Frequently Asked Questions About Property Management
Managing property is a challenging task, even when you have a group of experienced and professional people who manage the daily processes. The ins and outs and legal jargon can be enough to make anyone’s head spin, and we have the answers to any questions you may have about it. We strive to make Owners’ and residents’ lives easier, to make sure that everyone is happy with their arrangement, and to make sure all protocols are properly followed.
We currently manage 292 properties.
We have been in business since 2012.
While we do not offer multiple levels of property management, if you wish to add additional services or are concerned about a specific aspect of our agreement, please contact our office and we can discuss it with you personally.
Yes. REI Management Services, LLC operates as a brokerage, which allows us to practice traditional real estate as well as property management.
Our main fees are broken down into two categories: monthly payments and leasing fees.
Our monthly management fee is the greater of $70 (the minimum payment) or 10% of the gross monthly rent collected. We also offer a lower management fee for Owners with three of more properties.
When we lease your property to a new tenant, we charge one month’s rent and half of a month’s rent with each renewal. However, if it is our first time managing one of your properties that you purchased through Alliance Wealth Builders, Inc., we do not charge the leasing fee.
We do require Owners to put $300 in an escrow account for expenses or fees related to maintaining your property. Excluding emergency conditions, we will not authorize repairs that are greater than $300 without discussing it with you first; however, it is your responsibility to fund needed repairs, outside of those due to tenant negligence.
Once you have chosen REI Management Services, LLC for your property managing needs, renting your home is our #1 priority. We advertise your home on multiple listing sites (MLS), as well as various social media outlets. We also use Rently, an online service to help increase the number of viewings vacant homes are receiving. On average our homes are leased within 45 days, but we are always looking to improve and reduce the time that it takes to get homes rented.
All of our properties are rehabbed to Section 8 standards. If you have questions regarding Section 8 placements, call us and we can discuss the matter.
Yes, as soon as the lease is signed it is available for your viewing via the Owners’ Portal.
Rent is due from the tenant on the first of every month. We accept online payments through the tenant portal, cashier’s checks, certified checks, or money order.
We execute 1-year lease agreements. We ask residents for 60-days’ notice if they do not intend to renew their lease so we can begin the process of marketing it for a new tenant. If they decide to terminate their lease early, we also ask for 60-days’ notice and they will be charged an early termination fee.
We have a no-pet policy. However, with discretion, we will allow certain types and breeds. If approved, the tenant will be charged a $250 non-refundable pet fee per pet to be paid at the time of the lease signing.
At a minimum, we require a security deposit equal to one month’s rent. Security deposits are kept by the property manager in a trust account in accordance with the tenant’s lease. The tenant will receive the security deposit back within 60 days after terminating their lease IF the full term has expired, all rent and charges are paid, the property is clean and undamaged, they gave us 30-days written notice of their intent not to renew, the keys are returned within 24 hours of vacating, and all other terms of the lease have been fulfilled. If the security deposit needs to be used for damages, cleaning, or other charges incurred by the tenant, but no other terms have been violated, the remaining portion of the deposit will be returned to them within the 60-day period. If the security deposit is deemed to be forfeited, it will then be released to the property Owner at the time of Owner payouts.
All financial reports are available online. They are updated real-time for you to review at your convenience via your Owners’ portal.
All Owner distributions are made on the 6th of the month following collection. Monies can be received via direct deposit or check.
We have a dedicated line for Owners. That number is 205-506-0234.