Frequently Asked Questions
Do I need to have a licensed property manager?
Wisconsin law requires that property managers who collect earnest money (ie rents/deposits) or negotiate and execute lease agreements MUST hold a valid real estate license. While we don't sell real estate, Candlewood is a licensed real estate office with numerous staff trained and licensed with the State.
When do I get my rent disbursements?
Each month rents are collected and bills are paid. The following month we process the financial statements and make any disbursements to the owners. We work with each owner to set a schedule that works for them, but generally it is by the 20th of following month
Who sets the rents at my property?
In general, Candlewood will price the property so that it is inline with market rents. As an owner, you are free to over-ride that at anytime if you would like the property higher (or lower).
Do you guarantee the tenants you place in my property?
We do our best to screen tenants, but there is no guarantee that a tenant will perform well. Unexpected life changes for renters can impact the ability to pay rent, even if they looked great when first approved.
What does the management fee cover?
The management fee is for the routine monthly work that goes into the management of your property. This includes collection of rents, paying bills, following up on late rents, preparing monthly financial statements, being available to your residents via phone/email and during office hours, maintaining tenant records, monitoring the property, annual inspections, and other routine monthly tasks. Most importantly, the monthly management provides separation between you and your residents. Its the security that you know the property is being management professionally and in-line with current local, State & Federal laws keeping you out of trouble.
What is a leasing fee?
A leasing fee is an additional fee paid for each new lease we sign. Placing tenants is an expensive and time consuming project, and the leasing fee is to cover the cost of securing a new tenant for you. These costs include marketing your property via advertising, marketing, signage, website promotions and online solicitation. Additionally we do the property tours, notification of current tenants, and screening applicants. Most importantly, we preparing lease agreements that protect you as a Landlord and that comply with State and Federal laws. As these laws change, so do our agreements. The leasing process ends with us meeting with renters to execute the lease, and getting them moved in. Ultimately, all this advertising and work we do helps reduce vacancy and in most cases will pay for itself if the property rents sooner.
What is a renewal fee?
A renewal fee is assessed when a resident renews. This fee covers the cost of us surveying the rents and negotiating a renewal of the property they reside at. As part of this process we prepare the legal documents to extend the lease for another term and then coordinate getting it executed with the residents. We assure that these renewals comply with ever-changing landlord/tenant laws to keep you out of trouble.