How much are management fees?
Base Management Fees start at 8% or $115 per unit. However, rates can differ based upon the characteristics of the property and services Landlords want performed.
How long does it take to rent a vacant property?
If the property is lease ready, we can begin marketing with a week. We strive to get a lease in place within 30 days of marketing the property. Our objective is to always reduce vacancy times by pricing the property correctly and properly screening tenants. We don’t get paid unless we have the property rented, so it is our top priority to be as efficient as possible in this phase.
How much rent can I expect from my investment property?
When taking on a new vacant property or preparing for a lease renewal Tower will perform an analysis to find the balance between top rents, finding quality tenants, and the least time on market possible. If you would like to have your property analyzed, click HERE!
Who does the repairs on the properties you manage? May I use my own contractors?
We currently work with several outside vendors that handle different tasks that they each specialize in. We have cultivated our relationships with these vendors based on the level of service they provide and the competitive rates they offer. We provide all of our owners with the exact invoice these vendors bill us, we do not upcharge for supervision of normal repairs.
If you have contractors that you would like us to use, we are more than happy to discuss different options and scenarios where that might be needed.
Who handles emergencies in the middle of the night?
You can sleep soundly. We are the first responders to nightly and daily emergencies. Coached by us, Tenants are given numbers for basic emergency services and are also able to contact the Tower staff 24/7 through a monitored emergency repair hotline.
Do you managed furnished properties?
Not at this time.
Do you manage short term rental properties (<12 months)?
Not at this time.
What do I need to do to my property to make it ready to rent?
This depends on the property. Ideally the property needs to be vacant, clean, and attractive for renters. Upon initial review, your Tower Manager can make an assessment of the property and make recommendations, if needed.
When do I receive rent money each month?
We conduct our owner payouts on the 5th-7th of every month depending on when the weekend falls. Since everything is handled through our online portal and ACH payment methods, please allow 2-4 business days for the funds to clear in your specific account.
What happens when tenants do not pay rent on time?
Tenant rent is always due by the 3rd of every month and is late by the 4th. We enforce hefty late penalty fees of $100 on the 4th and $10 every day after that until the rent is paid. Our goal is to never have to charge those fees, however if late rent payments do occur, we will not make the owner payouts until we have received the funds from the tenant.
What happens if tenants leave before the end of the lease?
Tenants are required to pay rent for the full term of the lease. Security Deposits DO NOT count as the last month’s rent. If a tenant abandons the property, Landlords are able to seize the security deposit and also seek remedy through the judicial system. If tenants leave the property, but paid the rent, we are able to take possession and begin the make ready/ marketing process.
How much do you charge to lease my property?
We charge 75% of the first months rent, if you use TPM to manage the property, as a lease up fee. 30% of that charge will be paid out the any realtor that brings us an approved tenant. If you do not use TPM to manage the property, then we charge 90%+ of the first months rent.
Who holds the Security Deposits?
We hold the Security Deposits. Security Deposits must be returned to tenants (minus damages) within 30 days of move out, by law. In order to have a streamlined process for moving out old tenants, accounting for damages & repairs, and re-leasing, we need these funds on hand.
Will you help me Buy or Sell an investment property?
If you were referred to us by an agent, we think its wise to consult with that agent first for your next property. Your Tower Manager will be happy to consult and strategize with you and your representative. If you do not have an agent, we’ll be happy to connect you with an agent/broker with the Ascension Realty Group–our leasing/sales affiliate.
How do I pay management fees?
Management fees are always paid through and deducted from the monthly rent collection disbursements.
When is your office open?
Our office hours are from 8:00am-5:30pm, Monday-Friday.
How do you screen tenants? What’s Involved?
We use a 5 phase process to screen tenants that covers verifying their income/employment, credit and criminal background, prior rental history, pet records and more!
Is it alright to say NO PETS at my investment property?
A landlord always has the choice of whether or not they will allow pets at their property. However, its important to keep in mind that when marketing the property for lease its a good idea to appeal to as wide of a range of tenants as possible.
Is it alright to say NO SMOKING at my investment property?
Yes, we recommend not allowing smoking at properties because of damage caused to the property and its systems as well as the health concerns for all future residents.
How do tenants make maintenance requests?
All tenants and owners will have access to their own personal online portal. Through the portal, tenants can submit work orders, pay rent, and contact management. Once a work order is submitted, it it sent directly to the TPM team. From there we will assess scope of the work needed and take care of what needs to be done. Owners will be able to see ALL activity involving their property through their portal.
How much notice do tenants need to give before vacating a property?
Tenants are required to give 30 days notice before vacating if the lease is terminating or month-to-month, unless another length of time is mentioned in the lease. Our lease contracts require 45 days notice, so that we have adequate time to prepare the property for marketing.
Will you pay my mortgage, HOA Dues, and Utilities?
Landlords must pay their mortgage, insurance and taxes. We prefer that landlords pay for their HOA dues and utilities (while marketing the property for lease.) However, we are willing to work with landlords who need extra assistance if the situation dictates.
Do you manage properties with pre-existing tenants?
Yes, TPM can takeover pre-existing leases and tenants. We establish contact with everyone involved ASAP and layout any changes that may need to occur.
Do you manage properties with pools?
Yes. Pool maintenance can take extra man hours and extensive work to upkeep. For this, we charge an extra 1% of monthly mgmt fees to facilitate.
Will you inspect my property?
Inspection tier: $50/ lite inspection, $100 for inspection with photos and report.
Why should I have a property manager for my property?
Hiring a property manager to oversee your investment will remove the day to day stress that comes along with home ownership and being a landlord. There are an endless number of possible scenarios that can and will come up when managing a rental. We have the experience and tools in place to handle each and every scenario with efficiency and ease so that you don’t have to.
What’s the process for beginning to manage my property?
First, we have owners complete our Landlord Questionnaire. Second, we send the Property Management Agreement (PMA) for review and signatures. Third, we build the Landlord’s Portfolio in our systems. Fourth, we arrange a site visit to the property and conduct a lease analysis (if vacant.) Finally, we begin marketing the property or begin a campaign to orient the tenants by the next rent payment cycle.
Do you charge Management Fees during vacancy?
We do not charge management fees while the property is being marketed.
Do you have startup fees? If so, how much?
No startup fees are required. If there is work to be done to the property before it is leased, then we will need the owner to make an owner contribution through their portal with enough funds to facilitate what work needs to be done. We keep a $400 reserve on hand for each property that we manage, but we have a $300 spending limit per unit. Reserves are typically filled when the first month’s rent payment is received.
Who is responsible for lawn care and landscaping at my property?
Normally, we structure in the lease that tenants are responsible for lawn maintenance. Each property (and landlord) is different though. There are options in the lease that maintenance can be performed by a contractor hired at the landlord’s or tenant’s expense.