FAQ

FAQs

Click on the question box to see the answer:

Does the price for management depend on how much I receive in rent?

Yes. Our fees are calculated based on 10% of all gross collected rents.

Where will my property be advertised?

Your property is featured on our website, craigslist, Zillow, trulia, hotpads and various social media outlets. Our management system pushes listings out to many real estate outlets all of which are internet based.

 

In addition to online advertising we also place signage outside of your property when units are available. We have unit specific signage to indicate condition, size and availability.

How do you screen potential tenants?

Tenants complete a screening comprised of 2 checks:

  • Criminal Background check
  • Credit Score check (soft pull)

In addition, we collect an extensive application, review references and require proof of income (paystubs, bank statement, tax return etc.)

Do I have to pay for advertising?

No. All advertising is covered internally.

What is your process for property maintenance/ tenant requests?

Tenants have several options for communicating maintenance needs:

  • Contact our offices by calling 264-4135 and selecting our Maintenance Coordination Department (Option 1)
  • Emailing their property manager directly.
  • Posting a work order on their tenant portal.

Once received our team schedules the repairs with the tenant for a day and time that works best for them. If they allow access to our team while away we schedule the repair ASAP.

 

Emergencies are responded to immediately.

What if my tenants do not pay rent?

We allow a 5 day grace period per our lease and NYS law. Rent is due between the 1st and 5th day of the month. On the 6th day if rent is not received there will be a 5% late fee added which goes to you. Regardless of payment the following process is followed for all properties.

– Rent due by the 5th
– 6th 14 day notices are sent
– Between the 12th and 15th rents are reviewed. If tenants have not been communicative or do not have a specific day and time they are paying they will be sent a 5 day certified noticed.
– Once the 5 days is up the eviction process will begin.
– Weekends do not effect this process.

What if my tenants damage my property?

Damages can be deducted from their deposit if one exists. We work diligently to rent to the best possible tenant based on all applications received. From time to time tenants become a problem. In response, we work to remove them as quickly as possible. Should damages be done our maintenance crews work to quickly and inexpensively repair the unit to be re-rented.

Who do you use for property maintenance?

We are proud to say ALL of our maintenance technicians are 100% employed by Towne Housing Real Estate. We are fully licensed and insured. Our team of skilled staff are directed by a team of managers who have worked at the company for many years. Our quality and commitment to service is executed by all and there is a very clear expectation of accountability.

 

At times we do subcontract larger work or skilled work. We only use fully licensed, insured and familiar contractors. This means we only use contractors with a proven track record on our own personal investments before sending to a clients property.

What do I need to do at the end of the year for tax and financial reporting?

We will provide you with a full record and reporting of all portfolio activity. Some key items we track are:

  • Rental lncome
  • Tax expenses
  • Utility Expenses
  • Property Management Fees
  • Maintenance, Repairs & Supplies
  • Capital Improvements
  • Mortgage Payments
  • Professional Service Fees

Some items you will be responsible for:

  • Interest expense (only if you do not provide our accounting department with a loan amortization schedule).
  • Capitalization of certain expenses (we can recommend a capitalization policy for your portfolio if requested)
  • Any other portfolio costs we are not directly responsible for.

*1099’s – Our accounting is setup that Towne is 100% responsible for ALL of your portfolio 1099’s. This burden is no longer yours. We will do all that is required!

How much of my money do you hold on account for repairs?

There is a $250 minimum account balance as per property listed per our Property Management Agreement.

What if I want to use my own contractor for work to be done?

Not a problem. We will work with the contractor to ensure the work is done on time and properly. We do ask that all contractors are licensed, insured and follow the correct city published processes to avoid city interference. We value our relationships with our clients but also with local municipalities in which we do business. Larger projects may require a 5% Project Management Fee if applicable and only if approved by you the owner.

Who holds the tenants security deposit?

Tenant security deposits are tracked in our management system and are held in each clients account here at the company.

How do you determine rental rates, do I have a say?

You do have a say in the rental rates published. We manage hundreds of units throughout Western New York. As a result we have our own internal database of rental comps near any available unit that we can use to determine size, location, condition and price.

 

IMPORTANT – We price units to compete with local inventory on the market. Our goal is to price to sell. We want a large turnout at our showings allowing us to pick the best possible tenant by weeding out the best tenant from a pool of 10 or more applications. Pricing a unit too high causes there to be less interest and less applicants to choose from.

 

Food for thought – To price a unit at $900 and experience turnover within or at 1 year mark or to price a unit at $850/$875 and get a great tenant who is consistent and stays for 1, 2, 3+ years??

Do you do regular property inspections to ensure there are no damages?

Routine inspections are not a part of our standard service. 6 month welfare checks are conducted upon request and are billed to the client on an hourly basis at our labor rate. Inspections usually take 1 hour. A full report will be produced including images and shared with you to determine what action is to be taken next.

When do you start the leasing process if a tenant gives 30 day notice?

Once we are made aware of an upcoming vacancy we do all that we can to engage the current tenant to setup pre-leasing showings. We do our very best to gain access and manage interested parties. Our leasing department does a great job in leasing our available or upcoming units. For more information check out our leasing services page.

As the property owner, how involved do I have to be?

Owners may be as involved or not involved as they wish. We simply ask that you set your expectations with us early and make clear to us what you want. If something needs adjusting we will make it known to you immediately.

When will I receive the rent each month?

You will receive a monthly owner statement outlining a single months income and expenses. Your net income dollar amount in that monthly statement will be ACH’d to any bank account of your choice on the 15th of the month the month following the statement month.

Are you licensed?

Yes, we are, quite heavily actually. Visit our Company Licenses page on this website by clicking “About” tab at the top of this webpage.