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Who decides on the amount of monthly rent? The decision as to the amount of monthly rent is always made by the property owner. However, TL&T Management can be of great assistance in this area by providing the owner with information on similar properties which have recently rented in the area.
The goal is to seek the maximum monthly rental without pricing the property "out of the market".
How do I know that I will get my rent on time? The key to receiving tenant rents on time is to have efficiently screened the tenant's credit and financial background before entering into a lease agreement. It has been consistently proven that tenants who have handled their past credit and rental obligations well will continue to do so in the future. Unfortunately, the opposite of this also holds true much of the time.
TL&T Management has instant computer access to the major credit reporting bureaus and can review a prospective tenant's credit and other financial history in a matter of minutes.
What happens if the tenant pays the rent late? TL&T Management has a very strict policy on rent collections. All rents are due on the first day of each month. Tenants have a five-day grace period in which to pay. On day six, no matter what the reason or excuse, the rent is late and TL&T Management starts a District Court proceeding against the tenant. The local Sheriff then serves the tenant a summons to appear before the Court. The Court hearing usually takes place between the 14th and 20th day of that same month.
In most cases the tenant will have made the late rent payment before the scheduled Court date. In the rare event that the Court process must continue, actual eviction will usually take place during the second or third week of the following month.
How will I know if the tenants are taking good care of my property? Inspections, inspections and inspections. TL&T Management conducts an in-depth outside and inside, room-by-room inspection of the property prior to the tenant moving in. The tenant is then provided with a copy of this inspection and invited to add any additional comments.
Every 120 days throughout the course of the lease term, TL&T Management will be back at the property to complete a detailed inside/outside inspection (Copies will be mailed to you). These 120 day inspections will help keep you advised of how things are going. These inspections also give the tenant a chance to point out items to TL&T Management which may be in need of attention about the property.
At the time the tenant moves out, TL&T Management conducts a final inspection to determine if there should be any deductions from the tenants' security deposit for items over and above normal wear.
What happens if a tenant damages something? The repair or replacement of an item which is damaged or neglected by a tenant is handled in one of two ways. If damage comes to TL&T Management's attention by way of the tenant or during a routine inspection of the property, TL&T Management will arrange for the repair or replacement of that item. Initially this repair will be paid for from the owner's management account reserve fund. However, the tenant is then immediately invoiced for the cost of the repair. In the event the tenant does not pay this invoice in a timely manner, this will be treated the same as late payment of rent.
In the event the tenant-caused damage is not detected until the tenant has moved out of the property, the cost of any repairs will be deducted from the tenant's security deposit.
How does TL&T Management take care of minor repair items? Typically we would anticipate that the majority of repairs necessary for the upkeep of a property would be of the smaller, routine, "handyman" nature. It is expected that the property owner allow TL&T Management the leeway to make these smaller day-to-day repair decisions. Monies will be set aside from the owner's first month's net rent in order to establish a reserve fund to cover these smaller repair items. TL&T Management will provide the property owner with a detailed accounting each month of all monies collected and expensed.
How does TL&T Management take care of major repair items? Almost every property will at one time or another be in need of a repair of either an "emergency" nature, or require a repair or upkeep of an item which does not fall into the normal routine. Repairs of an emergency nature such as burst pipes, water heaters flooding, or anything which would leave the tenant without a vital utility will be immediately handled by TL&T Management in a way which will lessen any further damage to the property and allow the tenant the continued, uninterrupted use of the dwelling. Any repairs that cost more than the reserve fund are to be covered by the property owner immediately. The emergency funds must be replenished. TL&T Management will also notify the owner by phone or email.
How do I get my money from TL&T Management? TL&T Management's monthly bookkeeping cycle is as follows: All payments authorized by the property owner and the monthly management fee to TL&T Management are paid on the first day of the month in which they are due. Rents are collected during the first five days of the month. On the seventh and eighth days of the month any additional expense items paid directly to each owner by checks, deposits in bank accounts or credit union. This usually makes these funds available to the owner on the next business day. Additionally, detailed monthly statements, along with copies of any repair invoices, etc., are mailed to the owners for their review.
How much does all of this cost me? All of the owner services which have been covered in this web site, with the exception of procuring new tenants, are provided for in one low monthly management fee. This tax-deductible fee is 10% of the monthly rent, with a minimum fee of $80.00/mo.
Give us a call at 410-296-3080 to get more details.
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