Back Stage Realty

What you should know about Back Stage Realty’s Property Management Program:

FEES:

• NO upfront fees
• $375 Leasing Fee when we place a tenant
• 10% Monthly commission on rent collected (8% for 3+ units)
• $195 Lease Renewal Fee
• 50/50 split of late charges if accrued and collected
• NO up charge on maintenance invoices
• NO inspection Fees
• NO commission/fee on vacant property

TENANT PLACEMENT/RETENTION:

• Highly qualified tenants
• Thoroughly screened for credit/ employment/ rental history/ criminal background
• Military friendly
• Eviction and collection issues well below the area average

MAINTENANCE & INSPECTIONS:

• Interior/exterior inspections of your property 2x’s per year
• Inspections and photo records available online for your review
• All vendors must be properly licensed and insured
• Everything in the property must be working and safe
• Tenants have a maintenance line answered live 24 hours per day 7 days per week by a trained maintenance specialist who will assist the tenant in trouble shooting the issue and/or dispatching the correct vendor to make the repair
• Back Stage Realty will make any necessary repairs or preventive measures needed as long as the repair does not exceed $300 per incident
• Owners receive copies of the work orders and invoices with their monthly statement
• We do not defer maintenance; we want to keep your asset in top condition
• We work with most home warranties and welcome your preferred vendors

EXPENSES:

You should always have a “rainy day” fund in case of vacancy, loss of property, eviction or major repair issues.

Your first month’s payment will usually be a prorated rent amount, minus the Leasing Fee, minus $400 to set up your reserve account, minus the 10% commission on collected rent.

All expenses and payments are processed in the owner’s account. So you will see application fees collected and paid out, and things that will be charged against the tenant are paid out of your account and then charged to and collected from the tenant.

Owners will incur some expenses during a tenant turnover. These can include utility costs, touch up cleaning, touch up or full painting costs, sprucing up landscaping, or moderate updating. This is normal and should be planned for. Outgoing tenants are responsible for leaving the property clean and damage free, but additional expenses could be incurred to make the property “Show Ready”.

You will want all property related expenses to be invoiced to and paid from your Back Stage Realty account so that they will be shown on your year end 12 month income and expense summary. This will make tax time a breeze!

INSURANCE:

An insurance policy for a rental property is different from the insurance for a primary residence. You will need to contact your insurance agent to make sure that you have the proper coverages in place. If you do not have the right type of coverage and a claim needs to be made, the insurance company may deny your claim.

Back Stage Realty should be named as an additional insured. This protects both the owner and Back Stage Realty in case of a liability claim.

OWNER PAYMENTS:

We initiate the disbursement of funds on the 10^th of each month, unless the 10^th is a weekend or holiday, in which case we initiate on the next business day. You will receive an email once the deposit has been initiated.

We pay via direct deposit. You do not need to wait to receive and cash a check. You have full control over the deposit account in your owner portal.

All outstanding fees or bills due are paid out of rental proceeds. If additional funds are needed, the owner can deposit funds through the owner portal.