How do I get started?Once we have received a signed Property Management Agreement we will add your property to our powerful marketing system. When someone is interested in your property they will be given an application.
Our application process involves:
- Credit Check
- Current Employment Verification
- Past Rental History
- Criminal Background Check
If the applicant passes our rigorous screening process, we will ask them to sign a lease with us for one year, unless you have instructed us that a shorter term is agreeable. A security deposit will be paid at the time of lease signing. Any applicable pet fees are due as of the lease start date. The pet fee will be mailed to you with the first month’s rent proceeds to cover professional carpet cleaning, deodorizing and flea treatment (if applicable) at the end of the tenants lease. Deposits are usually equal to one month’s rent. Non-refundable pet fees are usually $250 per animal (no more than two) unless agreed upon otherwise.
Then a copy of the lease will be emailed to you!
The tenant’s security deposit is held in a security deposit escrow account pursuant Alabama Real Estate Law. At the end of lease and per our move out inspection, the Security Deposit will be reissued to the tenant minus any damages beyond normal wear & tear, pet damages, etc. The escrow account is managed under STRICT Alabama Real Estate Commission guidelines.
When is rent due & what is done to collect it?
- All rent is due by the 1st of the month
- Rent is considered late on the 5th and a $50.00 late fee late fee is assessed after the 5th.
- A delinquency statement is mailed out on the 6th to any tenant who has an outstanding balance. Their file may also be turned over to an attorney to send a 7 day Notice to Vacate letter that is sent, pursuant to Alabama law, that tells Tenant what needs to be done to bring account current and avoid eviction.
To avoid bounced checks for late rent we do not accept personal checks from tenants after the 5th of the month. We strongly encourage all Tenants to pay online. If rent is still unpaid by the 15th, eviction papers will be filed on or about the 20th. You will be contacted before any papers are filed with the courts. A court date will be set approximately one week after the papers are filed. It is NOT necessary for you, the owner to be present in court, we will take care of the proceedings for you. If eviction is awarded, the tenant will be ordered to vacate the property approximately 10 days from the court date. If the tenant does not vacate at that time, we will file a writ of possession, which will be delivered by the Sheriff’s office. If the tenant does not vacate within 10 days of the writ, we will show up at the property on the 10th day with a sheriff’s deputy to remove the tenant from the house and to change locks.
How much do you charge for Security Deposits?The Alabama Landlord and Tenant Act of 2006 mandates that Landlords may not charge more than the total of one months rent as a Security Deposit.
How will I know if my Tenant renews their lease?Approximately 75 days before your Tenant's lease expires, you will be contacted about renewing your Tenant's lease. This is to determine if you still want to rent out your property and/or if you desire any rent increases. With your permission, a lease renewal letter is mailed out to your tenants. This letter gives them the option to renew for one year, 6 months, month-to-month lease or give their 30 day required notice. If your Tenant renews, you will be mailed a copy of the renewal. If they give notice, you will receive a letter letting you know when they plan to move out. If they remain on a month-to-month basis, you will see the rent increase on your statement after the lease expires.
What happens when my Tenant moves out?When a Tenant moves out, whether due to an eviction or lease expiration, a final inspection of the property is made. This inspection will determine if any charges need to be withheld from the tenants security deposit. We will determine any necessary turnover repairs and will report to you the owner what repairs, if any, are needed to make the property ready to re-rent quickly. If funds are withheld from the tenants deposit, they will be transferred out of our tenant security deposit escrow account into the owner’s rental account to be used toward outstanding bills. If you received a non-refundable pet fee at the beginning of the lease, we will deduct that charge from your rental proceeds to cover costs for carpet cleaning / deodorizing since that is what that money is designated for in the tenants lease.
When do I receive my rent check & statements?Owner statements are mailed out on the 10th & 11th. If the 11th falls on a holiday weekend, we will mail checks out the next possible business day. Any rental proceeds plus late fee collected after the 5th will be mailed to you in a second mailing on or as close to the 20th of each month. This includes any pro-rated rent from move-ins or move-outs. If your tenant has not paid rent by the 5th, you will still receive your monthly statement, but it will not include any funds, you will not be charged a management fee until rent is received.
Do I still get statements when my property is vacant?If your property is vacant you will still receive a monthly statement. It will include any outstanding bills that cannot be covered by funds in your reserve account. Please send payment for these bills immediately so that our vendors can be paid in a timely manner. You will receive copies of all work orders in your monthly statements when the bill is paid.
What other services can I take advantage of?
Mega Agent Rental Management offers some additional services to help make your financial life a little easier. If you pay homeowners’ dues for the property we manage, we can pay them directly for you out of your rental account. All we require is either your HOA coupon books or the necessary account information. Understand, however, that if your tenants’ pay late, this can make payments late. We suggest saving at least one to two months worth of payments to protect against this possibility. This is also a good action for when properties become vacant and the market is slow or for emergency funds. If you live out of state or out of country, we can also directly deposit your monthly proceeds into your bank account. You will still receive your monthly statements in the mail, but your check will be deposited into the bank account you provide. Landlords can opt to have statements emailed to them. All that is needed is deposit slips and/or mailing address of the bank.
We hope that this system will reduce the time it takes to forward your rental proceeds and cut down on any confusion that your owner statements may bring. Mega Agent Rental Management is here to serve you. If you ever have any questions or concerns about your monthly statements or how our accounting process works, please contact us at (205) 267-1520.