The following are frequently asked questions:
What types of properties do you manage?
We manage all residential properties including multi-family apartment’s complexes, single family homes, condominiums and town homes throughout Central Arkansas.
How much can my investment property lease for?
Your lease rate is going to be determined by several factors including the location, condition of property, and the rental rates for competing homes in the immediate area. The markets that dictate lease rate vary vastly from the markets that influence the value of the properties Please contact our office and we can discuss this with you as it relates to your specific property.
How are prospective residents screened?
We perform income verification to insure that tenants are able to make three times the rental amount. We feel this should be a sufficient income to be able to afford the living cost associated with the rental. Also we look at their credit to confirm that the prospective resident has not defaulted on any past rental situation or any past utility bills that could prevent them from being able to put the utilities into their name. Finally, we check their criminal background to verify that they do not have any felony convictions.
What is done before a new resident moves in?
The property is rekeyed to ensure the safety and security of both the property and new resident. All smoke and carbon monoxide detectors are tested and batteries changed. The furnace and air conditioning filters are changed as needed. Not only does this help protect your investment, but sets a benchmark for new residents. Per the terms of our lease agreement, residents are required to replace them throughout and at the end of their tenancy.
Tenants are given a Move-in Condition Notification form upon move in. It is the tenant’s responsibility to return the report within 7 days of move in. This form is not for maintenance work orders. This form is for notification of property condition only. We will then validate the form and keep a copy on file. We utilize this form upon move out to determine preexisting conditions which may have been prevalent before the tenant moved in.
Can I enter my property after it is rented?
For the tenants enjoyment of the property we do not enter the property and recommend the owner not enter the property, except in emergency situations or when repairs have been requested by the resident. History has shown that repeated disturbances prompt residents to become unhappy and not be as willing to renew their leases.
Do owners have to accept pets?
Pet are accepted on a case by case basis, as determined by the property owner. For those properties that do allow pets there is typically a onetime nonrefundable pet fee of $150 per pet paid by the resident with some restrictions.
- No exotic animals such as snakes
- No large breed dogs (+50lbs) in apartments, duplexes, or multifamily homes.
How are Security Deposits handled?
We do require a security deposits from all residents, usually the amount is equal to one month of rent. These funds are held in a noninterest bearing escrow account at an insured bank. Security deposits cannot be disbursed until the resident vacates, and can only be disbursed to the owner or resident.
What is The Lasley Company collection process?
All rents are due on, or before the first of each month and are considered late after the fifth of each month. We begin to send out the first letter of delinquency by the 7th, followed by a 48-hour pay or be evicted notice. For those residents that have not paid in full by the fifteenth of the month we initiate the eviction process. We do make rental payment agreements on a case by case scenario.
What happens when a resident plans to moving out and how much notice must they give?
We require residence give a minimum 30-day written notice that the lease will be terminated. A letter is sent to the residence notifying them of their duties upon vacating. Once the tenant is out of the home we do a walkthrough to assess and document any damages that will need to be charged back to the tenant. In addition we will make recommendation to preserve the value of the property and decrease the vacancy time. All locks are rekeyed and we make an estimate of the turnover time. Once the make-ready is completed we update any promotional materials and implement our marketing strategy. Prospective tenants are then allowed to check out keys from our office to view the property until a new resident provides a security deposit and signs a lease.
How is maintenance taken care of?
We have access to skilled, licensed and bonded subcontractors nevertheless if you have preference for a particular company we do our best to be obliging. All maintenance requests must be submitted in writing. However, we do have an answering service after hours that can get in contact with our property manager for any emergency. With our multiple contacts we are able to contact the appropriate service technician any time of the day. We will touch base with you for any maintance that is greater than your pre-established amount or any out of the ordinary maintance.
How much does this service cost and how do I pay management fees?
We charge a competitive percentage of gross rent collected which are deducted from your monthly equity distributions. This means if rent isn’t collected or the home is vacant then we aren’t paid either. So it’s in our best interest to keep your home leased and rents collected. Let us assure you we are an investment well spent as we can save you money in the long run by our quick turnaround ability, Knowing reputable maintenance professionals, and having knowledge of the latest rules and regulations. Most importantly we are able to save you valuable time that would be better spent with your loved ones or on other projects.
When are equity distributions made?
Checks along with monthly statements are normally made and mailed out between the tenth through fifteenth of each month. With permission we can directly deposit these funds into our clients’ accounts through the Federal Reserve’s electronic ACH transfer system. As well as email your monthly statement. All maintenance expenses are outlined on your monthly statement. If there have been any maintenance items or other expenses, invoices can be mailed and/or emailed to you upon your request at any time.
Download ACH Authorization Form.
Will you pay my monthly bills for me?
Yes, we gladly assist in paying all bills associated with direct operation of your property, except for HOA dues, insurance and mortgages payments. In order for you to take advantage of this service we must require that your account with us have enough funds to cover these bills. We like to have the bills paid one week prior to their due date therefore the funds must be in place well before that time.
Please download the appropriate form to begin this service.
Do owners need to have money in reserves?
We require each client to maintain a balance in reserves which is determined on a case by case bases. We can put a plan in place to build up your reserve accounts over a specified period of 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 management of your property we will need the following:
- A signed Rental Properties Agreement
- Lead Based Paint Disclosure Addenda, if the property was built prior to 1978
- IRS W–9
- Keys to the property, including mail box keys and garage door openers, if applicable
Can The Lasley Company help me buy or sell investment property?
Yes, our licensed agents will be happy to assist you with buying and selling of investment property.
May I view my account online?
Yes, our clients have full access to their accounts. You will see the same data that we have in the office and be able to prepare your own customized reports, 24 hours a day, 365 days a year.