Questions
Who decides on the amount of monthly rent?
How do I know that I will get my rent on time?
What happens if the tenant pays the rent late?
How will I know if the tenants are taking good care of my property?
What happens if a tenant damages something?
How does MAP take care of minor repair items?
How does MAP take care of major repair items?
How do the mortgage payments, condo/HOA fees, etc. get paid?
How do I get my money from MAP?
Answers
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, MAP 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 will continue to do so in the future. Unfortunately, the opposite frequently holds true. MAP 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? MAP 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. MAP representatives work diligently and compassionately with tenants that have trouble paying rent. Always the best interest of the owner and tenant are considered. 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 timeframes prescribed by local laws. Eviction is a rare event at MAP, as our pre-lease screening indicates that tenants selected by MAP or represented landlords are people who value their good credit rating.
How will I know if the tenants are taking good care of my property? Inspections, inspections, and inspections! MAP conducts an in-depth initial internal and external property inspection for market rate landlords and Housing Quality Standards (HQS) inspections for Section 8 landlords. The landlord and tenant are provided with copies of all inspections. All inspections are recorded and archived. In addition, quarterly or semi-annual inspections are conducted throughout the course of the lease term to ensure the property is well maintained by the renter. At the time of move out, MAP conducts a final inspection to determine if there should be any deductions from the tenants’ security deposit for items over and above normal wear and tear.
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 MAP’s attention by way of the tenant or during a routine inspection of the property, MAP will arrange for the repair or replacement of the 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 the invoice in a timely manner, the repair will be treated the same as delinquent 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 MAP 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 will allow MAP discretion to make smaller day-to-day repair decisions. $250.00 will be set aside by the owner in order to establish a reserve fund to cover smaller repair items. MAP will provide the property owner with a detailed accounting each month of all monies collected and expensed.
How does MAP take care of major repair items? Almost every property will at one time or another have a major repair or have 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 MAP in a way that will lessen any further damage to the property and allow the tenant the continued, uninterrupted use of the dwelling. MAP will also notify the owner by phone, email, etc. when larger repair items which are not of an emergency nature, such as new carpeting, deck staining, exterior trim painting, become necessary, MAP will contact the property owner with the nature of the needed repair and obtain bids from the various contractors with whom we deal on a regular basis or those recommended by the property owner. A contractor will be selected and the issue will be resolved in a timely manner.
How do the mortgage payments, condo/HOA fees, etc. get paid? MAP will deliver all net monthly rents to the owner by or before the 8th day of each month or in a timely manner. The owner will make the monthly mortgage, condominium fees, homeowner’s associations, front foot or capital facility payments. Any service contracts, etc. will be made by MAP on the owner’s behalf as these items become due.
How do I get my money from MAP? MAP’s monthly bookkeeping cycle is as follows: On the eighth day of the month two things occur. MAP net rents which are due to the property owners are electronically transferred from MAP’s BankAmerica Management Account directly to each owner’s individual bank, credit union, or S&L account. This usually makes these funds available to the owner on the next business day. Detailed annual statements, along with copies of repair invoices, etc., are mailed to the owners for their review. How much does all of this cost me? All services with the exception of procuring new tenants and additional inspections are provided for in one nominal monthly management fee. This tax-deductible fee is a negotiated flat monthly rate or 8% of the monthly rent.
Call or email today for additional information 888-522-3181/info@maprealtyinc.com
