market for out of state investors watch this VIDEO.
Q. Is it safe to invest in real estate out of state?
A. In our opinion yes. Working Holton-Wise can be a very safe and easy way for you to get involved in this low cost high cash flow market. We are trained professionals working soley in a market that we have long term connections and an in depth knowledge of the community. For more information about the potential risks of out of state investing we recommend you take a look at The Tenants From Hell Show on HoltonWiseTV for more information on the risks of real estate investing in the Cleveland, Ohio market.
Q. If I buy a rental property how much money will I make? What will be the return on my investment?
A. It's important to note that in the rental property business in the Cleveland market, or any other rental property market in the world there will always be an unlimited amount of variables at play. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of any property. Actual results may vary from any projections, opinions, assumptions, or estimates and you should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. All of that being said, more information on how you can calculate things such as your return on investment, CAP rate & cash on cash return can be found by watching The MLS Search & Analysis Show on HoltonWiseTV.
Q. Can I use my retirenment or 401k to invest in Real Estate?
A. Yes, sort of. What you would need to do is convert your 401k into a selft directed IRA. A self directed IRA or 401k is not that much different from a traditional IRA or 401k in terms of growing your retirement savings other than a self directed IRA allows you to invest in a wider variety of instruments such as real estate. With a self directed IRA, you are also able to invest in real estate tax free.
Once you've converted your IRA or 401k to a Self-Directed IRA, there are certain IRA Real Estate investments the government allows you to invest in. One of those is Residential Real Estate - which includes apartments, single family homes and duplexes. Most people don't realize they can invest in real estate through their retirement plans because financial planners primarily focus on stocks and cd's.
So if you've ever thought about owning IRA Real Estate Investment Properties, doing so through your retirement account is perfect, especially if you don't have time to manage or take care of the property. It's not hard to invest in Rental Properties, however there are a few things you are prohibited from doing. The following are Self-Directed IRA Rules:
For more information on Investing in Real Estate using a Self Directed IRA consult your CPA.
Q. I have been working with the Holton Wise sales team to purchase an invesment property. We are currently in escrow waiting for the sale to close. When will I begin working with the Holton Wise Property Management team?
A. Once we close the sale of your investment property, or get very close to closing the sale of your investment property, the Holton Wise property management staff will be reaching out to you to discuss the process of on-boarding your new investment property into our management portfolio. More information on the Holton Wise property management onboarding process can be found by watching this VIDEO.
Q. I just closed on my investment property with Holton-Wise. What are the next steps involved in getting it up & running?
A. At Holton-Wise we call the next step the on-boarding process. Once your property closes a member of our property management staff will reach out to you with on-boarding instructions. There are essentially three steps to the on-boarding process. They will be sending you a property management agreement via dotloop for easy digital signature. On top of that Holton-Wise will need you to mail in your required property reserve so that our property management staff may immediately start working on your property. Finally you will need to transfer the utilities into your name. More information on this set up process of your Cleveland rental property can be found in this VIDEO.
Q. I need to get utility payments setup on a property I just purchased. What is the utility company contact information?
A. Below is the contact information of the most commonly used utility companies in the Cleveland area.
|Water||Cleveland Division of Water||216.664.3060||Website|
|Water||Lakewood Division of Water||216.529.6820||Website|
|Water||Lorain Water Department||440.204.2500||Website|
|Gas||Dominion East Ohio||216.736.6664||Website|
|Gas||Columbia Gas of Ohio||800.344.4077||Website|
|Electric||Cleveland Public Power||216.664.4600||Website|
|Electric||The Illuminating Company||800.589.3101||Website|
|Electric||First Energy/Ohio Edison||800.633.4766||Website|
Q. What are the property tax rates in the Cleveland market?
A. The property tax rates for the greater Cleveland, Ohio metro area can be found in The Ultimate Guide to Grading Cleveland Neighborhoods.
Q. How do property taxes work in the Cleveland area? Can my property tax amount change over time?
A. Yes it's possible that your property tax amount can change over the course of your ownership of investment properties in the Cleveland market. More infomation on how property taxes work in the Cleveland area can be found if you CLICK HERE.
Q. Is HoltonWise 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. Does HoltonWise 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 HoltonWise 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 does HoltonWise manage in the Cleveland market?
A. Holton-Wise manages a rental portfolio valued over $100 Million Dollars, consisting of well over 1,000 individual rental units.
