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FAQ

What Is Property Management 

Property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its useful life and condition. This is much akin to the role of management in any business.

Code of Ethics

The Property Shop follows the Code of Ethics outlined by National Association of Realtors and National Association of Residential Property Managers.  We consider this a top priority in conducting business.

- Fair Housing

With Act 1785 of 2001, the Arkansas Legislature declared that, "[t]he opportunity to obtain housing and other real estate without discrimination based on race, color, national origin, religion, sex, disability or familial status… is recognized and declared to be a civil right."

Are you licensed?

Yes.  Through the Arkansas Real Estate Commission.   PB00067892

Drug-Free Policy

The Property Shop has a drug-free policy for all personnel, vendors and tenants.

Is the cost of property management deductable?

Yes, the cost of management services are deductible, just like your mortgage interest, property taxes and the cost of repairs.

Can you help me get my Property in a 'Rent Ready' condition?

We can recommend Contractors we work with. 

- Do You Screen Tenants?

Yes. Through employment and landlord verification and criminal background checks.

- Lease Agreements

Our lease agreement has been written to give our clients maximum protection against possible risk and has been reviewed and approved by an attorney.  

What are your "Housing Standards" for Management?

The property must meet or exceed the HUD minimum housing quality standards for habitabality.   We also look to see that Owners maintain their properties in other ways as well.  Our goal is not just to provide tenants with a place to live, but a place to live.

How do I pay your fee?

We collect the rent and deduct our fee and the cost of any additional services or repairs and then send you a check for the balance.

Do you charge a fee while my property is vacant?

No. If you aren't making any money, neither are we.

How do you handle maintenance requests?

Our tenants can call, text, fax or email their requests to us or they can use the online portals. We try to remedy the problem in a short amount of time unless it is an emergency.

Why do I need an Owner's escrow at the execution of the agreement?

So when anything needs to be handled at your property we have the resources available to have the service performed.

What is a leasing fee?

Leasing fees compensate us for our time, effort and costs associated with finding a new tenant for your property. 

Do you charge a lease renewal fee?

No

If I decide to sell my property, will you take care of it for me?

Yes

If I decide to cancel the agreement, do you charge a fee?

If you cancel within the first 90 days we charge a fee because we spend a lot of time and put a lot of effort into finding the right tenant for your property. We are loyal to our clients and ask them to be to us.

Should we allow Pets?

You may want to consider allowing pets however, any pets listed on our Insurance "Blacklist" will not be allowed.

BLACKLIST INCLUDES BUT IS NOT LIMITED TO:  PIT BULL, Staffordshire Terrier (Any Pit Breed), Doberman, Rottweiler, Chow, Presa Canario, Akitas, Malamutes, German Shepherds, Huskies, Wolf Hybrids, Bull Mastiff or any mix of the above.

Because of federal fair housing laws that require landlords to allow reasonable accommodations for tenants with disabilities, the following apply: Landlords may not prohibit a service animal or companion animal from living in the unit. Landlords may not charge the tenant extra "pet" rent or "pet" security deposit.  

What is the lease term?

All lease agreements are one (1) year unless otherwise noted.

Do you carry insurance on my property?

 No. You must  maintain your own insurance coverage.  *** We HIGHLY recommend that you read your policy.  A home that is vacant for any length of time may not be covered by your policy. ***

Do you charge the tenant a security deposit?

Yes. This deposit is kept in our escrow account until the tenant vacates the property. The deposit is either returned to them or forfeited to the owner.

What is your management fee?

10% of the rent collected. $50 minimum.

Does your Management Agreement give you exclusive right to sell my property?

No.

What if I want you to use my plumber, A/C company, etc.?

We will gladly use your licensed, insured, and bonded vendors.

Can I leave my property on the for sale market while you find me a tenant?

Yes, you may leave the property on for sale market while we advertise your property for rent. Once we have located a qualified tenant for your property it will need to be removed from the for sale market. 
  - - - - -  Always read your listing agreement before entering into a contract for management.

- Eviction Rate

Our current eviction rate is less than 3.5%

 

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