Owner FAQ
Owner FAQ
Considering professional property management? Here are answers to some of the most common questions we receive from rental property owners.
Fees & Services
What does Virtue Property Management charge?
- Our full-service residential property management fee is 12% of collected rent.
What is included in the 12% management fee?
- Routine management includes rent collection, resident communication, lease enforcement, maintenance coordination, owner reporting, routine property oversight, lease renewals, move-out coordination, and access to your online owner portal.
Are there additional fees?
- We do not charge separate routine fees for lease renewals or standard property inspections.
- Certain third-party costs, legal expenses, repairs, maintenance, significant property projects, or services outside normal property management may be billed separately.
What isn't included in routine property management?
- Routine management does not include extensive renovation oversight, major construction projects, insurance claims, large capital improvement projects, unusually complex maintenance situations, or other work requiring significant additional project coordination.
- If something falls outside routine management, we will communicate with you about the scope and any additional cost before moving forward whenever circumstances allow.
Properties & Service Area
What types of properties do you manage?
- Virtue Property Management primarily manages single-family homes and multi-family residential properties.
- Other property types may be considered on a case-by-case basis.
What areas do you serve?
- We primarily serve Havre and the surrounding area.
- Properties outside our normal service area may be considered individually depending on location and management needs.
Can you take over a property that already has tenants?
- Yes. We regularly work with properties that already have residents in place.
- We coordinate the transition of leases, deposits, keys, records, property information, and resident communication so management can move over as smoothly as possible.
Leasing & Residents
How do you screen applicants?
- All adult applicants are screened using consistent rental criteria that may include identity verification, income and employment, rental history, credit, and background screening.
How is rent collected?
- Residents are provided access to an online resident portal where rent can be paid electronically.
What happens if a resident doesn't pay rent?
- We follow the lease agreement and applicable Montana law regarding late rent, notices, and collection efforts.
- Owners are kept informed when a significant payment issue arises.
Do you handle evictions?
- Yes. When an eviction becomes necessary, Virtue PM coordinates the process and works with the appropriate legal professionals when needed.
- Legal fees, filing fees, and other third-party expenses are the responsibility of the property owner unless otherwise agreed.
How are lease renewals handled?
- Before a lease expires, we review the tenancy, rental rate, property needs, and owner goals to determine whether renewal is appropriate.
- We then coordinate renewal documents and resident communication.
Money & Reporting
When and how are owners paid?
- Owner funds are distributed after rent is collected and property expenses are accounted for, according to the terms of the Property Management Agreement.
- Owners also receive access to an online portal for statements and property financial information.
How are security deposits handled?
- Security deposits are handled in accordance with Montana law and the terms of the lease.
- When a resident moves out, the property condition and account are reviewed before the final deposit accounting is completed.
Who pays utilities?
- Utility responsibility depends on the property and lease.
- Some utilities may remain in the owner's name and be included in rent or billed back to the resident, while others may be transferred directly to the resident.
- We review this during onboarding.
Maintenance & Property Care
How do you handle maintenance requests?
- Residents submit maintenance requests through their resident portal.
- We review the request, determine the appropriate next step, coordinate vendors when necessary, and document the work performed.
Do you need owner approval before repairs?
- Routine or emergency repairs may be handled according to the authorization limits established in the Property Management Agreement.
- For larger or non-routine repairs, we communicate with the owner for approval whenever circumstances allow.
How do you handle emergencies?
- Emergency situations are addressed based on the urgency of the issue, resident safety, and protection of the property.
- When immediate action is necessary to prevent further damage or address a safety concern, repairs may need to proceed before owner approval can be obtained.
How often do you inspect properties?
- Properties receive routine oversight throughout the tenancy, with formal inspections completed as appropriate based on the property, tenancy, and management needs.
Can I use my own contractor or vendor?
- Possibly.
- Owner-preferred vendors may be considered as long as they are properly qualified, insured when required, responsive, and able to meet the needs of the property.
Insurance & Owner Responsibilities
Do I need landlord insurance?
- Yes. Property owners should maintain appropriate landlord or rental property insurance coverage.
- Your insurance professional can help determine the appropriate coverage for your specific property.
Why do I need to add Virtue Property Management as an additional insured?
- Adding the property manager as an additional insured helps ensure the management relationship is properly reflected in the property's liability coverage.
- This is a common risk-management requirement in professional property management.
Starting Management
What information do you need from me when you take over management?
Depending on the property, we may request:
- Current leases and addenda
- Resident contact information
- Security deposit records
- Keys and access information
- Utility account information
- Existing inspection or condition reports
- Property insurance information
- Vendor or warranty information
- Property-specific instructions or records
We provide owners with a clear onboarding process so we can gather what is needed.
How quickly can you begin managing my property?
- Timing depends on the property, whether it is occupied, the condition of existing records, and how quickly the management agreement and onboarding information are completed.
- Once we understand the property, we can provide a realistic transition plan.
What happens if I decide to sell or stop renting the property?
- We can coordinate the management transition according to the terms of the Property Management Agreement.
- We ask owners to communicate plans as early as possible so resident notices, leases, showings, maintenance, deposits, and records can be handled appropriately.
How do I get started?
Complete our Property Management Inquiry Form and tell us a little about your property and what you are looking for.
We'll review the information and follow up with you directly.
Ready to talk about your property?
Complete our Property Management Inquiry Form and tell us a little about the property and what you're looking for.