When do I get my money each month?
Owner distributions go out depending on when the tenant pays their rent. Once we receive the payment from the tenant and if the landlord account has a positive balance we’ll be able to pay you that amount. We always pay on the 6th, if the tenant has paid the rent before that date you will receive the money on the 6th. If the tenant wasn’t able to pay before the 5th, we will pay you once we get that money. We always pay every Saturday after the 6th, so if we have received the money between that time period you will get paid.
What are the initial rental fees and how are they collected?
Our company policy is that we always collect first and last month rent along with a security deposit which is returned to the tenant at the end of the lease. The first month always goes towards commission, the last month goes to the landlord. For the Security Deposit you can choose to put it in an escrow account or it can be handed over to you together with the last month rent. Once the lease ends we go and do an inspection for the property, if there’s anything broken we will give you an estimate for the repairs and we’re going to withhold that amount from the security deposit. If there’s nothing to be repaired, we need to return the security deposit back to the tenant within 30 days of lease termination.
How is the property protected if the tenant cause damage?
In most cases, the security deposit collected upon move-in is more than adequate to repair the minor damages caused by tenants. Tenants with bad credit score cause much damage and most of the time they aren’t able to get the security deposit back. Our screening company checks criminal, credit and eviction records as well as job history and landlords.
Should the tenants leave the property owing more than is covered by the security deposit, they will be billed. If they do not pay, it will be turned over to a collection agency.
How do I get my house ready to rent?
Your home must be left in professionally cleaned condition, your property manager prefers to arrange this cleaning to ensure that the cleaning guidelines are strictly followed. The carpets must be freshly cleaned and all debris and personal belonging removed from the house. You should consider painting any room that has dirty or marred walls. A neutral color is best. Your property manager will be happy to discuss any necessary repairs or painting with you. Neutral window coverings such as blinds should be left, but not curtains that match a particular bedspread or couch. Whether or not the washer, dryer, or refrigerator should be left depends on the property. You should discuss these questions with your Property Manager.The tenants are requested to maintain the yard in the condition it is provided to them. Therefore, the yard should be freshly mowed, weeded, trimmed and the leaves and debris removed.
Will I get called in the middle of the night with emergencies?
Our property managers get the emergency calls. You will never be called in the middle of the night! Your will be notified via you on line owners portal of what is going on with you property.
All non-emergency repairs come to us as a work order request submitted by the tenant. If it is a repair essential to the maintenance of the property and less than $200, the repair will be ordered and you will see an entry for the payment of that bill in your next statement. If the cost is more than $200, or if there is a question of what should be done, the property manager will call you for direction.
If I decided to sell my property, can you help?
Prosperity has a sales department, in case you want to sell your house we will introduce you to that department and they will give you more information on how much your house is worth and what we should list it for. Everything will be taken care of by Prosperity, from the beginning to the end. When it comes to the title we use Prosperity Abstract.
What if I already have a tenant in my property?
If your property is already rented, we will need the tenant’s information along with their lease, if you have one. Once you do we’ll send an introduction letter to them by hand and one through email. They’ll be shown how to pay the rent online and how to access their portal.
When do you need a rental license?
Any property owner who rents his/her property to others needs to have a current rental license. The license is issued by The Philadelphia Department of Licenses and Inspections.
In order to get a rental license, property owners need the following: an active Business Privilege License number, an active Business Privilege Tax Identification number, and knowledge of the property and what type of license is needed. Owners will need a license for each rental property they have.
If you don’t have a license and don’t know how to get one Prosperity Property Management will get it for you, the cost depends if the house is a single family or multi-family.