Q: Can I reach you after hours?
A: Owner and Tenant portals are accessible 24/7. You can review past statements, download documents
and send communication to us at anytime. In emergency situations, we can be reached by text or cell
phone so that we can contact needed emergency vendors.
Q: Can you put the money directly into my account?
A: Each month your rental proceeds are deposited into your designated account via ACH deposit. Please download the form from our Owner’s page and send us the information to get enrolled.
Q: Do I get to see the lease or sign it?
A: Leases are available to you as the property owner through your owner portal. If you need an updated record, please send a note to us and we will make sure it is uploaded. As your managing agent, we enter into the rental agreements and extensions and addendums on your behalf.
Q: Do you sell real estate too?
A: RE/MAX Right Way is a licensed real estate company in the State of Tennessee that has assisted thousands of clients buy, sell and property manage homes since 2001.
Q: Who does the repairs on the properties you manage?
A: The tenants have responsibility for the day to day maintenance of the home such as burnt out light bulbs and maintaining the lawn. Homeowners are responsible for the maintenance of the HVAC, water heater and appliances. When repairs need to be done outside the scope of the tenant’s responsibility, one of our vendors handles the job.
Q: When do I get paid?
A: Right Way Property Management spends a great deal of focus and energy the first week of each month on collecting rents. Adhering to trust accounting requirements, we must let rent checks clear before dispersing funds to the owner. Right Way Property Management will hold off on sending owner statements and disbursements of funds until completing owner bills and depositing funds directly into our property owner’s accounts until funds are confirmed. When Right Way Management pays any bills on your behalf, we generally do these between the 1st and 15th of the month, as we need the rent money to make those payments.
Q: Who keeps the late fees?
A: In a perfect world, collecting rent would be smooth, however; when a tenant is late on their payment, we start calling, visiting and emailing in order to secure rent payment. This is a timely and difficult job. Many times tenants are embarrassed or hoping to put off the payment a little longer, and because of this sometimes communication from a tenant when late is lacking. We have to turn into debt collectors and begin a very progressive regiment to collect money on behalf of our property owners. Right Way Property Management keeps late fees to cover these costs of doing business.
Q: How much security deposit do you charge the tenant?
A: The security deposit is the same as the monthly rental amount and the pet deposit is a non-refundable $250.
Q: Can I pick or say whom the tenants are for my house?
A: You can specify whether or not you want tenants with pets or tenants who don’t smoke, but you cannot discriminate against any protected class under the Federal Fair Housing or local fair housing laws. For example you cannot say you won’t rent to someone with/without children, people with disabilities, or people of a particular nationality or race or age. The more restrictions placed on tenant approval, the longer it will take ro rent your property; we encourage a study of risk versus benefit when considering prospective tenants. We are professionals in leasing and tenant screening, and we have specific criteria that every applicant must meet in order to rent a property. Right Way Property Management will not knowingly place a high-risk tenant in your property.
Q: Why do I need to add Right Way Property Management to my policy as an additional insured?
A: By adding RE/MAX Right Way, LLC, as an additional as an additional insured, you provide you and your insurance company additional liability coverage, which is explained after the following story:
A neighborhood kid entered the backyard of a rental home to get a ball that went over the fence, tripped on a hose and chipped his tooth on the patio. The parents of the kid sued the tenant, the property owner, and the property manager. The property manager was not listed as an additional insured and had the standard indemnification clause in their management agreement. Because the property manager was not listed, the homeowner’s insurance would not cover the property manager. Since the property manager was being sued and not covered by the owner’s policy, the property manager had to hire an attorney to defend them, just like the attorney for the insurance company was defending the property owner. So both the homeowner’s insurance company and the property manager were paying for an attorney to defend them. In both cases the attorneys pointed the blame everywhere but their client. So the homeowner’s insurance is showing blame with the property manager and tenant. The property manager’s attorney is showing blame with the property owner and tenant.
In this case, the homeowner was found guilty of negligence and the homeowner’s insurance company paid the claim. However, the property manager had accumulated nearly $10,000 in attorney fees in its defense. The property manager, like RE/Max Right Way, had professional and liability insurance, but neither policy would cover the property manager’s legal expenses. Because of the property manager’s indemnification clause, which is a common clause in all property management agreements, the homeowner was held liable for the $10,000 in attorney fees to defend the property manager.
If the homeowner had listed the property manager as an additional insured, the insurance company would have equally defended the property manager as well as the homeowner and there would not have been any additional costs incurred by the homeowner.
I encourage you to talk to your insurance agent about the above scenario and be sure to list RE/MAX Right Way, LLC as an additional insured for your rental property. Your agent may try to talk you into listing RE/MAX Right Way as an insured interest or as an additional interest, but this is not the same. Have them explain the difference and the risk that is assumed by you, the homeowner. Some companies may refuse to list your property manager as an additional insured. My recommendation is that you send them a copy of your management agreement and express your concern for your liability. They’ll probably agree to add the property manager. They may require that you pay a fee to do so, but the fees I have seen are very little and worth the peace of mind.