Common Practices for Owners
Maintenance – In the case of an emergency (Flood, fire, active damage to the property and/or health hazard to the renter) we reserve the right to order maintenance care without approval from the owner. For smaller maintenance items under $300 we will usually go ahead and take care of the issue. Larger maintenance issues will be addressed with the owner and a plan of action will be discussed between owner and property management company.
Tenant Communications – You of course are able to request to contact your renter at any time, however we prefer that all communications are managed through the property manager as to discourage any harassment of the owner by the tenant and vice versa. There are multitudes of examples as to why this is a prudent practice for our owners and we are happy to discuss them at any point.
Payment – Rent is due on the first of each month and late after the 5th. If your tenant is late and makes a payment arrangement to have rent into our office before the processing cut off we will not notify you. If your renter is late and fails to make a payment arrangement before the processing cut off date or attempts at collection fail, you will be notified and further course of action will be discussed.
Owner Statements – Our goal is to have billing and payments made to owners by the 10th of each month (excluding weekends and holidays). Owner statements are sent out once payments have been disbursed. If you have any questions feel free to reach out to your property manager for clarification.
Security Deposits & Owner Reserves – Security deposits are held in a trust account according to state guidelines. A $250 owner reserve is held in trust as well. Funds for the deposit and owner reserve will be released to the owner within 30 days of the management contract termination.