St Louis Property Management Owner FAQ
A: Yes. You can view a copy of our management agreement HERE.
A: Our typical response time is within one business day.
A: Here is a list of our core services we offer. We do not pay for our clients mortgages, property taxes or property insurance.
- Owner/client communication
- Set Rental rates
- Marketing vacant property
- Tenant screening and selection
- Collect rent and manage finances
- Handle maintenance issues
- Manages move-outs and evictions
- Provide comprehensive accounting
A: No. Some property management companies offer only limited services for discounted pricing; some firms are designed for owners who like to be very involved in the day-to-day management of their homes; and some firm (like St Louis Property Management) are full service firms designed to handle ALL aspects of the property management experience.
A: St Louis Property Management was established in 2014.
A: We will recommend a rental rate and terms that we think will attract a qualified tenant within 30 days. Market conditions vary and we can’t make any guarantees as to when we will get a qualified applicant. Some properties lease immediately. Others take longer. We will provide you with updates as we get feedback from the market so that we can modify the price or terms if necessary.
A: Our management agreement allows us to spend up to $500 per service call for a repair on your property. Any repair that cost more requires the owners approval before repair will get done.
A: No. We utilize several independent contractors that are available to handle our maintenance requests.
A: Yes. Maintenance is one of the biggest reasons tenants do not renew their lease causing expensive vacancies so we consider this one of the highest priority items we do. We have a 24 hour call center monitoring our incoming maintenance requests calls and online as well as a dedicated person monitoring the requests lifecycle. Once completed our staff calls the tenant to verify that all work that was requested was indeed done to their satisfaction the maintenance contractor was polite and one time. We also attach all invoices for work to your maintenance bill for your property and you then receive these invoices on a monthly basis with your owner statements and they are posted to your owner portal for 24 x 7 x 365 access.
We charge 10% of the invoice amount for this maintenance oversight process.
A: Yes we hold a $500 reserve per owner to cover any maintenance issues for your properties. If you have more than 10 properties that we manage we may to increase your reserve amount.
A: First let me say we hope this NEVER happens with us but some of our current clients have had nightmare experiences with leaving other management companies so it becomes a common question we get. All of our agreements are month to month. We ask that you provide 30 days notice to ensure a smooth transition to another property management company and the tenants understand who to contact for rent payment sand maintenance requests.
A: Rental rates are determined by the location and amenities that your property offers. We utilize our years experience and expert knowledge of your properties location to determine how much to set the rental rate. We always look to get top rental dollar to give our investors the best ROI possible.
A: Almost all of our applicants tell us they found the house on the internet. Our property management software posts properties on several national web sites in addition to our own site. We analyze each property based on its own unique circumstances to design a specific marketing plan which promotes your property under the most favorable conditions.
A: One of the most important aspects of making your experience as a Landlord rewarding is placing the right tenant in your property. While no one can discriminate on the basis of race, color, religion, gender, age, national origin, or familial status we can discriminate on the basis of credit and rental history.
Once we have an application generated from our marketing efforts we conduct a detailed background check on the applicants. Some applicants can be very deceptive, even to the point of having friends or family members pose as former landlords or employers so that the information sounds good to the landlord conducting the background check.
To reduce the possibility of being deceived by an applicant our property management software uses a multi-tiered background check to cross-reference each applicant. Our background checks consist of:
- Our agents will ask to see a picture ID of the applicant.
- We pull a copy of their credit report including their FICO score.
- We check to see if the applicant has had dispossessory warrants filed against them.
- We get copies of their paystubs or contact their employer to confirm their source of income. If they are self employed we ask for copies of their tax return.
- We confirm their landlord reference or residency history (mortgage payments).
A thorough background check is crucial to avoid costly mistakes with your property. A bad tenant can be a very expensive ordeal due to lost rent; extra time spent having to deal with them, and damage to the property. While no background check can eliminate the risk of a problem tenant, our thorough examination of their rental history can significantly reduce your risk.
A: We charge a fee equal to one month’s rent to place a tenant for a one year lease term and we charge one and a half months rent for a two year lease. We call this a “lease Fee”.
A: The tenant makes all payments to our property management software. The security deposits are paid out and maintained by the owner. All rents and other payments are deposited into our primary operating account. We will deduct our management fee and any other expenses that have been authorized and we send the balance to you. We send out statements on the 12th of each month (or the next business day thereafter). We pay our owners through an ACH (direct deposit) payment on the 15th of each month.
A: In our lease we give the tenant a 5 day grace period to pay the rent on time. On the 6th day of the month our property management software automatically posts late fees for any tenants that have not paid yet and we start manually contacting all tenants who have not paid. If the tenant has not paid their rent by the 10th then our attorney is contacted and the eviction proceedings begin.
A: The tenant contacts us to report all maintenance problems. We provide both a phone number and online access to submit maintenance requests. Our call center monitors these incoming requests and them routes the call or request based upon emergency or non emergency. Our maintenance contractors will contact the tenant directly to schedule appointment.
A: We charge 10% of the monthly rent amount we collect from the tenant as our management fee.
If you don’t get paid – we don’t get paid!
A: Yes! If you (we) sell the property to a tenant that we placed, our management agreement sets out that you will pay us 4% of the purchase price. We will help prepare the contracts, arrange financing, and coordinate all of the tasks required to successfully close the sale.
A: NO! If you own rental property then over a period of time you will have problems of one sort or another. Whether the problems are related to maintaining the property or dealing with the tenant there will be problems that need to be resolved. Retaining us to manage your property will eliminate some but not all potential problems.
Our experience will help reduce the number of problems related to rental property. Those problems that can’t be avoided must be solved. Our expertise will help reduce the aggravation and potentially higher expenses related to solving these problems. We can’t keep all bad things from happening but we can handle solving the problem for you so that you don’t have to handle it yourself.
A: There are multiple laws governing rental real estate including federal and state fair housing, habitability laws, tenant rights laws, applicant screening, rent-ready standards, and more. We ensure your property and the management experience is fully compliant with ALL rules, regulations, and laws.
A: Yes. We are familiar with HUD's Section 8 program and can work with their offices to get your property rented.
A: Our owner-clients have a secure on-line portal which gives 24/7 access to financial reporting. Click here for details
A: Yes. We offer sales services exclusively to our owner-client group and we can help you buy another rental, or sell your current property when the time if right.
A: No. We believe we should only be paid if you get paid. So our management fee is a percentage of the actual rent we collect. If we do not collect any rent, or if the property is vacant, you don’t pay us anything.