Transfer of Rental Management FAQ

Transfer of Management FAQ

I just signed up to use Owl Management’s property management services, what do I need to do for the transfer?

Transfer Checklist for Owner
  • 1. If there are vacant units, make sure you leave Owl Management with two full sets of keys for the tenants, including mailbox keys and garage remotes. In addition, you will also need to provide two full sets of door keys to Owl Management.
  • 2. Provide Owl Management with copies of current leases.
  • 3. Provide Owl Management with current tenant contact information.
  • 4. Provide Owl Management with copies of any bills you plan to have Owl pay.
  • 5. If there are any appliance instruction manuals or warranties that you prefer for us to keep on file, provide them to Owl Management as well.
  • 6. If your unit has keys that cannot be copied, add Owl Management name to the locksmith’s list so that Owl will have the ability to make keys.
  • 7.Transfer any security deposits and interest to Owl Management.
  • 8. Provide Owl Management contact information for any current maintenance vendors you wish to continue to use.
When will I receive my first payment?

If the property is rented, you will receive your first payment after the next rent check is received, typically by the 15th of the month.

If the property is vacant and we lease it for you, typically the 1st month’s rent will go towards the leasing commission. When we receive the 2nd month’s rent, we will send you the rental income, usually by the 15th of the month.

How much will income will I receive in my first payment?

If your property was already rented when we began managing it,
in your first payment you will receive:
+the monthly rental amount,
minus-one month’s management fee,
-the Operating Account Minimum, and
-the costs of any repairs or maintenance.

If your property was vacant when we began managing it, and the 1st month’s rent was used to pay the leasing commissions, management fees for the 1st and 2nd months will be deducted from your first payment.
In your first payment you will receive:
+the monthly rental amounts,
minus two month’s management fees,
-the Operating Account Minimum, and
-the costs of any repairs or maintenance.

How will I receive the rental income?

For your convenience, the funds can be deposited directly into your bank account (via ACH) without any charges to you. You can also have checks mailed to you, if you prefer.

Do I need to set-up bank accounts for the property?

Owl Management will take care of this for you. For each owner, we set up a bank account for the operation of his or her properties. There are no charges for this account because of our strong relationship with our bank.

Do I need to hold the security deposits?

Owl Management will do this for you and you are not charged any additional fees for this service. There are specific legal requirements for the handling of security deposits, and Owl can help ensure that these funds are handled in a legal manner.

If my tenant pays late and I don’t receive any rental income on the 15th of the month, when will I receive the late rent?

Late rent payments are sent out once a month on the 25th of the month. If we have not receive the rent payment by then, it will be sent out on the 15th of the following month.

When will I receive my monthly statement?

Monthly statements are uploaded to the online portal usually within a week of owner payments going out. Once you sign up for the portal you will receive an e-mail notification letting you know when a statement is posted. You can sign up for the online portal here.

When will I know if my tenant is renewing his or her lease? What is your renewal process?

We send renewal information to a current tenant approximately 90 days before a lease expires, and we require that he or she inform us regarding renewal 60 days before the lease expiration. By law, 60 days is the earliest you can require a tenant to give you notice of his or her decision to renew or move out. If your tenant decides to move, this gives the leasing agent 60 days to market the property and find a new tenant, helping to avoid vacancy.

Before we send the renewal information, we will contact you to see if you want to increase the rent or offer renewal at the tenant’s current rate. We generally recommend a small increase, if any, in the range of 3% or $25, to avoid the cost of having your tenant leave because of a rent increase. With a change in tenant, your turnover costs can include one month’s rent for leasing, plus any carpet cleaning, paint touch-ups, etc.

Does Owl recommend move-in fees or security deposits?

Owl recommends not collecting a security deposit, and instead collecting a non-refundable move-in. Additional information on this recommendation is here.