Owner FAQs

Answers to your frequently asked questions

• How will I receive my monthly rental payment?

  For your convenience, we direct deposit your payments into your bank account each month.

• What options do my tenants have for paying rent?

  We strongly encourage our tenants to pay electronically via their online portals. This allows them to pay from anywhere at any time of day and allows them to pay via credit/debit card or ACH. If tenants are unable to do this, they may still bring or mail a personal check or cashier's check to our office.

• What if my tenant pays late?

  We give tenants until the 5th of each month to pay their rent without penalty. Tenants who pay after the 5th are required to pay rent in certified funds so there isn't a delay in you receiving your payment. If tenants fail to pay by the 15th of the month, we begin the process of filing for eviction.

• How are evictions handled?

  Though SPM Residential Services maintains a very low eviction rate, we are prepared to handle such instances should they arise. When an eviction situation arises, our accounting team will make contact with the proper authorities to begin eviction proceedings as well as attend court on your behalf. When eviction proceedings are started, it typically takes around 30 days to legally gain possession of the property from the outgoing tenant.

• How will prospective tenants for my property be screened?

  We have strict qualification guidelines to ensure that only the best tenants rent your property. You can find more in-depth information about application requirements here.

• How much security deposit am I legally allowed to charge?

  This amount can vary but typically for well-qualified tenants it is equal to one month's rent. Security deposits are held in SPM's trust account in accordance with NC laws until tenants vacate and any damages are assessed. In North Carolina, the highest amount you can charge for a security deposit is two month's rent.

• Once tenants have been secured for my property, is there anything I need to sign?

  No, once the tenant and property manager have signed the lease, you'll receive an executed copy for your records. Our leases are specially designed to protect property owners and include very specific requirements for tenants and how they are to treat the property.

• How long will my tenant's lease be?

  Lease terms are typically 12 months, but may be longer or shorter with owner approval. Remember, if your property is in a homeowner's association, they might have rules that pertain to lease lengths as well.

• When and how will I get my income/expense statements?

  Monthly income and expense reports are available to owners via their online portal. Additionally, year-end statements will be provided each January to assist in tax preparation.

• How are maintenance requests from tenants handled?

  SPM Residential Services works with a team of trusted vendors who can take care of a variety of maintenance problems that may occur at your rental property. If your tenant puts in a maintenance request, your property manager will evaluate the request and dispatch the appropriate vendors. If a larger maintenance issue occurs, your property manager will be in contact with you to discuss cost and the best ways to address the issue.

• What if there is an after-hours maintenance emergency at my property?

  All SPM Residential Services tenants are provided with access to a 24/7 maintenance line. If the situation reported is deemed to be a legitimate emergency, the appropriate vendor will be dispatched to take care of the issue.

• How will my rental property be advertised?

  SPM Residential Services has the largest reach in the local rental market and our website is where many prospective tenants find properties. In addition to being featured on our website, we syndicate listings out to popular third-party sites as well as feature properties on our social media accounts. We also, of course, use good old fashioned "For Rent" signs where allowed.

• How will my property be shown to prospective tenants?

  If your property is vacant, we utilize a secure third-party showing system which allows tenants to have a self-guided tour at their convenience. In order to utilize this system, prospects must provide a copy of their photo ID as well as a credit/debit card number. Though there is no charge to view properties, having card information on file protects you if any damages should occur during the showing. For occupied properties, we have dedicated showing agents who will provide prospective tenants a tour of the property.

• Do you require renter's insurance?

  Yes. Tenants are required to purchase and show proof of a renter's insurance policy with $100k minimum liability.

• Am I required to accept Housing Voucher Program at my property?

  No, you are not required to make the property available for Housing Voucher Program.

• What is the Residents Benefit Package that we provide to our tenants?

  Go to the following page for details about the package and the benefits: Residents Benefit Package