Answers to your questions Owner FAQ

A: When pulling together the management agreement and paperwork needed to start our property management relationship, we'll run a comparative market analysis for your property using recent comparable in your area. This CMA will show a price range based upon these properties and we'll discuss from there. At each renewal and/or tenant turnover, we'll review your property's rental rate to make sure it's still on par with the market conditions.

A: When tenants apply for a property, we ask for their residential history, employment status, proof of finances, and government ID (such as a driver's license, etc). Each tenant 18 years of age and over the age of 18 is required to make individual application. Please click here for more detailed applicant criteria.

Included in processing each application:

• A full credit report and history
• National criminal background check
• National eviction search and residence history
• Employment verification and history
• Income level verification (at least three times that of the rental rate)

We review each of these categories before approving their applications.

A: Typically we ask for a security deposit equal to one month's rent, however, the amount may vary depending upon individual circumstances.

A: Rent is due from our tenants on the 1st of each month with a grace period until the 5th. Late fees will be applied to any rental payments made by tenants on or after the 5th of the month. Once we receive their payment, it typically takes 3-5 business days to clear our account so that we can send out your payment. We aim to pay all owners by the 20th of each month.

A: There are three major fees involved in property management: the procurement or leasing fee, the management fee, and the renewal fee.

The management fee is a monthly fee (10% of your monthly rent or a minimum of $100) that covers the day-to-day activities of managing your rental property. These expenses include Appfolio account management, financial accounting, maintenance management, account administration, tenant communications, and office expenses.

The renewal fee of $150 covers the basic expenses of renewing a lease with an existing tenant. Included in this fee is the lease renewal prep fee to attorney, a property inspection, and admistrative processing.

Other common fees include:

• Property Condition Report: Property inspections are for the benefit and protection of both the owner and tenant. A third party property inspection with photos is performed upon tenant move-in and move-out.
• Property Re-key: Properties are rekeyed at the beginning of the management agreement and at each tenant turnover to protect owners and tenants by limiting unauthorized access to the property.
• Maintenance Oversight: This fee is applied if maintenance, repairs, or other work at the property requires broker agent oversight because either a.) tenant cannot be present at time of maintenance appointment or b.) upon landlord request. The party held responsible for the fee will depend upon the nature of the request.

A: As the property owner, you make the decision whether or not to allow pets in your property. According to a 2014 survey, approximately 70% of tenants own pets so choosing not to allow pets at all may restrict the candidate pool of potential applicants for your property. You could also consider setting certain restrictions, such as "only pets under 25 lbs", "dogs allowed - no cats", etc.

If you do decide to allow pets, we charge a $300 non-refundable pet fee for up to two pets. While many companies claim 100% of this fee to cover their administrative expenses, we choose to split this fee with our owners. 50% goes to our owners as a small incentive for allowing pets in their property and the other 50% goes to Supra Property Managementto help offset the additional work associated with tenants' pets including: the pet application and review of the pet, adding the pet addendum to the lease, additional back-and-forth when coordinating maintenance requests, property inspections, and access to the property when we eventually show it to new tenants, along with the possibility of the worst case scenario that the pet does actually cause some damage and we're coordinating the repairs, etc.

The non-refundable pet fee is not credited towards any pet-related damage - it's simply a fee that's paid by the tenants for the privilege of having their pet in the property. The tenants' security deposit is held by Supra Property Management in a non-interest bearing escrow account to cover any damage, pet-related or otherwise, and any charges go directly to the property owner to compensate for the damage remediation (or to the contractor doing the repair work).

A: If issues arise at your property, we ask that all of our tenants submit their maintenance/repair requests online so that we have a written record of all work done. Entering a maintenance request through the tenant portal on our website will automatically create a work order in our systems. Maintenance requests are monitored by our office staff and are handled by our licensed vendors.

Maintenance reserve funds of $350.00 are held to handle day-to-day repairs. We hold this reserve so that we can promptly handle the smaller issues that commonly arise at rental properties, however, we'll reach out to you for authorization before completing any repairs above the $350.00 reserve limit. The exception to this is, of course, if the maintenance request is for an issue that endangers the tenants or the property. In this case, we'll do our best to reach out to you, but may act first and follow up with you after to ensure the safety of everyone.

A: To begin our property management relationship, we'll send you an owner and property information request. In this document, you'll be able to specify what services you'll be offering with your property, whether pets are allowed, etc. We'll also ask you for property information to help us when advertising your property for lease and appliance information to help us respond better to maintenance requests for your property. After we receive this information back from you, we'll send out our standard property management agreement through E-sign which you can sign and send back electronically.