Paige Properties checks the following information on every resident:
~Verified rental history
~Verified local employment
~Verified income to cover rental payment
~Periodic visual inspection of the resident's currently rented residence.
Arkansas Law requires that security deposits be held in an escrow account in a bank or savings and loan. Our accounting system is set up where Security Deposits are held in a separate reserve area. Each property is listed by address and as it is leased, the security deposit is entered in the tenant's name that is leasing the property. If damages occur to the property, the repairs are first made from the deposit money. If the tenant leaves owing any rent, than any money left over after repairs is applied to that outstanding balance. If a tenant meets the requirements for a refund of the security deposit, then the security deposit is returned in full.
Some of these requirements are as follows:
~ The resident has given 30 days advance notice that they will be moving and vacating the property (during this time we are advertising to rent the property to a new resident as soon as possible)
~ The resident returned their 'move in checklist' upon originally renting the property.
~All rent has been paid that is due or owed on the property
~All late charges and insufficient check fund charges have been paid
~The resident returns the keys, garage door openers, etc to the property they are renting
~The resident has left the property in move in condition, meaning that the property is clean, carpets shampooed, appliances cleaned, air conditioner filter changed, light bulbs working, yard mowed, etc.
The Security Deposit placed on the property is the property of the tenant until the tenant has forfeited their security deposit. As it is illegal for a Real Estate Firm to collect interest on a trust account under the Real Estate Licensing Act, you will not earn any interest on the security deposits.
The schedule for property management deposits and checks to be written is:
- Starting on the 1st of the month rent begins being collected.
- The 1st-6th, bills and payments on your property are made, including mortgage payments, etc.
- On the 6th, a late report is printed and distributed for any rent that has not been paid. 4. On the 10th, all tenants that have not yet paid, are mailed a 'Late Notice.'
- On the 11th, vendor bills are once again reviewed and payments made if necessary.
- On the 15th an updated list of those still late on their rent is printed and sent out.
- On the 15th, a notice is delivered to the Tenant to 'Vacate the Premises for Non Payment of rent.'
- On the 20th, property management fees are totaled for final payment to the managing agents and Paige Properties. Properties.
- On or before the 20th of the month, property owner checks are written and either deposited in the owner's bank account or mailed out. Accounting statements are mailed or emailed on or before this date as well.
- On the 22nd an updated list of those still late on their rent is printed and sent out.
- Beginning on the 22nd, the managing agent will check the property to see if we have someone that has 'skipped' out on their rent.
- Formal 'Sheriff's Eviction' procedure will begin on the 25th day of the month. January is our busiest accounting month with the closing and opening of a new accounting year. We will mail you two statements in the month of January.
A) Your year-end statement for the prior year. (This is to be retained for the preparation of your tax return)
B)Your regular accounting statement for the month of January. Statements and checks may be a few days late in January due to the heavy accounting load.
Paige Properties does market properties for sale. If you would like us to sell your investment property for you, please contact us for more information.
Email: email@example.com or firstname.lastname@example.org
Address: Paige Properties, 21 North Star Circle Mountain Home, AR 72563
Our goal is to get owners the highest market rent possible for their property. Rental rates are dependent on the competing properties in out market area. We usually try and range the rental rate from a low to a high, allowing for flexibility in the renting of your property. If the market is small and there are few rentals available, your property will demand a higher rate, though if the market is 'softer' and there are many rental properties on the market, we will use the lower end of the spectrum to ensure that your property is rented. Our agents are accustomed to viewing properties and suggesting a rental rate.
You do not have to accept pets on your property. We may call to see if you will accept a pet. If you do decide to accept a pet then we will work with you to determine a pet deposit for your rental property. All tenants that have pets are advised at the time of paying the pet deposit that any damage that is caused by their pet exceeds the pet and damage deposit, and that they personally are responsible for the cost of any and all repairs and replacements made in the property due to said damage.
We allow for a five-day grace period in the payment of rent on all rental properties. On the morning of the 6th however the rent is officially 'late' and in delinquent status. Should the 6th fall on a weekend or holiday, then the next business day the rent will be late.
On the 10th, a letter is mailed or delivered to the tenant of all properties with delinquent rent, letting them know that the rent is indeed late and what the late charges are that are due and owed on the property they are renting.
Around the 15th of the month, if the rent and late fees have yet to be paid then a notice to vacate the premises is sent out in the mail or delivered to the tenant. This notice will again reflect the amount of delinquent rent as well as any fees that the tenant has acquired in the time that the rent has been delinquent.
If the tenant has skipped, leaving the property without notice and/or payment, the property is then prepared for a new tenant and placed on the available rental list. If the tenant is still living in the property then we will meet with them to see if they will be able to catch up on the late rent and be able to make the next month's payment.
We do understand that there are emergencies and we do work with people to budget and get them back on track and paying for the rental in a timely manner, as turnover is, as a rule, costly. We attempt to work with tenants in a business like manner in order to protect your property. We do not want tenants tearing up a rental in anger at being evicted, as this is cost much more for the owner in the long run than an orderly eviction process.
Should this fail, we will follow the procedures set by the Arkansas Statue for a Sheriff's Eviction of the tenant from the property. Paige Properties charges a $25.00 late charge according to the rental contract. The distribution of the late fee is split evenly between the property owner and Paige Properties.
Paige Properties Property Management Agreement allows our customers to personalize the management of their properties. We will reserve funds for the payment of your quarterly, semi-annual or annual insurance premium, if you wish. Should this be the case we will reserve 1/12 of your real estate taxes each month and deduct it from the rent received. Though should your property be vacant for a month or more, we would take the amount that would have been taken from the rent from the next rent's in come in order to collect the proper balance for the paying of your insurance premium. Your statement will reflect these reserves and the payment of your insurance premium. As it is illegal under the Real Estate Licensing Act for a Real Estate to collect interest on a trust account, you will not earn any interest on these reserves.
Paige Properties normal management fee is 10% of the actual rent collected. We receive $300 of the first full month's rent and then 10% of the rent and half of any late fees from any following months.
Paige Properties Management Agreement includes an agreement to be able to contract the owner for repair and maintenance of the property up to $200 without actually having to contact you as the owner. This also allows for an emergency repair to the property, any life threatening problems such as broken water lines, gas leaks, electrical problems, etc. If we think the amount of a repair will be more than $200 then we will contact you as the property owner for approval to make the normal day-to-day repairs. We will require written permission to make these repairs. Paige Properties agents are available to answer emergency calls 24 hours a day. Paige Properties has a long list of sub-contractors and in-house repair personnel to handle repairs for your property. You may however select repairmen of your choice, if for example have a plumber that you have had work on your property and would like the same company to act as the repair service for your property.
How Does The Money Situation Work Out?
Our goal is that the money will always flow to the owners. We will never request money from a property owner. We may give you some options, and we may make some recommendations, but we won't request money for repairs or improvements. There may be a situation where you decide to send money for an improvement, but we generally avoid that kind of situation. We want to send the money to you, the owner. Our long standing relationships with local contractors frequently allow us to pay larger bills over the course of 30-60 days, or even longer on occasion, so even an expensive repair, like a new AC compressor, or a new well pump, can be paid from the rent, and not out of your pocket.
Paige Properties' service area includes the greater Mountain Home area, any outlying areas are judged on a case-by-case basis and questions should be directed to the management for decision on those properties.