Frequently Asked Questions
Q. Do you perform credit checks on tenants?
A. Yes, that and more. Criminal and eviction records are also examined. We also check references provided by the applicant. We are a member of Rent Bureau, which is now tracking the performance of over five million tenants. Their timely payment serves to improve their credit rating, while late payments and other mistakes can adversely affect it.
Q. Do you collect a deposit from tenants?
A. Yes. We usually collect a deposit equal to the monthly rent. Pets require an additional deposit, which is not refundable in most cases.
Q. What do you do with the deposit?
A. By Louisiana law, we must hold the deposit in a non-interest bearing escrow account. The deposit is returned to the tenant, at the time the tenant vacates, provided that the tenant has no unsatisfied obligations and leaves the property in the same condition it was in when the lease began (normal wear and tear excepted.)
Q. Who performs repairs on the properties you manage.
A. We work with a number of vendors, all of whom are required to maintain liability and workman's compensation insurance. In certain disciplines, electrical and plumbing for example, we only work with licensed vendors.
Q. What do I need to do to get started with you?
A. Email firstname.lastname@example.org or phone 318-213-5299.
Q. What type of insurance do I need?
A. A “rental dwelling” policy. If you currently have regular homeowner's insurance, your agent can probably write you a modified policy. It should be less expensive than homeowner's insurance because it will have no contents coverage. Add our company as an “additional insured” and liability will be greatly reduced.
Q. What are your lease terms?
A. We require a lease of at least 12 months, unless instructed otherwise by the owner of the property.
Q. How do you account for owner's funds?
A. Very carefully. All owners receive a monthly report of income and expenses, and their payment. Most owners choose to do this electronically, with direct deposits and access to our “owner portal.”
Q. Is an owner required to leave funds with you for repairs?
A. Yes, we usually require something less than one-half of the monthly rental amount to be kept in the Owner’s account as a reserve for repairs. This is not a firm requirement, because many of our newer properties have very few maintenance needs. Some owners choose to leave even more than we require as a buffer in case of a large expense.
Contact UsDiamond Property Management, LLC
315 East Texas Street
Bossier City, LA 71111