FAQs

Owner - Frequently Asked Questions

Who decides the monthly rent?
The decision as to the monthly rent is made by the property owner, however Prime Market Realty provides market information and guidance to help you in your decision. The goal is to obtain the maximum monthly rent without pricing your property out of the market. You can potentially lose thousands of dollars by not pricing your rent appropriately. For instance, if the market indicates a mere rise in rent, let's say an average of $90 a month for the next 10 years and you aren't aware of it then you could lose out on over an average of $10,000! That's significant for just one unit. If you have multi-units, you can be looking at Tens of Thousands of Dollars lost!

How do I know the rent will be on time?
To ensure that tenant’s rents are received timely is to ensure a sufficient tenant credit, financial, and employment background check has been completed before entering into a lease agreement.

Prime Market Realty has instant computer access to the major credit reporting bureaus and through our careful employment and previous landlord checks.

What happens if the money is late?
Prime Market Realty has a strict policy on rent collection. All money is due on the first day of each month. Tenants have a five-day grace period in which to pay. On day 10, no matter what the issue may be, Prime Market Realty starts a District Court proceeding against the tenant. The local sheriff serves the tenant with a summons to appear in Court. The Court hearing usually takes place between the 20th and 25th day of that same month.

In most cases the tenant will have paid the late rent payment before the scheduled Court date. In the event that the Court process continues, actual eviction will usually take place during the second or third week of the following month. With Prime Market Realty, eviction is unusual and we find that through our thorough pre–screening most tenants’ value their good credit rating to much to risk late payments.

How are mortgage payments, condo/HOA fees paid?
It is at the discretion of the property owner whether mortgage payments are to be made directly by Prime Market Realty or by the property owner – whatever the case, all monthly net rents to owner will be delivered in a timely manner.

For other services or fees, such as condominium fees, homeowner’s associations, etc., these will be paid directly by Prime Market Realty on the property owner’s behalf as and when they are due.

How will I know my property is well cared for?
Through numerous inspections by Prime Market Realty. Prior to the tenant moving in, Prime Market Realty conducts an in-depth inside and outside, room by room inspection of the property which is detailed in an inspection report and handed to the tenant. The tenant is able to add any additional comments.

Throughout the course of the lease, Prime Market Realty conducts another detailed bi annual inspections . These inspections keep you advised of how things are going and allows the tenant to voice any concerns or issues they have with the property. Once the tenant vacates the property, Prime Market Realty conducts a final inspection to determine if there should be any deductions from the tenant’s security deposit for items over and above normal wear.

How are minor repairs handled?
PMR Management Services will assess the cause and nature of the repair prior to any Client spending. The Owner’s reserve account allows for minor repairs up to $250, this is to be used at the discretion of Prime Market Realty . If the damage is caused by the tenant, beyond normal wear and tear – the Tenant will be billed accordingly.
Owners will receive a detailed monthly account of any spending.

How are major repairs handled?
Emergency repairs one way or another take place, whether it be burst water pipes, heating systems etc., If an emergency takes place leaving the tenant or property at risk, Prime Market Realty will handle the situation immediately and notify the owner via email, phone etc.

If a major repair is required that is not of an emergency nature, Prime Market Realty will assess the repair, obtain quotes from various contractors with whom Prime Market Realty deal with on a regular basis, or use contractors requested by the property owner. It is then the property owners’ decision as to when and how to go forward with needed repair.

All owners are required to hold a Landlord liability policy and property insurance prior to any tenants moving in.

When do I get the money from Prime Market Realty?
Most typical rent payments are structured to be due on the 1st of each month. Once all payments are paid, net rent that is due to the property owner is electronically transferred to the owner’s individual bank account. These funds are generally cleared and placed in the owners account within 3 business days of rental payment.

How much are Prime Market Realty Fees?
All owner services outlined in the website are covered by a monthly management fee. This is typically 6-8% of the monthly rent, however, Prime Market Realty can tailor the level of service offered to specific owner’s requests and fees can be adjusted accordingly.

Prime Market Realty does not charge any finder’s fees for new tenants and only passes on any direct advertising costs incurred.

If we have not answered your question, please call us at 630 922-5022.