Q. Does HoltonWise cover the entire Cleveland, Ohio metro area with property management services?
A. Holton-Wise manages properties in a large majority of the Greater Cleveland, Ohio area. At Holton-Wise we manage properties in Cuyahoga County, Lorain County, Erie County, Sandusky County, Ottawa County, Huron County, Medina County, Summit County, Portage County, Geuga County and Lake County. However there are a few parts of the Greater Cleveland area in which Holton-Wise will not provide property management services due to low quality of housing stock or excessive crime.
Q. Can I review the Holton-Wise Property Management agreement & fee structure?
A. Yes, absolutely. Below is a copy of the Holton-Wise property management agreement that goes over all of Holton-Wise's duties & responsibilities to you as your property manager. The agreement also lays out our fee structure in complete detail. It is available for viewing and downloading at your convenience.
Q. Can I review the Holton-Wise Lease Agreement?
A. Yes, absolutely. Below is a copy of the Holton-Wise lease agreement that all tenants are required to abide by when renting a property from Holton-Wise. The Holton-Wise lease agreement is available for viewing and downloading at you or your tenant's convenience.
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 60 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. How long are the leases Holton-Wise issues to tenants?
A. Holton-Wise leases out all residential properties on 12 month terms. We lease out commercial properties on varying terms with the typical lease length being 60 months.
Q. What is the vacancy rate of the Holton-Wise portfolio?
A. Generally the Holton-Wise portfolio hovers around 90% occupied at all times. However it's very important to note that Holton-Wise manages a wide array of properties over many different asset classes. The experiences of one type of property may not translate to another. For example a commercial property is usually leased for 5 to 10 years at a time but when it goes vacant it could easily take 6-12 months to fill again. Whereas a residential unit is typically re-rented within 30 days of the rent ready renovation being completed.
Q. Does the city, state or county require me to register my rental property? How do I do this?
A. Yes most municipalities require rental properties to be registered. Holton-Wise will handle the registration of your rental property with all applicable municipalities.
Q. I purchased a property with inherited tenants. If Holton-Wise takes over management how long will it take to get tenants on new leases?
A. While Holton-Wise attempts to sign all tenants with expired leases onto new Holton-Wise leases this process doesn't always happen overnight. Sometimes tenants are tough to track down or get a hold of. Getting a firm commitment can take time. Owners with inherited tenants should expect the lease renewal process of inherited tenants to take anywhere from 30-60 days on average.
Q. I purchased a property with inherited tenants who are paying less than market rent. When is the best time to increase the rent?
A. Holton-Wise recommends increasing the rent at the 2nd lease renewal. We have found that tenants tend to get nervous when there is an ownership or management change. Going from the previous landlord or management company to a brand new company can be a culture shock for them, as such we recommend signing them to a lease at their current rent to avoid creating an artificial turnover and then moving towards the rental increase at the next lease renewal when the risk of turnover is lower.
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.
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. For more information on the HoltonWise Property Management Agreement watch this VIDEO.
Q. Does Holton-Wise ever visit the properties you're managing, just for inspection, rather than for specific maintenance requests?
A. Yes. Holton-Wise offers an optional Maintenance Tune Up & Inspection that is recommended as a yearly purchase but can be ordered as frequently or infrequently as our clients want. Holton-Wise will perform a property inspection & replace the furnace filter(s), change out all smoke detector & CO detector batteries & provide a quote for any preventative maintenance repairs that may need to be performed. More information on the Holton-Wise Yearly Maintenance Tune Up & Inspection can be found by watching this VIDEO.
Q. Does Holton-Wise work with Section 8?
A. Yes Holton-Wise offers an optional Section 8 property management program for any investor who would like to rent out their property(s) to tenants who are on the Section 8 program. Note that when working with Section 8 there are several differences in the leasing and management process that you may not be aware of. Holton-Wise must perform a laundry list of additional tasks to remain in compliance with the local housing authorities who issue the Section 8 housing vouchers. As such we have included a link to our Section 8 FAQ.
Q. Is Holton-Wise a licensed & bonded General Contractor?
A. Yes. Holton-Wise is a licensed & bonded General Contractor who 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 staff has over 60 people and includes maintenance technicians, general contractors, electricians, plumbers, and landscapers. More information on our renovation & general contracting services can be found by watching this VIDEO.
Q. I am interested in purchasing a property. Will Holton-Wise provide me a renovation bid and scope of work?
A. Holton-Wise provides line by line estimates for repairs. However it is important to note that Holton-Wise will only send out our construction staff to provide a line by line estimate for someone who already owns the property and has an active property management agreement in place with us. Holton-Wise does not send out our construction staff to provide a line by line estimate for renovations for those who are considering purchasing a property. It takes a lot of time & work for a General Contractor to compile a bid. Therefore those services are reserved for active clients. More information on our renovation & general contracting services can be found by watching this VIDEO.
