Frequently Asked Questions
How do you determine the market rents for my property?
We will conduct a rental survey of the homes for rent next to your property. This will include calling existing For Rent signs in the area, going inside the units to compare value and upgrades done inside those units. Determining how many similar units that are for rent at the time of your vacancy and projecting a correct price. We will factor in the present economic conditions, location of your property, and type of tenant to expect when setting a price.
Will I have final approval of who moves in my properties?
We will provide you with a complete rental application, credit report, proof of employment with YTD income, copy of driver’s license or equal form of identification.
Based on this information we will recommend the best applicant for your property. Of course you will have final decision at that point.
How is the rent collected and paid to me?
Rents are due by the 5th of each month, late fees are applied after that day. Tenant payments are made using Rentcafe online bill payment software and transferred into Broker’s Trust Acct using ACH transfer. Management expenses and repairs will be deducted each month and the balance will be transferred into your account along with an emailed expense report. Expect the process to clear into your account by the 10th of each month.
ACH payment release along with the day tenant originates rent payment will determine when payments can clear into your acct each month.
Bank ACH payment releases are calculated to include 2 business days excluding weekends and holidays.
Who pays for repairs as they come up?
We send out the appropriate contractor/handyman for a repair. If you want to keep your same vendors on your property we will us them instead. On larger repairs above $250, we will notify you before starting a repair unless told otherwise. Major repairs will receive multiple bids and discussed in detail with you before any work begins with your approval.
How do you control operating expenses?
Over the years we have developed relationships with plumbers, roofers, termite companies, handymen, electricians, and others to streamline the cost of operating a building. From consistent use of these vendors we can provide competitive pricing.
How much do you charge for your service?
We charge 6% of monthly scheduled rents.
This service includes collecting rents and depositing net proceeds into your account.
Full service includes paying all aspects of your property at 10% of rents collected.
- Property taxes
- Water bill
- Mortgage
- Utilities
- Insurance
- City licenses
Who keeps the security deposits?
We make all security deposits payable to you unless we operate your building at full service.
How do you handle evictions?
We post 3 day notices for $75. After that is past, we forward all information including lease agreements to an eviction attorney. Currently the cost of our attorney is $1,300 which includes, court filing fee, sheriff lock out, and attorney’s fee including 1 court appearance. If property management company appears on your behalf we will charge $400 for court appearance.
Due to COVID19 pandemic, typical court appearance times and eviction processes may change significantly due to high demands.
COVID Rent Eviction Guideline
