Owner FAQs
What types of properties do you manage?
We manage all residential property types, including multi-family apartment complexes, single-family homes, condominiums, and townhomes throughout Central Arkansas.
How much can my investment property lease for?
Your lease rate is determined by several factors, including the location and condition of the property and the rental rates of competing homes in the immediate area. The factors that drive lease rates are very different from the ones that drive property values. Please contact our office and we can discuss what your specific property may lease for.
How are prospective residents screened?
We verify income to ensure tenants earn at least three times the monthly rent — enough to comfortably afford the cost of living in the home. We also review credit history to confirm the applicant has not defaulted on past rental obligations or utility bills that could prevent them from putting utilities in their name. Finally, we run a criminal background check to verify there are no felony convictions.
What is done before a new resident moves in?
The property is rekeyed to ensure the safety of the property and the new resident. All smoke and carbon monoxide detectors are tested and batteries replaced. Furnace and air conditioning filters are changed as needed. This not only protects your investment but sets the standard for the tenancy — under our lease agreement, residents are required to replace filters during and at the end of their tenancy.
Each resident receives a Move-In Condition form at move-in and must return it within 7 days. This form documents the property’s condition only; it is not for maintenance requests. We validate the form and keep it on file, then use it at move-out to distinguish pre-existing conditions from tenant damage.
Can I enter my property after it is rented?
For the resident’s enjoyment of the home, we do not enter the property — and we recommend owners don’t either — except in emergencies or when the resident has requested repairs. Experience shows that repeated disturbances leave residents unhappy and less willing to renew their leases.
Do owners have to accept pets?
Pets are accepted on a case-by-case basis, at the property owner’s discretion. For properties that allow pets, there is typically a one-time, non-refundable pet fee of $150 per pet, paid by the resident, with some restrictions:
- No exotic animals (such as snakes)
- No large-breed dogs (over 50 lbs) in apartments, duplexes, or multifamily homes
How are security deposits handled?
We require a security deposit from all residents, usually equal to one month’s rent. Funds are held in a non-interest-bearing escrow account at an insured bank. Security deposits cannot be disbursed until the resident vacates, and only to the owner or the resident.
What is The Lasley Company collection process?
Rent is due on or before the 1st of each month and considered late after the 5th. We send the first delinquency letter by the 7th, followed by a 48-hour notice to pay or vacate. For residents who have not paid in full by the 15th, we initiate the eviction process. Payment agreements are considered on a case-by-case basis.
What happens when a resident plans to move out, and how much notice must they give?
We require residents to give a minimum 30-day written notice before terminating the lease. We then send a letter outlining their move-out responsibilities. Once the home is vacant, we walk through to assess and document any damage chargeable to the resident, and we make recommendations to preserve the property’s value and minimize vacancy time. All locks are rekeyed and we estimate the turnover timeline. Once make-ready is complete, we update all marketing materials and launch our leasing strategy. Prospective tenants may check out keys from our office to view the property until a new resident pays a security deposit and signs a lease.
How is maintenance handled?
We work with skilled, licensed, and bonded subcontractors — and if you prefer a particular company, we do our best to accommodate you. All maintenance requests must be submitted in writing. After hours, our answering service can reach the property manager for emergencies. With our network of contacts, we can reach the right technician any time of day. We will check with you on any maintenance above your pre-established spending limit, or anything out of the ordinary.
How much does this service cost, and how do I pay management fees?
We charge a competitive percentage of gross rent collected, deducted from your monthly distributions. If rent isn’t collected or the home is vacant, we aren’t paid either — so it’s in our best interest to keep your home leased and your rent collected. We’re an investment well spent: fast turnarounds, trusted maintenance professionals, up-to-date knowledge of rules and regulations — and, most importantly, your valuable time back to spend with loved ones or on other projects.
When are equity distributions made?
Checks and monthly statements are normally mailed between the 10th and 15th of each month. With your permission, we can deposit funds directly into your account via ACH transfer and email your monthly statement. All maintenance expenses are itemized on your statement, and invoices can be mailed or emailed to you on request at any time.
[Link: Download ACH Authorization Form]
Will you pay my monthly bills for me?
Yes — we gladly pay all bills related to the direct operation of your property, except HOA dues, insurance, and mortgage payments. To use this service, your account with us must hold enough funds to cover the bills; we like bills paid one week before the due date, so funds must be in place well ahead of time.
[Link: Download the appropriate form to begin this service]
Do owners need to keep money in reserves?
We require each client to maintain a reserve balance, determined on a case-by-case basis. We can set up a plan to build your reserves over time. All client funds are held in an escrow account in strict compliance with Arkansas Real Estate Commission escrow laws.
What does The Lasley Company need to start managing my property?
To begin, we will need the following:
- A signed Rental Properties Agreement
- Lead-based paint disclosure addenda, if the property was built before 1978
- IRS Form W-9
- Keys to the property, including mailbox keys and garage door openers, if applicable
Can The Lasley Company help me buy or sell investment property?
Yes — our licensed agents are happy to assist with buying and selling investment property.
May I view my account online?
Yes — our clients have full, 24/7 online access to their accounts. You’ll see the same data we see in the office and can run your own customized reports any time.