Q. How much of a deposit does Holton-Wise require to begin renovations?
A. In order for Holton-Wise to begin a renovation an owner must have enough money in their property management account to cover the entire repair estimate & their required property reserve.
Q. Is there a mark up on Holton Wise maintenance costs?
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. Just like any other business, there is of course profit built into our construction business. We are confident that you will find that the pricing at Holton-Wise is market competitive with the construction rates of comparable businesses. For more information on the costs of Holton-Wise repair & maintenance services watch this VIDEO.
Q. Does Holton-Wise get property owner approval prior to performing property maintenance, repairs and home renovations?
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. More more information on the owner repair approval process at Holton-Wise watch this VIDEO.
Q. Why does Holton-Wise charge me to replace electrical outlets that have paint on them?
A. An electrical outlet that has paint on it is a violation of Cleveland's Residential Occupancy Standards. For more information on why this seemingly irrelevant item would violate Cleveland's Residential Occupancy Standards take a look at this VIDEO.
Q. A tenant moved out of my property. When will I find out how much the turnover cost is to get it ready to rent to a new tenant?
A. Once a unit goes vacant Holton-Wise will schedule our maintenance team to go to the unit, perform a lock change to secure the property and do a rent ready inspection. We will then provide you with a line by line bid for all of the work that needs to be done to meet our minimum rental standards. Until this bid is created there is no way to tell you what your specific turnover costs will be as every situation is different. It's also important to note that the Holton-Wise maintenance team can turn a unit over doing just enough work to meet our minimum rental standards or the we can upgrade a unit with the most popular fixtures to attract a higher quality tenant. More information on why an investor would want to have Holton-Wise upgrade their unit can be found in this VIDEO.
Q. How does Holton Wise 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. More information on the Holton-Wise tenant screening process can be found in this VIDEO.
Q. How long does a typical tenant stay in a property in the Cleveland market?
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. There are upgrades that investors can have Holton-Wise do to their properties to increase the average length of stay. More information on increasing the tenants average length of stay can be found by watching this VIDEO.
Q. Will Holton-Wise advertise my property for rent while it's still occupied by the previous tenants or will Holton-Wise wait until it's vacant?
A. Holton-Wise does not advertise or show occupied rental properties to prospective tenants. At Holton-Wise we only advertise & show properties to perspective tenants after the previous tenant has moved out & the property has been through our rent ready renovation & safety check. The reasons for this are simple. Attempting to advertise & show occupied rental properties creates many more problems than solutions.
We run into scheduling issues with the outgoing tenants & the property is not always presented to the perspective tenants in the best condition which causes perspective tenants who would have otherwise wanted the property to look elsewhere. On top of this outgoing tenants do not always move out on the exact date they are supposed to. If an outgoing tenant releases possession of the property to Holton-Wise late Holton-Wise is unable to give the incoming tenants possession of the property on time. This poses a serious problem as the incoming tenants have typically given a 30-60 day notice to their previous landlord so they are almost always under a time crunch & may have already made arrangements with moving companies & utility companies.
Q. Will Holton-Wise advertise my property for rent as soon as it goes vacant?
A. No. Holton-Wise will only advertise a rental property for rent after it has gone through a rent ready renovation & safety check. Advertising & showing rental properties before they have been through a rent ready renovation & safety check creates many more problems than solutions. Rental property showings are most effective when the property is presented to the tenants in it's as-is rent ready condition. This practice cuts down & or eliminates most, if not all confusion & or miscommunications that can occur between the tenants & the Holton-Wise leasing staff in regards to the exact condition the tenant can expect the property to be in on move in day. This also eliminates any "he said" or "she said" allegations that some tenants may try to make in an effort to get a premium upgrade on a kitchen or bathroom remodel when the property was rented to them for a price that doesn't support the cost of a premium upgrade.
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 residential properties re rented within 30 days. Commercial properties can take 6-12 months to rent.
