FAQ’s for New Owners
What is the rental collection procedure?
Rental payments are due on the 1st of each month and are late on the 6th. A late fee of 5% of the rental amount is charged. Rental payments that are not received before the 15th are delinquent and court papers are filed for that tenant. Court fees are not an additional cost to the owner, as it is a tenant responsibility. However, if the tenant does not pay such fees in a timely manner then it is deducted from the owner account (see below).
When does an owner receive his/her payment?
Owner accounts are closed out on the last business day of each month. Checks are processed either via direct deposit or by mail. We offer direct deposit services at no additional cost.
What is the process for tenant fees such as late fees and court fees?
If a tenant fails to pay a late fee or court fee then the fee is deducted from the owner's account the following month until the tenant pays and at that time the owner is reimbursed. This is reflected on your monthly statement under "court fee" or "other fees." If the tenant never pays the fee then we deduct it from their security deposit at the end of the lease term.
What is the process for prospective tenants when they want to view a property?
Generally when someone is interested in viewing a property, the individual comes to the office and fills out a key loan agreement. A valid ID and a $20 cash deposit are required. The individual has to return the key by 5:00 the following day. For properties with a building code or something similar the property will be shown by a representative from our office. If a property is occupied an appointment will be set up.
How much is the security deposit?
Security deposits are usually equal to one month's rent and in certain circumstances it can be increased to twice the rental amount. NC requires security deposits to be held in a separate escrow account.
What insurance coverage do I need?
If you have a homeowner's policy it will need to be changed to a fire policy. Please consult with your insurance agent for this. For amounts of coverage, please refer to the management agreement: Section 3, paragraph f.
What is the application process for screening prospective tenants?
For every applicant, we do a credit check, verify employment, and check past rental/mortgage history.
What is the average time to find a tenant for my property?
This depends on the current rental market and time of year, but typical we say 30-90 days.
Is smoking allowed?
No! Our lease states no smoking.
What are the lease terms?
Usually, the lease term is for one year only; however sometimes this is negotiated depending on the time of year and terms.
How often do you inspect properties?
MECA does an annual property inspection of all properties at the owner's expense. This usually occurs 60-90 days from the lease expiration date so MECA can see the current condition of the property, etc. The charge for this is approximately $50-$100 depending on the travel time and time it takes to conduct a full inspection. The inspection report is emailed to each owner and if any repair requests are noted, the owner approves this before any work is completed.