Frequently Asked Questions: Current Owners
How often will I receive statements?
Your monthly statement will be made available to you on the 10th of each month through the online portal. Your proceeds will also be made available on that same date (directly deposited into your designated bank account), unless the 10th falls on a weekend or holiday, your funds will then be deposited on the next business day. At the end of each January, you will also receive a 1099.
How do you handle maintenance issues?
We have our own maintenance department to take care of small repairs such as clogged toilets, drain problems, fuses or blown breakers, and more. They are also set up to resolve major problems that may arise. However, every now and then there may arise an issue that will require a certified technician, e.g: furnace repair, A/C repair or duct repair. In such instances, Real-Time Leasing will endeavor to call or email our owners informing them of those maintenance requirements. Any repairs under $250 will be performed by RTL - anything over that amount we will contact the owner to present the job, bids (if applicable), and to review the situation.
Do you check up on the tenants often?
We schedule a 6 month preventative maintenance walk through with the tenant at the home. With that inspection we carefully go over details such as checking furnace filters, batteries in smoke and C02 detectors (which as of August 1, 2009 will be required in every home/apt. per MN Statute), we check for leaks under the sink, condition of the property and document our findings. We will send reports with pictures (if applicable) to the owner and the tenant. Any tenant related damages/issues will be addressed with the tenant for payment. If it is normal wear and tear, Real-Time Leasing will put in a work order to address so that a small problem does not become a bigger one.
How do you advertise?
We advertise on several online websites including our site; post signs outside the property (if applicable); and if requested we will place print ads. The cost is $99/month paid for by the Owner.
What happens if a tenant vacates within 2 months after they have been living in a unit?
Our placement fee guarantees placement for 3 months. If a tenant vacates within that 3 month period we will place another tenant and waive the placement fee.*
What kind of tax deductions can I expect to have?
We have taken the liberty of putting together for you a list of possible deductions. Please note that you should always check with your accountant before proceeding. Landlord Deductions
* Only applies if placement is not void due to property deterioration.
