Owner/Investor Frequently Asked Questions

• Collection of Rents and Other Receipts

  • Rent is due the 1st of each month and considered late after the 3rd at 5:00pm.   
  • Eviction Proceeding commence the 8th of each month unless tenant has made prior arrangements.
  • Disbursement of Owner's funds are sent by Direct Deposit or Check by mail.
  • Owners set up via Direct Deposit typically receive funds on or before the 10th of each month.
  • Paper checks are mailed by the 13th of each month and can take up to 5 business days to receive.

• End of Year Statements

  • Year end statements provide a complete account summary of each transaction posted on your account during the year.
  • Statement will be mailed with your 1099 and can also be accessed through your online owner’s portal.

• Furnished Properties

  Owner may choose to rent property furnished. Furnished properties are at times more difficult to rent and applicant may want to bring in their own furniture and would require removal of owner’s furniture if the owner is willing to be flexible. Wear and tear on furniture is to be expected over time.

• Home Warranty

  • The best defense against costly repairs is to purchase a good home warranty plan.
  • Home Warranties can cover structural, plumbing, appliances and electrical repairs. Coverage depends on the Home Warranty plan purchased.
  • Home Warranties deal with their own preferred vendors.
  • Service Charges apply should the Home Warranty be called to the home for any repairs. 

• Homeowners Insurance

  It is recommended that you contact your current Insurance provider to upgrade your policy to include renters insurance. Please provide a copy of your policy for our records.

• Inspections

  The property will have an initial inspection at the time a property management agreement is signed. The purpose of the initial inspection is to help the owner lease the rental property in a seamless and timely manner. Some suggestions may be having the carpets professionally cleaned, clutter free, freshly painted in neutral colors, landscaping maintenance, etc. The more preparation done up front the less the applicant will request prior to occupancy. 

  Upon approval of applicant a tenant move in inspection will be conducted. Results from this inspection will be provided to you for your records and will include detailed property photos and a DVD Walk-Through. These are for informational purposes only and not to be used for marketing.

  After tenant occupancy an inspection will be done within 60 to 120 days to observe the condition of the home.

  Additional inspections are done if an HOA violation arises that has not been properly taken care of by the tenant and requires additional attention.

  Inspections will also be completed should tenant decide to renew lease for another year or upon vacancy of the property.

  Additional inspections may be conducted at the request of the owner and may require an additional fee.

• Management Agreement

  • Owner employs broker as the sole exclusive agent of the Owner to manage the property upon terms and conditions provided. 
  • Term shall be for an initial period of 1 year 
  • Agreement automatically extends 1 month past the expiration lease agreement 

• Mortgage Payments

  Mortgage Payments are not maintained by RPM.

• Owners Portal

  • Owners can access their monthly accounting statement through the online owner’s portal at anytime. Statement will include rents received, deducted management fees and any other expenses. 
  • Owners can contact their account manager for copies of any work orders or invoices. 
  • RPM will post updated statements by the 15th of each month. 
  • For access see home page of website 

• Pets

  Pets are considered on a case to case by the owner. Photos of the pets are required at time of applying. No pet shall be on the premises without written consent by the owner. 

  An additional security deposit will be required at time of lease signing.

• Repair & Maintenance

  Any costs exceeding $500.00 must be approved by the owner in advance, except that in an emergency where repairs are immediately necessary for the preservation and safety of the property.

  Tenants are responsible for any minor repairs necessary to the premises up to and including the cost of $75.00. Tenants are to change the air filters on a monthly basis and are responsible for any heating or cooling system repair due to neglect of monthly maintenance. Tenant is to maintain lawns, shrubs, trees and sprinkler system in good condition. 

  Repairs and emergency requests can be submitted online by the tenant. Tenants are also provided with an after hours emergency number on their lease. 

  All our preferred contractors are licensed, bonded and insured. 

  Any and all work orders submitted will be provided to the owner with their monthly statement. 

• Security Deposits

  • Security Deposit Trust Account, Broker shall maintain a separate Security Deposit Trust Account for security deposits, cleaning, pet and other deposits
  • Deposits are based on the monthly rental amount and the credit status of the tenant up to three times the monthly rent amount.
  • Deposits are refunded to tenant within 30 days of tenant move out.
  • Deductions from Security Deposits can include general cleaning, carpet cleaning, maintenance and repairs, unpaid utilities, landscaping, painting, etc.

• Smoking

  Smoking is not permitted in any of our rental properties. Tenants however are allowed to smoke outside. If any signs of smoking are present inside the home, the tenant will be responsible for any cleaning or smoke removal services. 

  The no smoking policy has not affected the marketability of the rental properties.

   

• Tenant Screening/Qualification

  A complete background check includes verification of current and previous tenant history, current and previous employment, credit history, contact personal references, and to receive any criminal history information pertaining to the applicant that may be found in federal, state, or local criminal justice agency files and to verify any other information deemed necessary to fulfill the tenant requirements.

  Some of the criteria used in qualifying prospective tenants include credit rating of 600 or above, dependable rental history and applicant’s income to be at least three times the monthly rent. If applicant does not meet the standard requirements, an additional security deposit may be requested up to triple the amount of the rent. Owner will also have the final decision in the approval process.