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. We perform top notch video, photo and print advertising on multiple media platforms including
Q. Can I make my own advertisement to help expedite the tenant placement process?
A. No, when your property is being managed by Holton-Wise you are not permitted to post additional advertisements on your own. Having additional advertisements in the public spectrum as well as the top notch advertising that Holton-Wise performs might seem like a good idea to you but it is actually counter productive to getting your unit rented in a timely fashion. Our job as your Property Manager is not so much about finding you a tenant for your property as it is about filtering through all of the tenants who would not be the right fit for your property. Here at Holton-Wise we have proven systems and polices in place to accomplish this goal in a timely fashion. Anything that you do in addition to what Holton-Wise is doing creates unnecessary noise and confusion in the marketplace. As you may or may not know there are several common online rental property scams on the internet today. As the largest presence in the area it is incredibly important that all Holton-Wise ads remain consistent and continue to present the proper brand identity to the marketplace so potential tenants can confidently apply to live at the properties in our portfolio. Having an inconsistent brand identity on the internet will lower that marketplace confidence thus making the units we manage for you harder to rent. On top of that as licensed Real Estate professionals there are many local, state and federal advertising and fair housing guidelines that must be strictly followed when any property that is managed by Holton-Wise is advertised to the general public.
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
Time of the year. Cleveland gets cold so November, December, January and February have the lowest rental demand.
The property is outdated or has maintenance issues that have not been resolved which turns off prospective renters.
The price is simply too high and prospective renters can rent a comparible product for less.
There are other irregularities such as size or location that greatly limit the amount of interested renters.
If we run into a situation where your property is not renting quick enough Holton-Wise will develop an action plan to get your property rented as soon as possible. Lots of times a price reduction or premium cosmetic upgrade does the trick. More information making your property more appealing to the potential tenants can be found in this VIDEO.
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. 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. Can Holton-Wise manage a short term rental property for me?
A. Yes. Holton-Wise can provide real estate investors with short term rental property management services. More information on short term rental property management services from Holton-Wise can be found by clicking the Short Term Rental Property FAQ.
Q. What does Holton Wise charge to manage my rental property in the Cleveland area?
A. You can download a copy of our property management agreement by clicking the file below. The property management agreement goes over all of Holton-Wise's duties & responsibilities to you as your property manager. This agreement also lays our our fee structure in complete detail.
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 once per month. Accounting statements for the month are finalized on the last business day of that month. Rental disbursement go out to property owner on or around the last business day of the month as well.
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 completes the January accounting in our property management software, which is made viewable by the owner in real time. For more information on the owner portal please watch this VIDEO.
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 year end 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. If you manage more than one property for me will I receive a discount?
A. Generally speaking Holton-Wise does not give out discounts. However once an individual has more than 25 units under management with Holton-Wise discounted pricing may be available depending on the type of units in the portfolio.
Q. How do you communicate with owners?
A. Holton-Wise provides all of our client's with a free online owner portal that can be viewed in real time. This portal will have the most up to date information on your portfolio of properties. This includes files such as tenant leases, repair estimates & invoices as well as events such as tenants moving in or out of your property, tenant rent payments & notifications if your account becomes delinquent. Other than that, Holton-Wise communicates with property owners on an as needed basis via phone or email. Holton-Wise prefers to use email communication over phone communication whenever possible. We find that email is much more efficient & effective. When we have a written record of communication it helps to avoid any miscommunications & the inevitable "he said, she said situation." Phone calls with a Holton-Wise team member can be scheduled within 72 hours & all emails will be returned within 24-48 hours. More information on our communication process & the owner portal can be found in this VIDEO.
Q. I read in the HoltonWise Property Management Agreement that HoltonWise requires a $2,500 property reserve. What is this? Why is this a $2,500 property reserve necessary?
A. Holton-Wise requires every Property Management client to deposit a reserve amount of $2,500. This is used to cover emergency costs on your properties. For more information on the property reserve please watch this VIDEO.
Q. I would like to charge the tenants for water and sewer. Will you bill my tenants?
A. No. The City of Cleveland, Division of Water will not pass water and sewer charges onto any individual other than the property owner. The water and sewer bill will ALWAYS remain in the Owner’s name therefore the ultimate responsibility of the water and sewer bill will ALWAYS fall onto the Owner.
See http://www.clevelandwater.com/customer-service/faq for more info.
Holton-Wise does not charge the tenants for water and sewer usage because of all the legal difficulties put in place by Ohio Landlord Tenant Law and the City of Cleveland, Division of Water. Holton-Wise recommends building water and sewer costs into the rental price because evicting for non-payment of a utility that is not in the tenants name is much more difficult than evicting for non-payment of rent. If the Owner wants to pursue an eviction case against a tenant for non-payment of water and sewer bills The Holton-Wise Property Group will have to refuse all future rental payments from the tenant and that Holton-Wise DOES NOT guarantee victory in any court case. Odds are very good that the Owner may lose the case. In the event of a lost eviction proceeding Holton-Wise will still bill the Owner for the normal eviction costs.
