Where Do We Manage?
Greensboro
High Point
Jamestown
What types of properties do we manage?
Conventional
Section 8
Single Family
Duplexes
Townhomes
Condo
Apartment Complexes
Greensboro
High Point
Jamestown
What types of properties do we manage?
Conventional
Section 8
Single Family
Duplexes
Townhomes
Condo
Apartment Complexes
If it does not make Money, it does not make sense!
Property Management
Professional Property Managers
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We charge either a flat fee or a percentage rate of the gross monthly income, whichever is greater.
The flat fee is incurred while the home is vacant, and then the percentage rate is used on the gross monthly rent.
We charge either $50 or 10%. The owner will need to make an owner's contribution of $200 on a vacant property.
1099's are issued at the end of the year on Gross Rent Collected. Click here for a W-9 Form
In Addition to the Flat Fee or the Percentage
Other Fees:
Rent Ready Fee....$150
Second Disbursement, same month $10
Eviction Proceeds....$100 to $200
Definitions:
A Rent Ready Fee is compensated to us when we acquire a home that is NOT market ready., IE the property may
need paint, carpet, cleaning, carpentry or appliances. We can gather estimates and supervise the work performed
in order to put the home on the market or the owner can provide the home to us market ready.
Second Disbursements only applies if an owner has more than one property and if a resident pays rent late. We
disburse one equity check a month to the owner, however, some of our current clients are unable to wait for all of
the rent to be collected and have requested a second disbursement. For this reason, we can do a second
distribution for the same month for an additional fee of $10. Late fees paid by the resident are transferred to the
owner in its entirety.
Eviction Services:
This service has been established for owners that have a current resident that is not paying rent. The owner has no
relationship with a professional property management company, however, now needs to employ one for an
eviction. The charge for this service can vary from $100 to $250 depending on if the keys are surrendered during the
process. All court fees are paid for by the owner and are applied to the resident's account and demand is made in
court for these fees.
Advertising:
TPS advertises our rental properties on the Internet, MLS, & in the American Classifieds.
Since we are Realtors, we are able to list homes on in the rental section of MLS.
Should we need to specifically market a property in the newspaper,
the owner of the property will pay for this advertisement.
Fortunately, we have success leasing our properties without this additional cost.
However, our best form of advertisement comes from our current and past residents.
We have a quarterly newsletter that is mailed to all of our residents with a list of vacant rental properties.
How is the Property Shown?
Our office is Open during the week from 10 to 5. And in the High Season, we are open on Saturdays from 12 to 3.
A prospect will visit our office with a valid State ID, make a small deposit for the key,
and then complete a Guest Card. Once the prospect returns with the key, the deposit is returned.
Should an owner wish for us to accommodate any prospects, we will do so for an additional $5.00 per showing.
Prospects Fee(s):
$35 Application Fee per Applicant
$0 Administration Fee
$200 Pet Fee per pet (if the owner allows pets)
The Security Deposit is typically one month's rent or less & placed in a non-interest bearing Trust Account.
(This can only be used at the end of the lease agreement for damages or unpaid rent. If the resident leaves in good
standing, the security deposit is refunded.)
Credit & Criminal
Background Checks:
Since we are members of the National Tenant Network, we screen all applicants credit & criminal record, as well
as confirm his/her income. Prospects with a Section 8 Voucher are not required to pay the Application Fee since
they are already approved applicants & this applicants' paperwork is generated by the Greensboro Housing
Authority.
Discrimination:
The Property Source, Inc, will NEVER discriminate against the 7 Protected Classes:
Race Religion Color Creed Gender Family Handicap Status
However, we can discriminate against:
Smokers Prospects with Pets Age Poor Credit & Criminal Records Past Evictions
Pets:
Should an owner allow cats & dogs, the maximum allowance is 2 pets per home, & we charge a $200 pet fee that
is transferred to the owner in its entirety. This fee is due when the pet enters the home.
When is Rent Due?
Rent is due on the first of the month and the resident can pay rent up until the 5th of the month with no penalty. After
the 5th at 5:00pm, rent is late, and a 5% late fee applies. The 5% late fee is the maximum legal amount, and can
only be charged one time in a month. When rent is collected, any maintenance invoices are paid, the management
fee is paid, and the rest of the money is disbursed to the owner.
Owner Disbursements:
The first month rent is collected, a maintenance fund is established of $250 or less. We typically disburse between
the 10th and 15th of the month again depending on when the resident paid. All owners should receive his/her
disbursement by the 20th of each month. The disbursement could vary each month depending on when and how
the resident paid, as well as if a Holiday is in that month and the banks are closed.
We mail a ledger, check, and any original maintenance invoices to the owner monthly.
Should these invoices be misplaced by the owner, and we are requested to resend these items,
there will be an additional charge of $5.00 per invoice.
We do not want to accept cash, however, we will accept personal & certified checks, and money orders for rent.
Maintenance:
Resident are to contact our office in writing or by phone for all maintenance requests. The Lease Agreement
explains maintenance procedures, and the Quarterly Newsletters reiterates this.
TPS can fix anything under $250 according to the management agreement. However, should there be an
emergency situation, we will do what is necessary to protect the asset, as well as the resident's livelihood.
Again, this is in accordance with the management agreement. We have preferred vendors that we use, and all of
them are insured. Should the vendor find that the asset was neglected, abused, or misused by the resident, the
resident's account will be charged, this money is demanded, and the owner will be reimbursed for this expense.
