FAQ FOR GRAND RAPIDS PROPERTY OWNERS
Getting Started & General Questions
A property manager handles the day-to-day operations of your rental property, so you don’t have to. This includes marketing the property, screening tenants, collecting rent, coordinating maintenance and repairs, conducting inspections, managing lease agreements, and ensuring compliance with Michigan landlord-tenant laws. Their goal is to protect your investment, minimize vacancies, and maximize rental income.
You may benefit from hiring a property manager if you:
- Own multiple rental properties or units
- Live outside of Grand Rapids or travel frequently
- Don’t have time to handle tenant inquiries, maintenance, or rent collection
- Prefer professional tenant screening and lease management
- Want to avoid the hassle of late payments, legal compliance, and potential evictions
If any of these apply, a property manager can help you save time, reduce stress, and keep your property running smoothly.
Learn more in our article Why Hire A Professional Property Manager in Grand Rapids.
For most property owners, yes. A property management company can help you:
- Reduce vacancies through better marketing and tenant placement
- Avoid costly mistakes with legal compliance and lease enforcement
- Save time on maintenance coordination and rent collection
- Often increase your net income by setting the right rental rate and retaining tenants longer
While there is a management fee, the time savings, reduced turnover, and fewer legal or maintenance issues often offset the cost, especially in competitive markets like Grand Rapids.
We offer 3 pricing options so you can select the property management plan that best fits your unique situation.
Simple Property Management manages single-family homes and small multi-family properties.
Yes, we love helping first-time landlords and will make the process simple and stress-free. We guide you through every step, including setting the right rental price, marketing your property, screening tenants, drafting lease agreements, and managing move-in procedures. We also provide ongoing support with rent collection, maintenance coordination, and compliance with Michigan rental laws.
Our goal is to help you start strong, avoid costly mistakes, and maximize the return on your investment.
Rent vs. Sell Decision
Deciding whether to sell or rent your home depends on your financial goals, the current Grand Rapids housing market, and your long-term plans.
Renting can provide steady monthly income, potential tax benefits, and the ability to hold onto your property as it gains value.
Selling may be a better choice if you need immediate access to funds, want to avoid managing a property, or if market conditions favor a high sale price.
We can help you evaluate rental demand, calculate expected income, and understand the responsibilities of being a landlord so you can make an informed decision. Contact us today for a FREE Rental Analysis.
Rental rates are influenced by several factors that help ensure your property is competitively priced while maximizing your income. Common factors include:
- Location – Neighborhood demand, school districts, and proximity to local amenities in Grand Rapids.
- Market Conditions – Current rental demand, vacancy rates, and economic trends.
- Property Size and Layout – Number of bedrooms, bathrooms, and overall square footage.
- Condition and Upgrades – Recent renovations, appliance quality, and overall maintenance.
- Seasonal Trends – Demand fluctuations based on time of year.
- Comparable Rentals – Pricing of similar properties currently available in your area.
- Unique Features – Extras such as parking, outdoor space, or pet-friendly policies.
We conduct a thorough rental market analysis using these factors to recommend a rate that attracts qualified tenants and maximizes your return.
To determine whether renting your home in Grand Rapids is more profitable than selling, consider the following key factors:
- Potential Rental Income – Estimate monthly rent based on comparable properties in your area.
- Expenses – Include mortgage payments, property taxes, insurance, maintenance, and property management fees.
- Vacancy Rates – Factor in possible periods when the property may be unoccupied.
- Appreciation – Consider potential long-term property value growth in Grand Rapids.
- Tax Implications – Account for rental income taxes, deductions, and capital gains if you sell.
- Selling Costs – Include real estate agent commissions, closing costs, and repairs required for sale.
By comparing projected rental income minus expenses to the net proceeds from selling your property, you can determine which option provides the best financial outcome. We can provide a personalized analysis to help you make an informed decision.
Renting out your property in Grand Rapids has different tax implications than selling it. Key considerations include:
- Rental Income Tax – Monthly rent you receive is considered taxable income and must be reported on your federal and state tax returns.
- Deductible Expenses – You may be able to deduct property management fees, maintenance, repairs, insurance, mortgage interest, and property taxes.
- Depreciation – The IRS allows you to depreciate the property over time, which can reduce your taxable rental income.
- Capital Gains Tax – Selling a property may trigger capital gains tax if the home has appreciated in value, unless it qualifies for the primary residence exclusion.
- Passive Activity Rules – Rental income is generally considered passive, which may affect how losses are reported.
Every situation is unique, so it is important to consult with your accountant or tax professional to understand how these rules apply to your property and ensure you are maximizing deductions while staying compliant.
The market is always changing. During 2021-2023 we saw rental rates rise by a larger percentage than usual. We've seen them come back down to a 2-4% yearly rise with some rental rates flattening or even dropping depending on the time of year and current supply/demand.
Typically we see rents start to rise in March (tax return season), and they will start flattening during the fall/winter months. Watch our blog as we do Grand Rapids rental market updates periodically throughout the year.
