Owner FAQs
Answers to your frequently asked questions
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Am I required to make my property available to Section 8?
No, you are not required to accept Section 8 tenants. Participation in the Section 8 program is entirely up to you. We can provide details on the benefits and requirements to help you decide. -
Are you licensed?
Yes, we are licensed in Alabama, Georgia and Florida. -
What are Open Key’s office hours?
Office hours are:
- Monday to Thursday: 8:00 AM - 5:00 PM Central Time
- Friday: 8:00 AM - 12:00 PM Central Time
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Can I reach you after hours?
Outside of business hours, we handle emergencies only, such as fires, severe property damage, or any immediate risks to tenants or the property. After-hours, weekend, and holiday calls are directed to a third-party call center, which promptly informs our staff of any emergencies requiring immediate attention.
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Can you put money directly into my account?
Yes, we deposit your distribution directly into your account via ACH transfers which are initiated on the 8th and 15th of each month.We do not issue checks for distributions.
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Do I get to see the lease or sign it?
The lease is signed by the resident(s) and Open Key Property Management, so owners do not need to sign it. However, you can request a copy for your records at any time.
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Do you sell real estate too?
Yes, we do. Our sister company Landmark Real Estate focuses on all sales transactions.
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How long of a lease do you sign?
Our standard lease agreements are for one year. Shorter or longer terms are available if requested and all parties agree.
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How much security deposit do you charge the tenant?
Typically we collect a security deposit equal to one month’s rent.
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How soon can you start managing my property?
We can typically begin managing your property within 24 hours after receiving all necessary information and a signed management agreement.
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What type of properties do you manage?
We manage both residential and commercial properties.
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What type of reports do I get and how often?
You will receive a monthly Owner Statement at the beginning of each month detailing all transactions from the prior month. You also have the option to view your Owner Ledger through your Owner Portal.
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How do I view my owner ledger?
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Who holds the tenant security deposit?
We securely hold the tenant's security deposit for all properties we manage in an escrow account.
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What can I expect for feedback when my property is marketed?
You will receive a weekly report on your property's marketing, including the number of showings, applications received, and any significant feedback from potential tenants.
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What happens if a tenant damages my property upon moving out?
If a tenant damages your property you will be made aware of the issues. With your input, we will handle all inspections, and repairs. We will deduct the repair costs from the tenant's security deposit.
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What are your management fees?
You may see our management options and pricing here: openkeypm.com/pricing
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How do you screen tenants?
We conduct a thorough screening process, including credit checks, criminal background checks, rental history, and employment verification, to ensure the best possible tenants for your property.
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Can I cancel my management agreement?
Yes, you can cancel the management agreement with a 30 day notice minimum. We also require management to end at the last day of the given month.
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How often are property inspections conducted?
We conduct property inspections at least once per year. Owners have the option to have additional inspections. Walkthrough inspections are included prior to move in and upon move out.