Click on the question box to see the answer:
Yes. Our fees are calculated based on 7.5% of all gross collected rents. In addition to our base percentage fee there is a $25 per address (Building not per unit) administration fee billed monthly.
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.
Tenants complete a screening comprised of 3 checks:
- Criminal Background check
- Eviction 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.)
No. All advertising is covered internally.
Tenants have several options for communicating maintenance needs:
- Contact our offices by calling
- Emailing their leasing agent if they are new to a unit
- Emailing their property manager directly
- Contacting our Director of Maintenance or any one of our 4 maintenance team members.
- Posting a work order on their management portal for our team to see
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.
We allow a 10-day grace period per our lease. Between the 5th – 15th of the month they may pay their rent with an added 10% late fee which goes to you. Regardless of payment the following process is followed for all properties:
- Rent due by 5th.
- If not paid by the 9th a 3-day notice is issued (mailed & emailed) in addition to follow up phone call.
- Notices are received around the 12th of the month.
- Between the 12th – 15th their 3-day notice is in effect (weekends do postpone these timelines)
- By the 15th if no communications are received or rent paid eviction begins.
- If they pay the eviction costs incurred are their responsibility and are expected to be paid within 30 days.
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.
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.
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!
There is a $500 minimum account balance as per our Property Management Agreement.
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.
The owner is responsible for the security deposit’s. Upon collection we book the funds properly in your records so you are taxed properly and so that collected deposits are tracked. Once the funds are transferred to the client it is the clients responsibility to maintain them.
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??
Not as part of our standard service. We do welfare checks on the exterior quite regularly based on maintenance techs locations and if our landscaping crew is responsible for weekly lawn care. Interior inspections are at the request of the owner.
We generally wait until a tenant has vacated a property. We access the unit once they are gone to determine condition, repair or maintenance needs, possible updates. Once cleaned we relist and market.
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.
After rents are collected, bills paid, reserves set aside and management fees are paid we ACH remaining funds to our clients between the 15th – 17th of the month.
We manage anything from a single-family property to 10+ unit apartment complexes. All residential management. We do very little commercial/ retail management.
Yes, we are, quite heavily actually. Visit our Company Licenses page on this website by clicking “About” tab at the top of this webpage.