Yes, we offer a free rental market analysis for property owners in Grand Rapids. This analysis evaluates your property’s potential rental income based on current market trends, comparable rentals in your neighborhood, and the features of your home. We consider factors such as location, property size, condition, and amenities to provide a realistic rental estimate. This information helps you decide whether renting your property is financially advantageous compared to selling. Our goal is to give you the insights you need to make an informed decision.
In order to comply with both internal and state rental housing requirements, every property must meet a list of requirements in order to be fully advertised and be ‘Rent-Ready’. Check out our full list of rent-ready requirements.
Costs & Fees
Property management costs can vary depending on the level of service you choose. In Grand Rapids, we offer three types of property management plans to fit different needs and budgets
Simple Property Management does not charge any upfront costs to sign up for their management services.
Maintenance and repairs costs are NOT included in the management fee.
Simple Property Management will use their trusted/vetted vendor and pay the maintenance costs from the rent income. This will be documented on your monthly owner statement.
Tenant Screening & Placement
All applicants for rental homes must meet our strict screening requirements. We qualify tenants using background, financial, and reference checks. Check out our extensive application criteria.
120 days before the end of the lease we will start our lease renewal process.
We look over how is the tenant as a whole- are they paying on time, are they taking care of the property, do they treat our staff and vendors with respect, etc.
We then look at market conditions and raise rent accordingly. Depending on time of year and market conditions, rent can go up 2-5%.
Then we will reach out to the investor, confirm they want to renew, and work on solidifying a one-year lease.
Property Maintenance & Inspections
When maintenance trouble arises, our team is ready to jump into action. We coordinate repairs with tenants, dispatch service providers, and make sure the job is done correctly.
We have a 24/7 maintenance call center that will take the call, assess if it’s a true emergency, and then dispatch the correct vendor.
If the property is keyed to our master key, we will walk the property 2X a year. That cost is typically around $70.
We make sure the furnace filter is changed (we additionally send furnace filters throughout the year to the resident) and we do a quick checkover of the unit looking for maintenance items that haven’t been put in, illegal pets, etc. We do this quick and cheap to keep the cost low to our owners, so we do not get photos. We compile the feedback from our inspection tech and go over them as a team.
Additionally, we send a tenant lead inspection twice a year for the resident to fill out on their own. This helps catch things that are easily missed like a slow drip under the sink.
When the property is vacant, you can absolutely use your own contractors. When it’s occupied, we only allow our outsourced vendors into the properties. This is to give a consistent level of service and to make sure the maintenance work gets done quickly for the resident.
The #1 reason a resident moves is because of maintenance. We want that process to be seamless for all parties so that the resident renews.
Learn the difference between normal wear and team and damage using our Wear and Tear Vs. Damages Chart.
Owner Payments & Reporting
It's easy to access your monthly earnings with our streamlined accounting process.
We collect all funds for you and deposit them directly to your bank account between the 10th and 15th of the month. We do NOT make our clients wait all month for their rent payment.
You can access your monthly statements in our online owner portal 24/7.
The security deposit is held in our FDIC insured security deposit trust account.
When someone pays late, we text/call/email/carrier pigeon to try to communicate with them.
On the 6th of the month, we send the Michigan 7-Day Notice form. From there we continue to try to communicate with them. If they still owe rent mid-month, we file for court on them. We very rarely have to evict a tenant we placed.
Legal & Compliance
We are constantly staying on top of new laws, regulations, and regulations.
Our whole staff takes a fair housing class at least once per year. We are part of the RPOA of Michigan and the National Association of Residential Property Managers. We constantly get updates on laws and changes from them.
We handle all of the eviction process for our owner. We start the process and have an attorney that will go to court with us. The process can take 90 days, but we handle it all for you.
Special Situations
Yes, we help out-of-state property owners manage their rentals in Grand Rapids. Our team handles all aspects of property management remotely, including marketing your property, screening and placing tenants, collecting rent, coordinating maintenance and repairs, and ensuring compliance with Michigan landlord-tenant laws. We provide regular updates, detailed financial reports, and clear communication so you can have peace of mind knowing your property is well cared for, even from a distance.
No we do not manage these types of properties.
Yes, we handle tons of properties that are vacant.
Yes! We would have you let the resident know that Simple Property Management will now be managing the property. We then send a letter to the residents and reach out to them personally to introduce ourselves and run them through our systems. Our goal is for this to be as seamless as possible. We also encourage our investors to send the resident back to us when they call or text you. It sometimes takes a little bit for the resident to realize you no longer manage the property.
Switching from your current manager is a very simple and seamless process.
Firstly, make sure you can legally get out of your current agreement. Some agreements are long term agreements (our owner agreements are month-to-month).
Once the agreement is signed, go ahead and email your current manager letting them know you are switching to Simple Property Management. Make sure you include us on the email.
From there, we handle the rest. We will get the leases, ledgers, security deposits, etc. from the current manager and set everything up in our system.