Our goal is to maximize the return on investment for our clients while maintaining quality housing for our residents. Our mission is to offer personalized and professional services to both our clients and customers by building strong relationships, utilizing the latest technology, implementing effective marketing strategies, and following consistent systems all with honesty and integrity throughout every facet of our business. We strive to stay on top of market changes and industry trends and adapt accordingly.
Our staff is professional, courteous, informed and experienced. Many of our team members hold a NC Real Estate License. By capitalizing on the concept of economies of scale, we can offer multiple services that would be cost prohibitive for individual owners and smaller companies. We have one of the strongest marketing programs in the industry, utilizing the most up to date marketing techniques available in the industry. We stay on top of changing trends and legal issues to protect our client's interests. We also have emergency maintenance providers on call 24 hours a day to stabilize emergency issues that could lead to much larger problems or increased liability for the owner.
Our role is to achieve our clients objectives while preserving or increasing the value of an investment property and generating income for our clients. We advertise our properties, screen tenants, negotiate leases, collect rent, schedule maintenance for your property, keep accurate records, and provide regular reports and communication with our clients.
We manage all residential properties including multi-family apartment complexes, single family homes, condominiums, and town homes throughout the Triad, including Guilford, Forsyth, Alamance, Randolph, Davidson, and Rockingham Counties. Our commercial division manages retail and office space. Please click here to see our commercial properties.
We operate in strict compliance with the NC Residential Rentals Agreement Act and the International Property Maintenance Code. Before we offer a property for lease, we thoroughly inspect the property to ensure that all governmental ordinances are complied with. We also advise our clients with recommendations that will maximize their return on investment. We have found that by offering a quality product, maintenance requests and complaints are minimized and resident retention and satisfaction are increased.
Your lease rate is going to be determined by several factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. The markets that dictate lease rates vary vastly from the markets that influence the value of properties. We do offer an online general rent estimator on our website, just click here to get an online estimate of the rental price for your properties.
Multi-family properties (apartment communities) are done on a proposal basis. Please contact us for a proposal.
For single family homes (including townhomes, condominiums, and duplexes) our fees are 10% of the gross rental income or $75.00 per month, whichever is greater. Other property expenses include: advertising expense of $200 per vacancy, leasing commission of 50% of 1 full month's rent, $75.00 lease renewal fee, and a $75.00 close out fee at the end of management. No management fees are incurred while the property is vacant, based on the above fee structure. Should you have specific needs, please contact us so we can develop a program to meet your needs. View a sample of our Property Management Agreement.
HomeRiver Group Triad requires each client to maintain a balance of at least $300.00 in the property's trust account for expenses associated with the management of the property. All client funds are held in a Trust Account in strict compliance with the NC Trust Account Guidelines.
All rents are due on, or before, the first of each month and are considered late after the fifth of each month. We send out a first letter of delinquency on the sixth, followed by a second letter of delinquency on the thirteenth. For those residents that have not paid in full by the seventeenth of the month, we initiate a Summary Ejectment filing.
Court costs are determined by the court system and typically cost a minimum of $90, depending on the number of defendants. There is also a filing administrative charge due to HomeRiver Group Triad equal to total court costs. These costs are charged to the resident and if not paid, will be deducted from the resident's security deposit upon vacating the property.
Equity distributions are made on the last business day of each month. Net proceeds, less reserve, are directly deposited into our client's accounts through the Federal Reserve's electronic ACH transfer system. Monthly statements are e-mailed on the last business day of the month, as well. Should there have been any maintenance items, or other expenses, the original invoices are sent via postal mail at the end of the month.
HomeRiver Group Triad, Inc endeavors to ensure a minimal amount of inconvenience to all of our residents by providing 24 hour emergency services as well as a quick response to routine repair and maintenance requests. In compliance with NC General Statutes, maintenance requests must be submitted in writing. Maintenance requests are handled by Triad Maintenance Services, LLC with skilled, licensed, and insured subcontractors. We strive to exceed the minimum standards and have found that by providing a quality home we can attract a higher quality resident and command higher lease rates. View our maintenance section.
Our insurance carrier requires that all clients carry a commercial general liability insurance policy for the protection of any claims arising out of the operation, leasing, and maintenance of the property. We do require a valid certificate of insurance, listing HomeRiver Group Triad, Inc as an additional insured party to be on file at all times - there is usually no additional cost associated with this.
Pets are accepted on a case by case basis, as determined by our clients. There is a one time non-refundable pet fee paid by the resident, which may vary depending on the number and size of pets. Pets that are classified as a vicious breed are not accepted at any time. For more complete information about accepting pets please contact us.
We believe in prompt and thorough communication with our clients. Every staff member has their own telephone extension, voice mail and e-mail. We send out monthly statements and quarterly newsletters in an effort to keep our clients informed. Below are some of the instances that we will initiate additional communication:
Through our affiliation with reputable, experienced and established local REALTORS we can assist you in the acquisition and disposition of investment property. Should you have an established relationship with another REALTOR, we can assist you by working with them to make the process smooth.
HomeRiver Group Triad does require security deposits from all residents, usually the amount is equal to one month's rent. As required by the NC Tenant Security Deposit Act, these funds are held in a separate escrow account at an insured bank within North Carolina. Security deposits cannot be disbursed until the resident vacates, and can only be disbursed to the owner or resident.
All leases in North Carolina are governed by the NC Residential Rentals Agreement Act and provide for the covenant of quiet enjoyment. As a result, we do not enter the property and recommend the owner not enter the property, except in emergency situations or when repairs have been requested by the resident. History has shown that repeated disturbances prompt residents to become unhappy and not be as willing to renew their leases.
Our lease provides that the resident give a minimum 45 day written notice that the lease will be terminated, with termination not permitted on any day other than the end of the month.
To begin management of your property we will need the following:
Once we receive all of the items above and the initial deposit, we can typically perform the many steps to get your property on the market within 2 business days.
Yes and no! Our experience has shown that owner-occupied properties are not effectively marketed while still owner-occupied. Therefore, we do not place owner-occupied properties on the rental market. We do make every effort to market tenant occupied homes as soon as practical after receiving a notice to vacate from the current tenant. There are many factors that determine if a property is suitable for pre-leasing when tenant occupied, the largest of which is whether, or not, the lease allows for it.
Management fees are deducted from your monthly equity distributions.
Yes, through our accounting system we can easily pay all of your monthly bills, including HOA dues and mortgages. We pay bills on the 25th of each month. We do require that your account have a minimum balance in excess of the estimated monthly payments in order to take advantage of this service.
Yes, our clients have full access to their accounts. You will see the same data that we have in the office and be able to prepare your own customized reports, 24 hours a day, 365 days a year.