No, we will not use the owner's personal vendors for regular maintenance requests.
Will TPS Lease my home while another Realtor tries to sell it?
No, TPS is very capable of selling your home.
Will TPS simply Lease my home and then I can manage it?
We no longer offer this service.
The flat fee is incurred while the home is vacant, and then the percentage rate is used on the gross monthly rent.
We charge either $50 or 10%. The owner will need to make an owner's contribution of $200 on a vacant property.
1099's are issued at the end of the year on Gross Rent Collected. Click here for a W-9 Form
In Addition to the Flat Fee or the Percentage
Other Fees:
Rent Ready Fee....$150
Second Disbursement, same month $10
Eviction Proceeds....$100 to $200
Definitions:
A Rent Ready Fee is compensated to us when we acquire a home that is NOT market ready., IE the property may
need paint, carpet, cleaning, carpentry or appliances. We can gather estimates and supervise the work performed
in order to put the home on the market or the owner can provide the home to us market ready.
Second Disbursements only applies if an owner has more than one property and if a resident pays rent late. We
disburse one equity check a month to the owner, however, some of our current clients are unable to wait for all of
the rent to be collected and have requested a second disbursement. For this reason, we can do a second
distribution for the same month for an additional fee of $10. Late fees paid by the resident are transferred to the
owner in its entirety.
Eviction Services:
This service has been established for owners that have a current resident that is not paying rent. The owner has no
relationship with a professional property management company, however, now needs to employ one for an
eviction. The charge for this service can vary from $100 to $250 depending on if the keys are surrendered during the
process. All court fees are paid for by the owner and are applied to the resident's account and demand is made in
court for these fees.
Advertising:
TPS advertises our rental properties on the Internet, MLS, & in the American Classifieds.
Since we are Realtors, we are able to list homes on in the rental section of MLS.
Should we need to specifically market a property in the newspaper,
the owner of the property will pay for this advertisement.
Fortunately, we have success leasing our properties without this additional cost.
However, our best form of advertisement comes from our current and past residents.
We have a quarterly newsletter that is mailed to all of our residents with a list of vacant rental properties.
How is the Property Shown?
Our office is Open during the week from 10 to 5. And in the High Season, we are open on Saturdays from 12 to 3.
A prospect will visit our office with a valid State ID, make a small deposit for the key,
and then complete a Guest Card. Once the prospect returns with the key, the deposit is returned.
Should an owner wish for us to accommodate any prospects, we will do so for an additional $5.00 per showing.
Prospects Fee(s):
$35 Application Fee per Applicant
$0 Administration Fee
$200 Pet Fee per pet (if the owner allows pets)
The Security Deposit is typically one month's rent or less & placed in a non-interest bearing Trust Account.
(This can only be used at the end of the lease agreement for damages or unpaid rent. If the resident leaves in good
standing, the security deposit is refunded.)
Credit & Criminal
Background Checks:
Since we are members of the National Tenant Network, we screen all applicants credit & criminal record, as well
as confirm his/her income. Prospects with a Section 8 Voucher are not required to pay the Application Fee since
they are already approved applicants & this applicants' paperwork is generated by the Greensboro Housing
Authority.
Discrimination:
The Property Source, Inc, will NEVER discriminate against the 7 Protected Classes:
Race Religion Color Creed Gender Family Handicap Status
However, we can discriminate against:
Smokers Prospects with Pets Age Poor Credit & Criminal Records Past Evictions
Pets:
Should an owner allow cats & dogs, the maximum allowance is 2 pets per home, & we charge a $200 pet fee that
is transferred to the owner in its entirety. This fee is due when the pet enters the home.
When is Rent Due?
Rent is due on the first of the month and the resident can pay rent up until the 5th of the month with no penalty. After
the 5th at 5:00pm, rent is late, and a 5% late fee applies. The 5% late fee is the maximum legal amount, and can
only be charged one time in a month. When rent is collected, any maintenance invoices are paid, the management
fee is paid, and the rest of the money is disbursed to the owner.
Owner Disbursements:
The first month rent is collected, a maintenance fund is established of $250 or less. We typically disburse between
the 10th and 15th of the month again depending on when the resident paid. All owners should receive his/her
disbursement by the 20th of each month. The disbursement could vary each month depending on when and how
the resident paid, as well as if a Holiday is in that month and the banks are closed.
We mail a ledger, check, and any original maintenance invoices to the owner monthly.
Should these invoices be misplaced by the owner, and we are requested to resend these items,
there will be an additional charge of $5.00 per invoice.
We do not want to accept cash, however, we will accept personal & certified checks, and money orders for rent.
Maintenance:
Resident are to contact our office in writing or by phone for all maintenance requests. The Lease Agreement
explains maintenance procedures, and the Quarterly Newsletters reiterates this.
TPS can fix anything under $250 according to the management agreement. However, should there be an
emergency situation, we will do what is necessary to protect the asset, as well as the resident's livelihood.
Again, this is in accordance with the management agreement. We have preferred vendors that we use, and all of
them are insured. Should the vendor find that the asset was neglected, abused, or misused by the resident, the
resident's account will be charged, this money is demanded, and the owner will be reimbursed for this expense.
No, we will not use the owner's personal vendors for regular maintenance requests.
Will TPS Lease my home while another Realtor tries to sell it?
No, TPS is very capable of selling your home.
Will TPS simply Lease my home and then I can manage it?
We no longer offer this service.