Q: What do you charge?
A: 10% of monthly rent. This fee may be reduced depending on rental rate or quantity of
rentals. There is also a $600 leasing fee upon signing a new lease. We also require a reserves
of $2,000 per property to be held in management account to cover maintenance.
Q: What is involved with management?
A: In a nutshell, we advertise and show the rental. In addition, we verify and qualify tenants,
collect rents, facilitate service contracts, dispatch maintenance, tenant relations and process
financials for the owner.
Q: Is a rental permit required?
A: Yes, if the rental is inside the limits of the City of Bloomington.
Q: Is the owner involved with the leasing process?
A: No. The office follows a set process and all city, county, state and federal laws. Having an
owner involved in the leasing can create difficulties and slows down the process.
Q: Does the owner pay for maintenance?
A: Yes, all maintenance is billed to the owner for payment. If the maintenance can be easily
proven to be a tenant-caused problem, PM will bill the tenant for reimbursement to the owner.
Q: What if the tenant doesn’t pay rent?
A: We have a collection process to follow, but we cannot guarantee rent payment. If we can’t
collect, then we contact the owner about options. An attorney must handle any court actions,
including evictions. The owner may have a vacancy in a slow leasing period.
Q: I don’t have any savings, what happens if there are expenses?
A: If an owner doesn’t have at least 3 months of reserves, we do not recommend having an
investment property. In addition to most likely having maintenance repairs, there are also
turnover expenses and not all turnover maintenance can be charged to tenants.
Q: What type of turnover expenses should be expected?
A: Normal wear and tear cannot be charged to tenants. At turnover, we clean carpets, touch
up paint (full paint every 2-3 years), change the locks, and do any miscellaneous maintenance:
adjust cabinets, doors, replace smoke detector batteries, change light bulbs, repair toilets and
any plumbing leaks, etc..
Q: If something breaks, am I responsible for having it fixed (ex: the washing machine)?
A: Yes! The rental is to be maintained throughout the lease as to the same condition when the
tenant took possession and conducted the move-in inspection.
Q: Is there a limit to maintenance repair expenses without owner approval?
A: Yes. We have a maximum of $1,000.00 for any one repair. If the cost is expected to
exceed $1,000 and it is not an emergency situation, we will contact the owner for approval,
instruction, and discussion.
Q: Will I be contacted for all expenses?
A: No. We only contact owners if a single repair is over $1,000.00 AND if it is not already
listed on the maintenance checklist of items that are expected to be maintained.
Q: What about lawn care, landscaping and snow removal?
A: We mow and clear snow off driveways and sidewalks on all properties and charge to
owners. Many owners do not want a mowing expense, but it is cheaper in the long run to have
lawn mowing and landscape maintenance taken care of on a regular basis. Many tenants do
not have lawn equipment or want to do lawn care, a reason for renting.
Q: What is your biggest struggle with a rental property?
A: Owners who are not willing to spend funds to maintain the property. Our company’s
reputation is at risk with tenants when owners do not cooperate with the rental process.
Maintenance is the #1 reason for tenant retention.
Q: When will I get my funds?
A: Assuming rent payments are made, we process all financials monthly between the 10th &
15th.