Equity distributions are made on the last business day of each 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 on the last business day of the month.
We do not make equity distributions "for" specific items, but distribute all net proceeds from the month less any required reserve.
In an effort to provide as much detail reporting as possible for our clients, we allocate income to proper accounts for the charges paid.
In North Carolina 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.
This will be dictated by the terms of the property management agreement.
We do require a balance to be maintained in your property's Trust Account in an effort to ensure there are enough funds available to properly manage your property.
A Trust Account is a bank account that is maintained at an insured North Carolina bank. The account is not an asset of HomeRiver Group® Charlotte, Inc. The North Carolina Real Estate Commission sets the standards for Trust Accounts in the NC Trust Account Guidelines.
All resident security deposits are held in a Trust account and handled in strict accordance with the NC Tenant Security Deposit Act.
All residential rental property in North Carolina is governed by the NC Residential Rentals Act.
Our advertising fee is $200 per vacancy. This includes all advertising for the duration of the vacancy. View our Advertising & Marketing section.
Management fees are deducted from your monthly equity distributions.
If rent is not received on, or before, the 5th of the month, residents will receive a letter notifying them that they are in breach of the lease and payment must be made promptly. On the 13th of the month, a second letter will be mailed to anyone who has not paid their rent. Summary Ejectment filings will be made on the 18th of each month should payment in full not be received by then.
A Summary Ejectment 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 ejectment filing is also expensive; fees can reach over $200 and are the responsibility of the resident.
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.
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.
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 and pay the security deposit.
Absolutely, please download the proper form to give us the proper notice.
This is a federal government program, administered by local housing authorities, where residents obtain assistance in meeting their monthly lease payments. The government's share of the lease payments are deposited in our Trust account on the first of each month. More information.
In the event that 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 adjust the reserve to $500 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.
We believe in prompt and thorough communication with our clients. Every staff member has their own telephone extension, voice mail and e-mail. We send out monthly statements and quarterly newsletters in an effort to keep our clients informed. Below are some of the instances that we will initiate additional communication:
We are here to answer any questions that you have. Please contact us at any time.
Quite the contrary, we love talking on the telephone, but often our call volume is so high that we cannot answer every call that comes in immediately. Understanding the need for instant information for our clients and customers, we have invested much time and capital into developing a fully encompassing website that answers most every routine informational request we receive.
For our clients, we offer a fully integrated client login where they can view information on their accounts 24 hours a day. The information contained in the client login is the exact data that we look at in the office. Virtually any report can be produced from our client login for any period of time for which we manage your property.
For our current customers, we offer a fully integrated resident login where the account can be viewed. Maintenance requests can be submitted online and the answer to most questions can be found on our website. Some of the questions where answers can be found include, can I break my lease, how do I give proper notice to vacate, and what do I need to do before turning in my keys. Rent can also be paid online
For our prospective residents, all of our available properties are listed on our website. In fact we use our website internally to answer questions regarding the properties. Additionally the answer to most questions regarding our application process, screening process, and other pre-tenancy issues can be found on our site.
For all of our clients and customers, there is an extensive files section with files for virtually every situation where one might be needed.
Should the information you are looking for not be available on our website, we welcome your call to assist you in any way possible. If you do not get a live person, please leave a detailed message for the appropriate person and your call will be returned as quickly as possible. Thank you for your understanding that we do not, typically, place people on hold to assist another person while the first caller waits on hold.
In the unlikely event that the expenses exceed your monthly income, we will contact you for payment of the expenses. Payment must be made within 7 days to avoid penalties and interest. We are prevented by law from expending money from our Trust Account if your portion of that account does not have sufficient funds.
Yes, through our accounting system we can easily pay your monthly bills, including HOA dues and mortgage payments. We pay bills on the 25th of each month. We do require a bank balance to be funded in excess of the estimated monthly payments in order to take advantage of this service. Please download the appropriate form to begin this service.
Typically, 1099s are sent out the first week of January, but in no case later than January 31 of each year.
View a list of reports that are available via e-mail each month. There is no extra charge to receive these reports via e-mail.
Through our affiliation with reputable, experienced and established local REALTORS we can assist you in the acquisition and disposition of investment property. Should you have an established relationship with another REALTOR, we can assist you by working with them to make the process smooth.
Yes, please submit a Contact Us form to have your name added to our e-mail distribution list when we get information on investment properties for sale. We have many investors looking to add to their portfolio. Also, local REALTORS also frequently inquire as to the availability of properties for their clients.
Yes, your account can be viewed online at any time. Please see the list of reports that you can produce in real time, the data we see in the office is exactly what you see.