Q: Am I required to make my property available to Section 8?
A: This decision is totally up to you. Each owner determines if they will
accept Section 8. The HUD Section 8 vouchers are issued to guarantee a percentage
of the tenant’s rent and insure that low income tenants have a safe place to live
by completing annual inspections on the property. You are in control of your property
and make the final decision regarding Section 8 housing.
Q: Are you licensed?
A: Yes! We subscribe to a high standard of ethics and certify
each year to maintain our industry credentials.
Q: Can I reach you after hours?
A: Of Course! Our team works around the clock to make sure your investment is
secure. We pride ourselves with being the industry leader in having excellent
communication in all situations.
Q: Can you put the money directly into my account?
A: Peak offers an on-line portal to both Owners and Tenants for up-to-date and
accurate financials. Rent is paid through the tenant portal online on the first of
each month. Peak has a 0-Day grace period to insure Owners get paid faster. Owners
are typically paid through ACH the second week of each month.
Q: Do I get to see the lease or sign it?
A: Certainly, prior to signing a property management agreement a sample
lease may be reviewed with the Owner to acclimate you with all terms and
conditions expected by all parties. Once lease is signed by a tenant, a
copy will be provided to Owner at Owners request. Seeing or signing a tenant
lease is not required since Peak handles all tenant screening and on boarding
for the Owner.
Q: Do you sell real estate too?
A: No. While we are licensed to buy and sell real estate, Peak focuses
exclusively on providing top-level property management services. However,
Peak often works with local partners that will help you acquire and sell properties.
Our team is happy to connect you to someone we trust will best fit your needs when
the time comes.
Q: How and when do I get my checks?
A: Owners are typically paid through ACH during the second week of each month.
Q: How is rent collection handled?
A: We handle rent collection online. Peak has invested in technology to allow
quick transfer of funds so you get paid sooner. With our 0-Day grace period lease,
we can take action faster if rent is late, including delivering a pay or quit
notices or filing with the court sooner than most management companies with a
Q: How long of a lease do you sign?
A: Residential lease terms are typically 1-2 years in length, sometimes 3-years.
Our goal is to find long-term tenants to care for and treat your rental home properly,
so each case is carefully considered when signing a new lease.
Q: How much security deposit do you charge the tenant?
A: Typically, owners will require a security deposit equal to a full month’s rent.
A security deposit can be based on the credit worthiness of the tenant. A tenant with
low credit may require more security deposit. The security deposit is refundable to
the tenant at the end of the term less any repairs that may be necessary.
Q: How soon can you start managing my property?
A: We can start managing your property as soon as a property management agreement has
been reviewed, agreed upon, and signed. Release of property, tenant and financial
information will need to be transferred over, and we will perform an on-boarding inspection
of each property to be sure it is up to Peak standards of management. If any repairs are
needed for us to begin, we will notify the Owner and handle it on a case by case basis.
Typically, this process only takes a couple of days!
Q: What type of properties do you manage?
A: We manage single family homes, 2-4 unit residential, multi-family apartment buildings, and condo communities.
Peak also manages all types of commercial buildings, many of which are medical office buildings that range from
having surgical units to sleep labs. We manage properties in Richmond, VA and surrounding counties.
to find out more.
Q: What type of reports do I get and how often?
A: Peak has a full-time CPA level accountant on hand to help with your financial needs. We provide the following:
- An Owner’s Statement detailing cash in and cash out by property for the period with ending cash balance.
- Income Statement MTD and YTD
- Balance Sheet (if requested)
- Rent Roll detailing tenants’ rent, deposit, lease start and end dates, late counts, etc.
- Work Order Reports
- Year End 1099
Q: Who holds the tenant security deposit?
A: Peak has a trust account to hold all security deposits. This trust account
does not mix with any other funds and is solely for security deposits.