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FREQUENTLY ASKED QUESTIONS
IN NO PARTICULAR ORDER
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I JUST
RECEIVED MY MONTHLY STATEMENT BUT THERE WASN'T A CHECK IN IT,
WHY NOT? - There could be a number of reasons
of why this happened. The first and most obvious is that the
tenant didn't pay. You need to look at your statements first
to determine this. If they did pay there normally would be rent
received in the income section... if they didn't you'll find
zero's there. See Example
The second most common problem is that your expenses exceeded
the income. You should then find one or more receipts in your
paperwork and a listing of expenses paid on your statement.
See Example
The final most likely reason is that your funds are being held
in anticipation of authorized work being completed. Let's say
you need a new roof and instead of sending $2500.00 now, you
elect to have the rents build up in your account until there
is enough to have the roofing work completed.
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I THOUGHT MY TENANT
MOVED IN ON THE FIRST OF THE MONTH, WHY IS MY CHECK SHORT?
-The most common reason is again expenses. Normally
when we take over a new property and put in a tenant for the
first time, there could be as many as three separate reasons
why your check would appear to be short. First of all would
be that we charge a Tenant Placement fee for getting you a tenant.
Secondly, there could be a referral fee to an outside broker
if indeed another office supplied us/you with a qualified tenant
that was accepted. And finally, there is the Owner Reserve amount
that is kept in your account for expenses that may occur between
receiving rents. See Example.
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THERE IS A LOT THAT
NEEDS TO BE DONE SINCE THE TENANT MOVED OUT, WILL I GET THEIR
WHOLE DEPOSIT? - Sometimes the hardest thing
to get owners to understand is that their personal living style
can not be mandated unto a tenant. So, if you would replace
a mini blind simply because one of the fingers going across
it was bent, doesn't mean that would be imposed on a tenant
as a deduction from their deposit. The courts look at it more
from a reasonable wear and tear standpoint and what might be
considered average living conditions. We've had owners replace
all the carpet in a unit because of some small stains in one
back bedroom and expect the tenants deposit to foot the bill...
it doesn't work that way. You can only charge a tenant for damage,
and other work that needs to be done beyond what would rationally
be considered normal wear and tear.
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IF THE TENANT HASN'T
PAID AFTER THE 5 DAY PAY OR QUIT IS UP, THEN WHAT HAPPENS?
- At that point we file with the appropriate Justice Court for
a Summary Eviction. Depending on which city the property is
in it can take from one to three business days to process. After
that, the court forwards the signed order to the Constables
Office. The Constable then posts a 24 hour Notice to vacate.
That posting can take one to two days. From there, the Constable
goes out the following day, with a locksmith, and physically
removes everyone in the property. From there it usually takes
a day or two to get the new keys from the locksmith.
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