Owner Frequently Asked Questions
Q: Are you licensed?A: Yes, as required by New York State we are a licensed real estate broker, license #10491207645.
Q: Can I reach you after hours?A: Yes, we offer 24/7 emergency response to our residents and owners.
Q: How and when do I get paid?A: We provide direct deposit for all owner funds via EFT on or before the 15th of each month.
Q: How is rent collection handled?A: Tenants have 3 options for paying rent:
- E-check via their online tenant portal.
- Credit card via their online portal.
- With cash at any CVS pharmacy via PayNearMe service.
Q: What happens if a tenant doesn’t pay rent?A: Rent is due on the 1st with a 2-day grace period, and is considered late on the 4th and the tenant is personally alerted via phone and email. If rent has not been paid by the 5th-8th of the month, the tenant is contacted again to be notified that they will be served a state-required “3-Day Pay or Quit”, and if they do not pay in that period they may be evicted.
Whether or not we proceed with a formal eviction depends on the specific circumstances of the tenant and in agreement with our owners, but we always proceed with the legal notices required for eviction regardless of any other factors.
Q: How long of a lease do you sign?A: We typically sign minimum 12 month leases unless directed otherwise by owner.
Q: How much security deposit do you charge the tenant?A: For most tenants, we require 1 month’s rent plus additional deposits for pets. For applicants with questionable credit, we may require an additional deposit.
Q: How soon can you start managing my property?A: Today! Our onboarding process for new owners and properties is designed to be quick and hassle-free, and we can take over as soon as the owner has completed the required onboarding paperwork, provided us with adequate proof of insurance, and provided us access to the properties.
Q: What type of properties do you manage?A: We are equipped to manage single family, multi-family, and most commercial properties in good condition. We reserve the right to not manage properties that we deem to be unsafe, undesirable, or outside of our areas of service.
Q: What type of reports do I get and how often?A: All owners have 24/7 access to all of the following reports for any designated time period via their owner portal:
- Balance sheet
- Balance sheet - Consolidated
- General Ledger
- General Ledger - Consolidated
- Rental Owner Ending Balances
- Vendor Ledger
- Budget vs. Actual
- Income Statement
- Income Statement - Consolidated
- Income Statement - Detailed
- Rental Owner Statement
- Cash Flow Statement
- Cash Flow Statement - Consolidated
- Property Statement
- Trial Balance
- Trial Balance - Consolidated
- Current Tenants
- Leasing Agent
- Renter’s Insurance Compliance
- Unit Listings
- Delinquent Tenants
- Rent Paid
- Tenant Statement
- Vacant Units
- Leases Ending
- Rent Roll
- Tenant Vehicles
- Completed Tasks
- Work Orders
- Open Tasks
- Tasks Performance
Q: Who holds the tenant security deposit?A: As required by New York State, we hold all security deposits in a federally insured, dedicated trust account on behalf of all tenants.
Q: How do you feel about tenants with pets?A: You have the right to discriminate against tenants with pets. However, the American Veterinary Association estimates that over 50% of renters have pets and is growing each year. Allowing pets will help reduce your vacancy rate and potentially increase your rental rates. For this reason, we encourage owners to accept tenants with pets by providing animal protection coverage.
Note: Service animals are not considered pets and cannot be discriminated against.
Q: Who signs the lease?A: We have spent significant time and legal expense ensuring our lease protects you to the best of our ability. As your property manager, we sign the lease on your behalf and upload it to your owner portal for your records.
Q: What is the onboarding process like?A: Once you have agreed to work with us, here’s what happens next:
- We email you a link to our Property Data Form which you complete online. This communicates the details of your property, contact info, existing tenant info, etc.
- We email you a link to our Property Management Agreement which can read and signed from any computer or mobile device.
- You submit to us copies of all applicable documentation for our records such as certificates of insurance, existing leases, existing vendor agreements, inspection reports, pet addendums, etc.
- You provide us a voided check to set up your automatic payment portal.
- Arrange to transfer any existing security deposits to our NYS mandated security deposit trust account.
- Arrange to turn over keys and access to property.
Once these steps are complete, which can often be completed same day, we will take it from there. We will set up all owner, tenant, and vendor portals for immediate online access. If your property has existing tenants, we will introduce ourselves and renew or create leases if necessary, and help the tenants set up their new payment methods. We will also conduct property inspections of all units to create a baseline for future condition reports, and make recommendations for any needed repairs or maintenance.
Q: How long until I stop getting tenant phone calls?A: Once the onboarding process is completed, we will generally have made introductions with all tenants and redirected their communications within 1 week depending upon tenant availability.
Q: Do you sell real estate too?A: Absolutely, in addition to property management we are also a full-service real estate broker that can assist you with buying and selling residential and commercial properties of all sizes. We are also able to help consult on P&L and pro-forma analyses of prospective purchases to help owners find the right investment property.