toll free: 1-855-547-4700

Owner FAQs

Answers to owner's commonly asked questions

Q: What is your rent collection procedure? And do you evict tenants?
A:Rent collection happens automatically, through automated emails and phone calls. Tenants can pay with cash, money orders, checks or EFT & now with debit cards. We determine very early on in a tenant’s stay how they pay their rent and act accordingly. We have some tenants that pay late every month and we know who they are. When we do have to file an eviction, often the filing itself brings the tenant back in line and we avoid a court hearing, etc. or it gets them out more efficiently and quicker. Evictions can be done by hiring an attorney. By having an attorney as one of the owners of Realty Solutions we are uniquely suited to seamless process your eviction. There are filing fees, legal fees, sheriff fees and lockouts fees attached to each eviction.

Q: What exactly does the monthly PM fee cover? Does it cover the yearly town inspections, your own company's routine "checkup" visits, etc.? And, who does the inspections, is it hired out to contractors?
A:We treat every property as if it was our own. Besides collecting and disbursing rent, it includes monthly/yearly reporting for our clients, detailed receipts for expenses, weekly staff meetings to discuss every property and improve our company’s processes. We routinely build rapport with your tenants, and troubleshooting all issues as they arise. We also make sure you and your property are conforming to local municipal requirements. PM Fees do not cover any municipal fees associated with inspections as that is a third party fee, and does not cover any required repairs and maintenance.

Q: Is there a yearly charge for lease renewal?
A:No

Q: What is the listing commission if you get the property rented? Does this also include the inspection fees, background checks, time, etc.?
A:Commission is usually equal to one-month’s rent for a traditional 12-month lease. The commission is just that, commission to list, advertise, market and get potential Realtors/Tenants interested, etc. We do not charge to attend a Certificate of Occupancy inspection but will bill for any fee the third party municipality charges. Credit and background checks are paid by the applicant/tenant.

Q: What happens during a vacancy? If the PM fee is on gross rents what is the fee? What is the incentive to get it re-rented if you are the listing agent?
A:We provide a 25% discount of PM Fees to our owners with vacant properties. A vacancy is charged at 75% of the established PM fee. We are in the business of managing rented properties, so it is of high importance for us to get it rented as soon as possible for the owners. Usually vacancies are from 25 to 35 days on average.

Q: Is there a repair service/administration fee for work performed?
A:We do NOT mark up any service charged by vendors. We have a strong list of vendors that get a tremendous amount of work from us; they are loyal, provide good quality work in a timely manner and have very competitive pricing. This cost savings is passed onto our owners.

Q: Can I see what is going on during the month? When do I get paid, how often do I get reports?
A:You can see everything that is going on in our system in real-time. You have an owner portal which gets you access to all information including maintenance tasks and ledgers. We distribute owner draws twice a month to get you your NET funds sooner than later.

Q: We have someone interested in renting our property? Do we pay a commission?
A:You only pay a commission if you have a signed rental listing agreement. We do not dictate to our clients how they acquire their tenants. We are real estate brokers so you can list with us (commission assessed), you can use your own Realtor (commission assessed) or get a potential tenant on your own and then pay no commission.

Q: How much is the initial deposit setup into a Reserve account? Do you ask for more each month thereafter?
A:It is called a Reserve Account and based on most properties = $400 is our standard per unit. That is your money and stays in the account to cover any monthly emergencies and issues that may arise. Like a bank statement, it is your minimum balance.

Q: What are the most significant advantages to hire professional property management?
A:Many people want to have rental properties as investments but are afraid that managing same will take so much of their time that they will not be able to concentrate on their own businesses or jobs.  In addition, often individual landlords are not familiar with the industry standard of rentals and can find themselves being taken advantage of by a tenant.  A professional property manager understands what it takes to obtain good tenants and maintain the property. They are also very familiar with what is the ‘norm’ for rental properties and can deftly assess circumstances as they arise. With monthly reports being given, daily concerns are removed from your attention.  You have the benefits of your investment with none of the hassles.

Q: Why do I need to add your company as an additional insured on my home owner’s policy?
A:It is part of the Property Management Agreement signed (under paragraph 10) to manage your property and a policy of Realty Solutions LLC. By doing this, it helps to limit our liability in case a lawsuit is filed against you and your property. We, as agents and managers, are working on your behalf. Investment properties and the management of them carry a lot of risk. We ask every one of our clients to have us listed as an additional insured on their insurance policies to limit exposure. As an added value to you, Realty Solutions LLC also has Errors & Omissions insurance (with an Equal Opportunity/Anti-Discrimination Rider) that extends to all our clients to limit their liability. Not semicolon; you benefit from this with no additional cost to you. The task to add us is simple to do and not out-of-the-ordinary for any insurance company. There is no additional cost to you through your insurance company, just your time/phone call.

Realty Solutions LLC
415 S. White House Pike
Audubon, NJ 08106

1-855-547-4700

Contact Us

REALTY SOLUTIONS LLC
Audubon Professional Center - Suite #2
415 S. White Horse Pike
Audubon, NJ 08106

Toll-Free: 1-855-547-4700
Fax: 1-855-347-1257

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