FAQs- Real Estate Property Management in Kansas City
As part of its commitment to excellent service to our clients, we’re always happy to answer your questions about real estate property management in Kansas and Missouri and all suburbs of Kansas City. In our years of experience, we hear similar questions from many of our clients. Here are some of the most frequently asked questions and their answers. Please contact us at any time with your questions or to discuss management of your residential properties. Click on a Question to see the response.
If I have 33rd Company Kansas City manage my property, how can you save me money?+
Our property management fees are usually more than offset through higher rents, on-time rent payments, lower vacancy rates and quick turnarounds when there is a vacancy. In addition, volume discounts with our maintenance and repair contractors help lower those costs. Beyond that, your time is freed up by not having to handle complex property management details. Property owners can write off management expenses in most cases with Schedule E deductions. In short, 33rd Company enhances your cash flow, protects your investment, handles all management tasks, and saves you both time and money.
Do I still control my property if your property management company manages it?+
Absolutely. We work for you, and can set any rental rules not controlled by law to suit your preferences. For example, you control whether renters can have pets, can make changes to the home (i.e. add a ceiling fan), and for larger repairs or improvements. You control your own property’s uses, while we take care of the details of managing the property, relieving you of those complex tasks.
What types of properties do you manage?+
We specialize in good quality single-family residential properties, and also handle high-quality townhome and condominium properties for our property owners. We do not manage commercial or retail properties. Residential real estate management in Kansas and Missouri within the Kansas City metro area is our focus.
Do you charge renters a security deposit and pet fees?+
Typical security deposits are one month’s rent. If you allow pets, the pet deposit fee is usually $500 for each pet. Pet deposits are used to offset the steam cleaning done to carpets when tenants vacate. Tenants are responsible for any damage beyond that, as well.
How are security deposits handled, and what happens to them?+
In accordance with state laws, security deposits are held in escrow in a special account at our real estate property management company. Any interest required by law is credited to the tenant at move-out. A thorough property checklist identifies any damage beyond normal wear and tear, and expenses to repair that damage are deducted from the security deposit. Any other money owed is also deducted. The remaining balance is returned to the tenant shortly after they vacate.
If legislation changes, do you keep track of changes and make adjustments?+
Yes. Through our membership in the National Association of Residential Property Managers (NARPM) and other real estate property management organizations, we stay abreast of all changes in the laws, both federal and state, that affect residential rental properties. When changes occur, we notify you and adjust our policies to match the changes.
Who handles the insurance when you manage my property?+
You maintain the needed insurance policies for your own property. Often, this is an amended homeowners policy for your rental or a Business Owner’s Policy. Additional insurance to cover loss of use after damage is highly recommended, and will replace lost rental income. Your property insurance coverage should also cover appliances and other personal property not part of the home. In addition, umbrella liability coverage of at least $500,000 is recommended to protect you against personal injury on the property. We do require that 33rd Company be named as an additional insured party, and recommend coverage for extended vacancies. Your own insurance professional can help you with all aspects of insurance for your property, or we can recommend trusted insurance providers. We also include a stipulation in our leases that tenants must obtain renters insurance to cover their own possessions.
Will you keep me informed about my property?+
Absolutely. We will communicate with you as long as we manage your property. We will contact you and discuss any needed repairs and inform you of all tenant requests to vacate your property. Your monthly summary will include all activities involving your property, along with a full accounting of expenses.
What happens during vacancies?+
When your property is vacant, we will market it effectively to find new tenants. Although we will be performing showings during vacancies, property owners should still check their vacant property occasionally. During the winter months, you’ll need to make sure the heat is working and the water turned off, if necessary. The yard should be mowed and any snow and ice removed during vacancies to keep the property ready for showings. We can arrange for these services if you wish. Let us know of any maintenance issues or repairs that are needed, so they can be addressed. We do not make regularly scheduled visits to vacant properties, but will actively show your property to prospective tenants.
How do you qualify tenants for my property?+
When a prospective tenant applies to rent your property, the application form includes all necessary information and permission to conduct background checks. We run a criminal background check, credit check, and verify employment history and verify current employment and income. In addition we check references from previous landlords and check the sex offender database and Methamphetamine database when available. Our specific guidelines for tenant screening are consistent and fairly applied in all cases. Prospective tenants, in general must have a good rental history, earn at least three times the rental rate in verifiable income, have an acceptable credit history, and no criminal background.
Do you guarantee good tenants for my rental property?+
YES, in fact we have the BEST Tenant Warranty in the Industry. Our Tenant placement Guarantee
will cover you if there is an eviction or skipped tenant, and 33rd Company will place a new tenant FREE. Click here
for more information about our Tenant Placement Warranty!
