- W9 form
- Lead Based Paint Pamphlet
- Lead Based Paint Disclosure
- Direct Deposit Form
- Property Management Agreement – please call our office for current version
Frequently Asked Questions
What services do you offer?
Full Service Property Management
I’ve read the information package. What’s the next step?
Contact us at 906-228-2772 (ext 234). We will be happy to answer any questions and furnish you with the paperwork necessary to start the management process. We require a walk-through of your property before taking on the management of your home.
Do I need liability insurance on my property?
All properties that we manage must be covered by liability insurance. Contact your insurance agent to discuss the costs associated with this insurance. Commercial property management requires Select Realty Property Management to be named co-insured. You may also want to check with your insurance company if your property will ever be vacant. Most policies will not cover a vacant home over 30 days and may require a special rider. SRPM is not responsible for vacant properties for any reason.
How will I be paid my monthly rent?
Rent is collected from tenants at the beginning of each month. By the 20th of each month (excluding weekends and holidays), you will be able to see the activity in your account on your owner portal. Your statements are also available on the owner portal. The disbursement for the rent collected, minus our management fee and any other expenses, will be deposited to the account you have indicated on the owner portal via e-pay. E-payments can take up to 3 business days to reach your account. Typically the funds are deposited into your account no later than the 20th of each month.
Once my property is rented, who holds the security deposit?
The security deposit is given to us by the tenant to hold during the term of the lease. As such, it is their money and is to be returned to them when they satisfactorily complete the terms of their lease agreement. We are required by law to hold the security deposit in a special trust account.
Who collects Rent, late fees, etc?
Tenants will pay us every month through our online web portal. We will collect all fees associated with your properties lease agreement. All fees other than rent will be retained by SRPM.
Why do I need to pay Owner’s Funds?
Owner’s funds are a one-time, lump-sum payment used to pay any expenses incurred until your property is rented. In other words, it is your money and will only be used to pay for costs directly associated with your property while vacant, such as utilities, touch-up cleaning, maintenance, etc.
What is the One-Time Set-Up Fee?
This setup fee covers the expenses associated with setting up your account and performing the initial assessment and marketing of your property. These activities vary depending on whether the property is currently rented, but include a thorough property work-up, photos, inclusion on our websites, and advertising in a variety of media. We are the only real estate company in the U.P. using “3-D walkthrough technology” and it is AMAZING! To see a sample of our 3D tours – please look through our rental properties online. With 3-D tours you will greatly increase the number of people “seeing” your property and can even lead to higher rents for the right homes.
Can you give me an idea of the expenses I should expect while the property is vacant?
You should expect to have the following expenses when the property is vacant: utilities, necessary maintenance, yard maintenance, snow removal and touch-up cleaning called “make ready” prior to tenant move-in.
Can you give me an idea of the expenses I should expect while the property is rented?
You should expect to have the following expenses when the property is rented: management fee, necessary maintenance or repairs, improvements at your request, gutter cleaning, and shrub trimming. Lawn maintenance may be an expense if you do not expect the tenants to mow the grass.
When should I make my property available to prospective renters?
The property should be advertised for rent at least 30 to 60 days prior to its availability date. Most renters are looking for property one or two months before they’re ready to move in.
How long will it take to get my property on the rental market?
We do our best to get each and every property available for rent as soon as possible. Factors that affect our speed include the overall condition of the property, time of year, and whether or not all the information, keys, documentation, and funds needed have been provided to us. Once all of those items have been completed it usually takes about 7 business days.
How do you handle maintenance on my property?
The management agreement stipulates that we have discretionary control over the handling of minor repairs and expenses. For any major repairs, we will contact you for approval prior to beginning the necessary work. The only exception to this policy is an emergency that requires us to act quickly to protect the property from sudden and severe damage.Turnover work between tenants is not maintenance but is necessary.
Who performs the maintenance on my property?
Our maintenance rates are extremely competitive compared to most vendors. (please call for current rates). However, you are never required to use our services for maintenance. You can designate any vendor you’d like to handle those items. “Make Ready” or turnover is handle exclusively by us and our vendors however, and is not considered maintenance.
Should I allow tenants to have pets?
These days, many tenants have pets that they treat as members of the family, and they expect to find housing that will accommodate them. Your home will have a better chance of renting if you allow pets. A policy that works well for us is to advise tenants that the agent must approve all pets prior to move-in. We typically charge a monthly pet fee (but no pet deposit). Those tenants willing to pay the fee are typically responsible pet owners. Please also remember that we are required to follow ADA/Fair Housing laws in regards to pets. Even though your property may be “no pets”, there is a good chance someone with a service or emotional support pet may apply and we will not be able to deny them for reasons of having a pet. If you decide to prohibit pets in your unit, keep in mind that you may be reducing your tenant pool by as much as 70%. We are not saying you should allow pets, as each property is different. Please call to discuss with us if you are having difficulty making a decision.
Who signs the lease?
As your agent, we sign the lease. You do not have to sign the lease agreement.
In whose name are the utility bills?
While the property is vacant, the bills are in your name. When the property is rented, we then turn off the utilities in our name so that the new tenant can put them into their name and become responsible for payment, unless you have some/all of the utilities included as part of the rent.
No one has lived in the property for months. Why does it need cleaning?
Even if you or the last tenant left the property clean, if a house sits vacant for several weeks or months, dust and dirt build up. In most cases, properties need a touch-up cleaning before a tenant moves in.
Can I prohibit smoking in my property?
All of the properties under Select Realty Property Management do not allow smoking inside of the property.
What happens if a tenant stops paying rent?
Once the rent is late, we send a letter notifying the tenant of the late fee and request immediate payment. If the payment is not made by the middle of the month, we begin court proceedings to recover the amount owed. All associated court costs are included in the total amount owed by the tenant when court papers are filed. Although the entire amount is not recovered 100% of the time, we do our best to recover as much of the cost as possible. All legal costs associated with the transaction are the owners responsibility.
What happens if a tenant leaves town owing money?
When a tenant moves out, we hold their security deposit until we can perform a thorough move-out inspection. If damage has occurred or they haven’t paid rent, their security deposit may be used to pay for the repairs or lost rent. If the rent owed or cost of repairs exceeds the security deposit, we have two options: we can begin legal proceedings to collect the rent/damages owed, or we can turn the account over to a collection agency within 30 days.