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Full Service Property Management - Residential, Single Family and Multi-Unit - Commercial - Retail - Office - Warehouse - Discounts for volume Investor / Owners Most of our inquiries involve Single Family Homes. Here are our most Frequently Asked Questions STEP 1: Qualifying - The Property must Qualify. - The Owner must Qualify. - If currently occupied by a Tenant, the Tenant must qualify. STEP 2: FEES - Management Fee: 10% of rent ($900 Rent = $90 Fee) - Start Up Fee: $100 - Lock Deposit: $50 per lockset Vista's custom lock program allows for proper lock and key control Vista may return your locksets to you for future use. See question below about showing property STEP 3: Written Agreement - required by Kentucky Real Estate Commission - Greater Louisville Association of Realtors Property Management Agreement Frequently Asked Questions QUESTION: what about advertising? ANSWER: Vista's service includes: - Yard Sign - website ad on VistaKy.com, currently #1 for rental houses Louisville, KY - Classified Ad - includes classified promoting website - Individual Classified Ad for your unit at cost. QUESTION: What about repairs? ANSWER: There are two kinds of repairs. 1.) IN HOUSE repairs handled by Vista service person(s) at material plus labor ($24.00 hr) 2.) VENDOR repairs involve repairs requiring licensed trades such as HVAC (furnace, AC) electrician Plumber and are billed at cost. $200 or more repair requires owner approval UNLESS EMERGENCY. QUESTION: When do I get my money? ANSWER: Tenants are billed on the 20th of each month for the rent due before the 1st. Therefore, we "close the books" on the 19th of each month. Your report and your funds minus the fee will be mailed before the 1st. Most of the time they are mailed before the 24th, but to have a cushion for holidays or emergencies, the 1st is used in the agreement. QUESTION: How do you show my unit? ANSWER: Vista does not show property Prospective Tenants are invited to see an available home at any time convenient for them. They simply stop by the office during business hours with a $20.00 cash key deposit, a valid photo ID photocopied, and complete a Key Deposit Form to view the property. This really works. They do not have a Landlord, Owner, or Agent following them room to room encouraging them to make a hasty decision. This will be their home. We encourage them to check it out, check out the neighbors and neighborhood and take their time. Most folks really appreciate this opportunity, trust, and respect. QUESTION: What about questions involving Tenants? (How much is application fee, how do they qualify, etc, etc, etc.,) ANSWER: go to the Frequently Asked Questions for Tenants. Standards Of Professionalism The National Association of Residential Property Managers (NARPM) promotes a high standard of business ethics, professionalism, and fair housing practices. NARPM's members subscribe to the following Standards of Professionalism for property managers of single family and other small residential properties. DUTY TO THE PUBLIC The Property Manager shall endeavor to eliminate in the community, through the normal course of business, any practices which could be damaging to the public or bring discredit to the profession. The Property Manager shall assist the governmental agency charged with regulating the practices of property managers. The Property Manager shall comply with all local and state ordinances regarding real estate law, licensing, insurance, and banking. DISCRIMINATION It is the duty of the Property Manager to educate those with whom the Property Manager is affiliated to comply with all fair housing laws. DUTY TO THE CLIENT The Property Manager shall use a written management agreement outlining all responsibilities and fees. The Client will be provided a copy and the Property Manager will maintain a copy. The Property Manager shall communicate regularly with the Client and provide written reports of receipts and disbursements on a regular, agreed upon basis. In the event of any dispute, the Property Manager shall provide a written accounting as soon as practical. Tenant applications shall be reviewed and verified in order to determine the Applicant's ability to pay and to determine the likelihood that the Applicant will comply with all provisions of the rental agreement. The Property Manager shall accept no commissions, rebates, profits, discounts, or any other benefit which has not been fully disclosed to and approved by the Client. Call me, I want more information on Property Management Services DUTY TO TENANTS The Property Manager shall offer all Applicants a written Application. The Property Manager shall provide all Tenants with a copy of the signed rental agreement with all addenda. The Property Manager shall make all disclosures as required by state and local laws and provide the Tenant an opportunity to complete a written condition report at the time of moving in. The Property Manager shall respond promptly to requests for repairs. Within the time prescribed by law, a written deposit refund determination shall be provided to the Tenant after they have vacated the property. No undue delay in refunding or accounting for the security deposit shall take place. The Property Manager shall avoid exaggeration, misrepresentation, misinformation, or concealment of pertinent facts relating to the advertising, leasing, and management of a property. PROPERTY CONDITION The Property Manager shall not manage properties for Clients who refuse or are unable to maintain their property in accordance with safety and habitability requirements of the local jurisdiction. PROTECTION OF FUNDS The Property Manager shall hold all funds received on behalf of others in compliance with state law with full disclosure to the Client and must never commingle the firm's or personal funds with those of the Client. Call me, I want more information on Property Management Services DUTY TO DISCLOSE EXPERTISE If a client engages a Property Manager's services in a field where the Property Manager lacks experience and competency, the Property Manager shall fully disclose this fact to the Client. DUTY TO FIRM The Property Manager shall have no undisclosed conflict of interest with their Employers and shall notify their Employers immediately if a conflict should arise. The Property Manager shall receive no kickbacks, rebates, or any other benefit without full disclosure to Employers. RELATIONS WITH COMPETITORS The Property Manager shall refrain from criticizing competitors or their business practices. In the event of a controversy between Property Managers with different firms, the Property Managers shall submit the dispute to arbitration rather than litigate the matter. PRICE FIXING Unless the Property Manager is purchasing another management company, fees, commissions, and compensations shall not be discussed with other Property Managers. The Property Managers shall always seek to avoid the appearance of impropriety in these matters. The Property Manager's fees, commissions, and compensations shall be determined by the manager or the Property Manager's Broker based upon, but not limited to, expertise, experience, and the cost of service and expense. Call me, I want more information on Property Management Services DUTY TO REMAIN EDUCATED The Property Manager shall maintain their real estate licenses by meeting continuing education requirements as set out by the state in which they work. IMPROVING THE PROFESSION The Property Manager shall strive to improve the property management profession by sharing with others their lessons or experience for the benefit of all. |
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Copyright 2008 VISTA Properties, Inc., All Rights Reserved
