Q&A Property Owners
Answer: Contact your supervisor, your individual property manager.
Answer: Regency Property Management can handle most repair issues in your house. Some services are outsourced such as painting and cleaning. When you sign on with Regency, your manager with discuss your specific maintenance needs and instructions.
Answer: All Regency needs to get started is a signed contract and a copy of your keys. Our management team will follow up later to get the rest of the needed information. You can sign up now by clicking here.
Answer: We normally ask for approximately one month’s rent.
We begin with a rental market analysis that reviews comparable properties in the area to help ensure accurate pricing for your property. After establishing the market rent, we use direct marketing efforts to consumers through social media postings, brochures, newspaper ads, professional signage, and internet postings and through word-of-mouth with our extensive network.
All tenants are screened to make sure they qualify to rent. The review includes:
- Prospective occupants over the age of 18 must submit a complete rental application including a copy of government issued photo identification;
- Our tenant screening vendor reviews all applications including the prospective candidates credit history, a criminal background check and post rental history;
- We personally contact previous landlords and current and past employers. Copies of pay stubs or tax returns if the applicant is self employed are reviewed to verify the applicant’s ability to pay.
- If an applicant meets or exceeds our strict standards, they are required to sign our lease agreement and submit a deposit to hold the property off the market.
- Minimum tenant standards required are:
- FICO score greater than 650 (no bankruptcies or utility collections)
- Good rental history (no evictions)
- Gross income of at least 2.5 times rental amount
Our comprehensive residential and commercial leases are reviewed regularly by legal counsel. Several addendums that are a part of our lease agreements are designed to verify that a tenant has been informed about all rental policies and property maintenance requirements. Documents and forms attached to the lease agreement may vary but generally include: welcome to your new home instructions, move-in/move-out inspection form, utility sign-up form, inventory of personal property included in lease, EPA lead base paint pamphlet (if necessary) and HOA Rules (if applicable). Digital photos of the rental property are also taken by management prior to tenant move-in to verify the condition of the premises.
Answer: Your account reserve is an amount of money that is held in Utopia Management’s trust account for issues that might arise on your property. The reserve account is typically funded by the initial payments made by the tenant. The reserve is kept so that owners don’t have to send emergency money to fund repairs or other issues on their property.
Answer: Regency has business development managers that will come out to your property to evaluate how much your property should rent for and what needs to be done to get the desired rent.
In our experience the most avoidable management expense is tenant turn-over and we work hard to always treat tenants fairly and with the utmost courtesy and respect.
For apartment complexes, a budget is formulated for repairs and common area maintenance based on our client’s needs and goals. We offer tenants many convenient services such as our “pay on-time online” feature which is currently offered to HOAs and apartments*. Monthly property drive-bys and unit interior inspections when appropriate are designed to monitor lease compliance and protect the rental property. Any evidence of non-compliance is grounds for corrective action. Late fees are assessed for rent received after the fifth day of the month followed by a legal notice to pay the rent or vacate. Our collection activities are designed to “remind” tenants to pay their rent before costly legal eviction actions become necessary. However, when necessary, the eviction process is handled by a reputable local attorney.
- We have an owner trust fund established into which all rent payments and security deposits for property is deposited. Each client’s trust fund is kept separate from our corporate accounts so there is absolutely no commingling of funds. All trust funds are held in an FDIC-insured bank and are insured up to the maximum legal limit.
Tenant security deposits are also held in client’s trust account. Distributions from trust accounts can be sent by check or direct deposit on or before the 15th day of the month. Owner profit and loss statements are mailed or emailed by the 15th day and include an accounting of all income and expenses. We require an established minimum account balance in a trust account, which allow us to handle any expenses for properties throughout the month. Year-end profit and loss statement for each property will also be distributed to clients.
Fees are set at a flat rate with no set-up fees, with a low rent-up fee. We are one of the only property management companies that does not charge additional fees.
Management fees are based on a percentage of collected rents. The fee is negotiable depending on the number of units in each property and the location and condition of the property. All required tax reporting is provided at no additional charge.
The client is responsible for all operating costs for running the property including, but not limited to, advertising, legal fees, wages, payroll taxes, and worker’s compensation insurance for property employees, all materials and labor in connection with authorized repairs or improvements for the property, outside services for the property (i.e. pest control, landscape maintenance, parking lot), utility charges, property taxes, insurance premiums, accounting and tax preparation fees.
Answer: Regency Management is a full service Real Estate company and can help will the valuation, sale and refinance of your property as well as property management.
Answer: Regency Property Management currently manages property for owners living around the world. Regency has many systems in place to help absentee owners get the information that they require.
Answer: All calls are returned within 24 hours or by the next business day
Answer: If your property is located in a HOA, you will need to provide copies of the Rules and Regulations, a blank tenant registration form (if tenants are required to register.) The names of your HOA Manager, Management Company and telephone number. If you have and vendors that work at the property we will need a list of any and all contractual service items and/or vendors, including their representatives names and telephone numbers (e.g. laundry service provider, waste service provider, landscaper, pest control service contractor, Home Warranty or appliance warranty provider (s) etc.) If your property is currently rented we will need a copy of all current rental agreements as well as any other relevant and pertinent documentation such as credit applications, correspondence, notices sent to tenants etc.
- Answer: Regency requires its owners to name Regency Property Management additional insured, additional interest or have language in the policy covering the property manager due to the great cost of litigation. Regency Property Management is able to provide its service at competitive rates due in part to the owner’s Landlord policy being obligated to pick up coverage for all issues related to the property.