Do you actively market my property during vacancies?+
As soon as we receive notice from tenants that they intend to move, we begin marketing the property. Our long experience guides us in advertising your property to find tenants quickly. Keeping vacancies short is one of the key advantages to having 33rd Company Kansas City manage your property. Vacant properties produce no rental income. We will use local community advertising, website advertisements, our relocation network and other appropriate local and widespread advertising. Advertising costs are passed on to the owner, and are an excellent investment, because they help fill your vacancies quickly.
What happens if emergency repairs are needed at night?+
Tenants have a contact number they can call 24 hours a day, every day, if there is an emergency. We’ll talk to the tenant right away to discuss the problem and decide on how to proceed. Often we can resolve the problem over the phone. Emergency repair service is available, but usually a non-emergency repair can be scheduled.
Can I specify plumbers and other repair companies I trust?+
As long as your companies are licensed, insured, and actively in that specific repair business, we will be happy to contact them for you. They must have worked for you previously and owner-preferred vendors must be listed with us before any work is needed. In addition, the vendor must complete a vendor application package and provide license and insurance information before we can use them. This protects you, your property, and 33rd Company Property Management.
Will you pay repair bills for me?+
We are happy to pay for any repairs from your owner funds on account. The cash flow from your property must be sufficient for those costs, of course, and you can set up a reserve fund or send us a check to cover the repairs. Recurring costs, like utility bills during vacancies, association fees, mortgage payments are paid directly by the property owner. Property owners should set up utility bills in a landlord account with the utility companies so that bills automatically come to you during vacancies.
When do I see my monthly statement and get my payments?+
Rents are normally paid on the 1st of each month, and are collected through ACH / EFT automatic transfers from tenants’ bank accounts. There is a short grace period, and occasionally a payment is late or is received by check. We act on delinquent payments quickly. Normally, monthly statements will be posted online for your review on the 10th of the month or the next business day. Cash ACH / EFT distributions will be posted to your account on the 15th of the month or next business day. The deposit will be the proceeds of the rental payment, less maintenance, repairs, and management fees. Annually, you will receive a 1099-MISC form with your total gross income for the year, along with a summary of all costs. Your tax preparer will have all the information needed for your rental property.
Are your fees for real estate property management competitive with other property managers?+
Yes, they are very competitive. Our Full Service Management fees for residential real estate properties are competitive and represent the best value on property management in the nation. We do not charge set-up fees for onboarding new properties with existing tenants. Our fees are actually some of the lowest in the Kansas City area and our service is far superior. There is also no management fee when your property is vacant. Referral commissions through our relocation and real estate network are included in your fees. We’re as interested as you are in minimizing your largest expense, which is vacancy, and work hard to keep vacancy periods as short as possible through active marketing and selection of reliable, qualified tenants. Low cost property management companies may seem like a bargain, but the savings are ruined when your home sits vacant for long periods due to poor marketing. Poor service to you and your tenants can complicate your life and reduce your rental income.
We have the BEST management services available to protect your most valuable asset.
Your BEST Choice in Property Management INLCUDES:
- LIFETIME TENANT GUARANTEE (The best in the industry, see website for details)
- LOWEST Delinquency Rate Nationally (Less than ½% eviction rate)
- Longest Tenancy (currently averages 3.2 years – which minimizes turnovers)
- Shortest “Managed Vacancy Time” 5 days between tenants
- Full Security Deposit reconciliation
- Owners name is NOT on the Lease, protecting you from liabilities
- Experience, Experience, Experience! We have been in business since 1993.
Better Management… Better Results… 33rd Company, Inc.
Is 33rd Company Licensed?+
Yes. We hold licenses in each Kansas and Missouri that we manage properties. We also work with local city and counties in the Kansas City metro area to ensure that our managed properties are licensed, and/or inspected in accordance with local laws.
When can you start managing my property?+
Immediately. Contact us right away to set up a free, no-obligation consultation to discuss your property and get the process started. The sooner you call, the sooner our relationship can begin.
How can I budget for long term expenses with a rental property?+
Great Question. Many investors and commercial property managers create a reserve study and map out expected expenses (i.e. roof replacement in year 10, carpet replacement in year 6, etc.). In that way, they can establish a long term budget for these expenses, and build up a reserve fund from incoming rents (i.e. $100 per month) so that by the time these projects come due, there is sufficient reserve money to cover them. Some property owners also simply take out equity lines of credit on their properties so they have available funds in order to cover these extraordinary expenses.
Knowing the approximate age and lifespan of your property’s components can help tremendously in creating a long range budget. The National Association of Home Builders has created a Study of Life Expectancy of Home Components
. This study helps individual residential property owners qualify the life spans of most components like roofs, flooring, and appliances, and helps investors and landlords to qualify a long range budget.