Rental Property Owners

FREQUENTLY ASKED QUESTIONS

What are the management fees? 

Our monthly management fees are based on a tier structure:

• For properties with a rent less that $1,000 the fee is 10% of the monthly rent.

• For properties that rent between $1,000 - $1,500 the fee will be $100.

• For properties that rent over $1,500 the fee will be $150.

There is a one-time administration fee of $950 billed per property. If the property has existing tenants the admin fee will be $1150. We require a minimum repair escrow of $500 to remain on file for any approved maintenance request. This repair escrow will be replenished monthly, as needed to maintain the minimum balance of $500.

How can I get updates and reports regarding my rental properties?

We will send weekly updates via email to all owners with vacant properties. These weekly updates will include information regarding showings, feedback, applications and any other pertinent information.

We utilize a management software called RentecDirect and each landlord will be supplied with an Owner Portal. This allows owners to easily access reports, ledgers, etc. for each of their rental units.

When is rent due from the tenant?

Per our standard lease agreement, rent is due on the 1st of each month with a built-in 5 day grace period. If rent is not received on or before the 5th of the month, a 10% late charge is automatically billed to the tenants account.

How do tenants pay their rent?

We utilize a management software, RentecDirect, that allows tenants to pay their rent electrically via ACH withdrawal, credit or debit card. Additionally, payments can be dropped off or mailed to our office.

Where do you advertise?

We utilize the local MLS (REIN) as well as multiple other websites such as: Zillow, Apartments.com, and others.

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When can I expect to receive my distribution?

Escrow accounts are highly regulated and often audited. The law is specific about the processing of owner disbursements. All rental income and tenant payments must post to our escrow account before disbursements are processed.

Processing and posting time-frames for tenant payments vary depending on the various banks, holidays, weekends, etc. On average, payments post to our account within 3 business days.

Owner distributions are made as soon as the funds are available to us. Please allow another (approximately) 3 business days for the credit to appear in your account.

How are repair requests submitted?

Tenants are to report any work orders via their Tenant Portal in RentecDirect. This system allows them to document details and upload photos for reference. Once a work order is received, our office will communicate the request to the owner via email.

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What are your office hours? How can I contact you?

Our office is open Monday through Friday, 9AM to 5PM. Our office can be reached at 757-538-7500 or contactus@rocksteadygroup.com anytime; voicemails and emails are monitored 24/7.