Owner Expenses
During the term of your management agreement, there are expenses that will be your responsibility.
RPM requests that you leave water and electricity on at vacant properties until all work has been completed. If your property is vacant any time during June-September, please leave water and electricity turned on so sprinkler systems can operate.
The yard will also be put on a mowing schedule and mowed twice a month from March-December and once a month January-February. Costs for these services will vary according to each property but average $40 per visit for mow/edge/trim/blow. When a property goes vacant, RPM will evaluate the condition of the landscape and recommend additional services such as tree trimming, mulch, weed removal, or sod replacement as necessary
Advertisement fees are $100 per month and provide exposure to numerous rental websites, the local on-line classifieds and instant messaging at your property. While your property is vacant, there will be a minimal management fee charged. This fee is specified in your management agreement.
Once a lease is signed for your property, RPM will take the leasing locator fee specified in your management agreement out of your first month’s rent. Part of this money goes to RPM and the rest goes to the leasing locator who brought us the tenant.
If any work needs to be done to your property while it is vacant, RPM may ask you to pay for that work in advance. This may happen in the event that your unit needs large ticket repairs such as paint, flooring, appliances, etc. RPM also does large and small remodeling/renovation projects utilizing a general contractor. This type of project is usually paid out in draws to the contractor. RPM also has contractors who can add sprinkler systems, landscaping, ceiling fans, etc.
During the term of your tenant’s lease, issues may arise with the property and repairs requested. According to the terms of your management agreement, RPM will take care of routine repairs that are $200 or less without your authorization. If a repair is going to be over $200, RPM will contact you with an estimate that will require your authorization. Should you incur a large repair bill, RPM asks that you pay off any balance due on your account within 30 days.
If it is discovered that a repair is needed as a result of tenant neglect, the cost will still be paid out of your account but will be billed to the tenant. Once the tenant pays the bill, a credit will be issued to your account. If the tenant fails to pay the bill, RPM will deduct the amount owed from the tenant’s rent payment allowing us to evict a tenant who fails to pay what is owed.
There are also filing fees associated with the eviction process.