5321.04 Landlord obligations.
(A) A landlord who is a party to a rental agreement shall do all of the following:
(1) Comply with the requirements of all applicable building, housing,
health, and safety codes that materially affect health and safety;
(2) Make all repairs and do whatever is reasonably necessary to put and keep the premises in a fit and habitable condition;
(3) Keep all common areas of the premises in a safe and sanitary condition;
(4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord;
(5) When the landlord is a party to any rental agreements that cover four or more dwelling units in the same structure, provide and maintain appropriate receptacles for the removal of ashes, garbage, rubbish, and other waste incidental to the occupancy of a dwelling unit, and arrange for their removal;
(6) Supply running water, reasonable amounts of hot water, and reasonable heat at all times, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection;
(7) Not abuse the right of access conferred by division (B) of section 5321.05 of the Revised Code;
(8) Except in the case of emergency or if it is impracticable to do so, give the tenant reasonable notice of the landlord's intent to enter and enter only at reasonable times. Twenty-four hours is presumed to be a reasonable notice in the absence of evidence to the contrary.
(9) Promptly commence an action under Chapter 1923. of the Revised Code, after complying with division (C) of section 5321.17 of the Revised Code, to remove a tenant from particular residential premises, if the tenant fails to vacate the premises within three days after the giving of the notice required by that division and if the landlord has actual knowledge of or has reasonable cause to believe that the tenant, any person in the tenant's household, or any person on the premises with the consent of the tenant previously has or presently is engaged in a violation as described in division (A)(6)(a)(i) of section 1923.02 of the Revised Code, whether or not the tenant or other person has been charged with, has pleaded guilty to or been convicted of, or has been determined to be a delinquent child for an act that, if committed by an adult, would be a violation as described in that division. Such actual knowledge or reasonable cause to believe shall be determined in accordance with that division.
(10) Comply with the rights of tenants under the Service members Civil Relief Act, 117 Stat. 2835, 50 U.S.C. App. 501.
(B) If the landlord makes an entry in violation of division (A)(8) of this section, makes a lawful entry in an unreasonable manner, or makes repeated demands for entry otherwise lawful that have the effect of harassing the tenant, the tenant may recover actual damages resulting from the entry or demands, obtain injunctive relief to prevent the recurrence of the conduct, and obtain a judgment for reasonable attorney's fees, or may terminate the rental agreement.
Q. I read in the Property Management Agreement that there is a bill payment fee. What is this? Why is this necessary?
A. Holton-Wise charges this fee in the event we need to pay a bill on your behalf. Note this is not a regular fee as you the owner are required to pay your property taxes, insurance & water bills. This fee will be charged in the rare event a bill is mistakenly sent here instead of your mailing address or if there is an random bill such as a city registration, fine or things of that nature.
Q. Can Holton-Wise provide me additional copies of lost transaction records?
A. Yes. Holton-Wise maintains all client records for 10 years after your transaction with Holton-Wise has been concluded. While you are an active property management client all of your records will be available in your owner portal. Your owner portal will remain active for 30 days after the termination of your account with Holton-Wise. If after that time for up to 10 years after your transaction you need a copy of any documents from Holton-Wise, we can provide that to you manually. Follow THIS LINK to have Holton-Wise manually retrieve any and all records you need.
Q. What does HoltonWise 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. For more information on the Holton-Wise eviction process please watch this VIDEO.
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.
To see footage of an actual eviction in Cleveland watch this VIDEO.
Q. How many evictions does HoltonWise do every month?
A. Holton-Wise manages 1,000+ properties in varying neighborhoods and asset classes. We perform an average of 5-10 evictions per month, the majority of these are inherited tenant situations where a struggling property has hired Holton-Wise to stabilize their distressed rental property. 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. For more information on the Holton-Wise eviction process watch this VIDEO.
Q. Would I be locked into a management contract with you? If so, how many days’ notice required to terminate the relationship?
A. The Holton-Wise property management contract is a 36 month term. If at anytime during the property management agreement a property owner would like to terminate the contract early they can do so with a written 30 day notice. More information on the HoltonWise account termination process can be found in this VIDEO.
Q. Will I still be able to access documents such as accounting reports, tenant leases after my Property Management account with Holton-Wise is terminated?
A. Yes. Owners have access to their free online owner portals for 30 days after their account with Holton-Wise is terminated. Beyond that, if necessary the Holton-Wise staff can email any documents an owner may need. If you did not print and or save all of your documents within the 30 days follow this LINK to have a Holton-Wise team member manually recover any documents you need . Note Holton-Wise maintains records for 10 years, any documents older than 10 years may not be available.