Property Management FAQs
Your Questions Answered Here
Explore our frequently asked questions to find answers about property management, tenant services, and more. We aim to provide clarity and support for all your inquiries.
Have more questions?
Do I pay anything up front or owe anything for advertising?
No, there are no upfront costs. We pay all costs associated with the marketing of your property. It works the same way as listing your home for sale.
Do I get monthly accounting?
Yes, we have user-friendly owner portals and send out monthly, yearly statements, and annual 1099 tax forms.
How long does it take to fill a property with qualified residents?
On average it takes from 1 to 30 days for the property to be rented. However, it depends on many factors such as proper pricing, condition, and location. On Realty’s Property Manager-Realtor will be able to advise you on how to make your home more appealing to renters.
What happens if my resident doesn’t pay rent?
Residents have a 4-day grace period to pay the rent. If rent is not paid by the 5th of each month, we initiate contact and a late fee notice. Daily late fees are automatically applied, and the tenant is notified for each daily late fee. Half of late fees are passed onto the property owner.
When will I be paid?
Accounting days for owner draws (payment to owners) are the first business day after the 5th of each month, if not before.
How will you advertise my Property?
Most renters look for housing online. We have a very strong online presence: On Realty’s website, Zillow, Trulia and many others. We also receive inquiries and referrals from realtors seeking rental properties for their clients.
Is there a long-term contract?
Initial 1 year property management agreements are drafted for signature, however if either party of the property management agreement would like to end the partnership, the property management agreement can terminate any time with a 60-day written notice, for any reason.
What are the penalties to terminate the contract?
A nominal fee is assessed based on the contract term if there has been no income from the property to On Realty, at the time of receipt of the written notice.
Who holds the resident’s security deposit?
All deposits are held in our escrow account as required by law. We prepare a detailed statement for the residents upon move out and account for all/any charges.
Do I get a say in who my resident is or other terms of the lease?
Each Annual rental applicant has a thorough background and other qualifying searches. The results and our recommendations are presented to you, for your decision. All annual rental offers are presented for your decision, while keeping aligned with fair housing laws to protect all parties.