Q: When Do I receive my equity distribution?
A: Broker shall disperse to Owner, the previous month’s collected funds by
the 5th business day of the following month. Net proceeds, less reserve, are
directly deposited into our client’s accounts on that day through an electronic
ACH transfer. Monthly statements are also e-mailed. Download ACH authorization
Q: What is this payment for?
A: We do not make equity distributions “for” specific items, but distribute
all net proceeds from the month less any required reserve.
Q: Why are there different income categories on my statement?
A: To provide as much detail reporting as possible for our clients, we
allocate income to proper accounts for the charges paid.
Q: What is an allocation order?
A: In Arizona, an allocation of payments received must be established. Our
company policy dictates that all outstanding charges must be paid prior to
allocating payments to rent. Should the resident in your property need to be
taken to court to recover monies owed, this will be to your benefit as many
courts will not allow the recovery of late fees.
Q: My property is vacant; do I still get charged a management fee?
A: This will be dictated by the terms of the property management agreement.
Q: Must I maintain a balance in my property's trust account?
A: We do require a balance to be maintained in your property’s Trust Account to
ensure there are enough funds available to properly manage your property.
Q: What is a trust account?
A: A Trust Account is a bank account that is maintained at an insured Arizona bank.
The account is not an asset of Metropolitan Real Estate. The Arizona Real Estate
Commission sets the standards for Trust Accounts.
Q: What happens to the security deposit from my resident?
A: All resident security deposits are distributed to the Owner in the first distribution
upon coming into management. Metropolitan Real Estate does not hold resident security deposits.
Q: What are my responsibilites to owning investment property in Arizona?
A: All residential rental property in Arizona is governed by the Arizona
Residential Landlord & Tenant Act.
Q: How much is your advertisting fee?
A: The total fee for a new tenant is $600.00. This includes all costs associated
with acquiring a new tenant. View our Advertising & Marketing section.
Q: How do I pay management fees?
A: Management fees are deducted from your monthly equity distributions.
Q: What if my resident does not pay?
A: If rent is not received on, or before, the 5th of the month, residents will
receive a 5-day notice informing them that they are in breach of the lease and payment
must be made promptly. Eviction filings will be made on the 15th of each month
should payment in full not be received by then.
Q: What is a 5-day notice?
A: A 5-day notice filing is the first step in the eviction process and should not be taken lightly.
A decision in favor of the Plaintiff (landlord) can stay on a resident’s record for 10 years and might
make it difficult to obtain future housing and credit. A summary eviction filing is also expensive;
fees can reach over $200 and are the responsibility of the resident.
Q: How much can my investment property lease for?
A: Your lease rate is going to be determined by several factors including the
condition of the property, location, and the rental rates for competing homes
in the immediate area. The markets that dictate lease rates vary vastly from
the markets that influence the value of properties. We do offer an online general
rent estimator on our website, just click here to get an online estimate of a
rental rate for your properties.
Q: What is done after a resident moves out?
A: We have the locks changed immediately after a resident moves out for safety and security reasons.
We perform a move-out inspection of the property. During the inspection, we identify items that
should be charged to the former resident. We also will make recommendations to preserve the value
of the property and decrease the vacancy time. We document the condition of all our properties with
digital pictures. We supply a summary of the inspection to you as quickly as possible.
Once the property is ready for marketing, we allow prospective residents to view your property.
Q: How does Metropolitan Real Estate screen prospective residents?
A: We perform a credit check, criminal background check, employment verification,
and rental/ mortgage payment history on every adult prospective resident.
We evaluate the lease rate /income ratio to insure the prospect can afford the rental unit.
Upon approval, the prospect is given 72 hours to sign the lease. The security deposit and
1st month’s rent is collected at move in.
Q: What does Metropolitan Real Estate do before a new resident moves in?
- A pre-move-in inspection is performed in which we document, both in pictures and writing, the condition of the property.
- As required by law, all smoke and carbon monoxide detectors must be tested and the batteries replaced in accordance with the Arizona Residential & Landlord Tenant Act.
- Furnace filters will be changed. Not only does this help protect your investment, but sets the benchmark for new residents. Per the terms of our lease agreement, residents are required to replace them throughout and at the end of their tenancy.
- The property will be re-keyed to ensure the safety and security of both the property and new resident.
Q: Can I be responsible for maintenance on my property?
A: Owners have the option of performing all maintenance items themselves. Metropolitan
Real Estate will not participate in “partial repairs” where the owner does some items and
Metropolitan Real Estate performs others. Should we be requested to meet owner’s contractors,
there will be a charge for this additional service. Experience has proven that our contractors
can perform maintenance items faster, more competently, and less expensively than most
comparable contractors in the business. Additionally, we do not utilize the services of
any contractor that is not fully insured, including general liability and workman’s compensation.
Q: What happens at the end of management?
A: If you need to end management, you must notify us in writing in agreement with the
terms of your property management agreement. Upon receiving written notice of your
desire to terminate, we will reconcile your account to ensure sufficient funds to pay
any outstanding charges. Approximately one billing cycle after the termination date, we
will process your final equity distribution. As with our leases, termination is only
allowed on the last day of the month.
Q: Am I required to make my property available to Section 8?
Q: Are you licensed?
Q: Can I reach you after hours?
A: Yes, 24/7
Q: Can you put the money directly into my account?
Q: Do I get to see the lease or sign it?
Q: Do you sell real estate too?
Q: How and when do I get my checks?
A: Direct Deposit
Q: How long of a lease do you sign?
A: Minimum of 1 Year.
Q: How much security deposit do you charge the tenant?
A: Depends on the property and the Tenants Credit
Q: How soon can you start managing my property?
Q: What type of properties do you manage?
A: All types
Q: What type of reports do I get and how often?
A: You get real time reports by logging into our website and we email all report to you monthly
Q: Who holds the tenant security deposit?
A: We send you the security deposit we send all funds to you each month