|
Frequently Asked Questions About Our Management Agreement and Services(FAQs)
Q: Can I cancel my management agreement? A: Yes, actually either you or Arrowpoint can cancel at any time with 30 days notice. (Some restrictions apply.)
Q: Can I see the potential tenant's credit report? A: No, although we will discuss it with you in detail, we are prohibited by law from distributing credit information to other parties.
Q: Can I hold the tenant security deposit, or use it to establish my operating reserve? A: No, the tenant deposit is held in trust, and is accounted for separately from the owners funds, unless the tenant forfeits the deposit.
Q: If I decide to sell the property, what obligations do I have to Arrowpoint or the tenant? A: The agreement does not obligate you to sell the property, nor to list it with us if you do decide to sell. By law, any future owner would be obligated to the remainder of the lease.
Q: Can I refuse to rent to people with childen? A: Not unless you don't mind being sued and prosecuted. "Familial Status" is a protected class under Federal and State Fair Housing Laws.
Q: Do you inspect the property once a month or collect the rents in person? A: No, with over 125 properties, we would need to hire at least two full time people just to do this, and we couldn't do it for $45 per month per owner. Tenants pay rents at our office, or mail their rent payments in to us. We do inspect properties when we have reason to be concerned, or prior to any lease renewal.
Q: If the tenant breaks the lease, do you refund the commission? A: It is important to understand that we do not "insure" or "guarantee leases," although we do our best to provide well qualified applicants. We have no way of recouping co-broke commissions we pay to other firms. However, depending on circumstance, and at our discretion, we may adjust the next commission.
For additional information on our management agreement click here, or go to the page on comparing our fees with those of our competitors.
|
|
