Frequently Asked Questions For Property Owners
Do I have control over my property?
Yes. Our job is to work for you but not operate against your wishes. From both a missional and practical position we want you to be actively involved in your investment. The IRS also requires “active” participation for the investment to qualify on your tax return.
When and how do I receive the rent?
We offer same month statements and proceeds. Your monthly statement will include copies of all expense receipts. In addition, it will specify lease details, distribution amounts, and a breakdown of expenses. Typically funds and statements are disbursed before the 20th of the month. New tenants, vacancies, late payments/delinquencies and large projects may delay your statement beyond the 20th.
Does my manager contact me if the tenants DO NOT pay rent?
Yes. Your manager will automatically issue late notices for late payments and post 3-day notices. We will contact you around the 10th of the month in the event that we have not received rent payment or a response from either the late notice or 3-day notice.
Does my manager contact me when the tenants pay rent?
We do not send out a separate report for payments received.
How often will my manager communicate with me?
During vacancy periods you will be updated on a weekly basis. During periods before and after a vacancy, you can expect increased communication as well as during any major repairs or improvement projects. If the property is rented and there are no major improvements or issues your only communication would be in the form of your monthly statement.
What does a property manager do for me?
We act on your behalf as an intermediary between you and the tenant. We advertise, show, lease, collect rent and oversee repairs and property condition for you.