Frequently Asked Questions
When will I receive my first check?
You will receive your first check around the 15th after the first full month following your closing date. For example, if your unit closed on 09/09/2005 you will receive a check for prorated September and all of October no later than November 15th. Going forward you will then receive a check once a month no later then the 15th for your rent monies in arrears.
What is my $500.00 for?
This is put into a reserve account and is utilized for maintaining your unit. For instance, if any maintenance is required on your unit, it will be funded out of your reserve account. When processing your rent check, we will deduct the amount of your check to put back into your reserve so that it remains at the $500.00 balance.
Do I get my $500.00 back if I do not renew my contract next year?
Yes.
What is the start date for my contract as I signed it 4 months before I actually closed?
The date your contract begins is the date you close on your unit.
If maintenance is required in my unit, how will I know what was done?
Along with your monthly financial statement and check, you will receive a copy of the invoice from our maintenance department.
Why am I required to purchase additional insurance?
Please look at your agreement section 4.3. Per your contract you must provide liability insurance in the amount of one million dollars per occurrence naming Investor Management Services as the additional insured. This is to protect your property, as it is now a rental property.
How do I know the amounts on my financial statements are correct?
You have signed a contract with Investor Management Services stating that you are requesting us to care for your unit and the collection of rents. Per the contract, Investor Management Services will maintain accurate records of all monies received and disbursed in connection with the Unit and is open for inspection by the Owner at all reasonable times.
Can I request no pets or a non-smoker in my unit?
Pets are accepted in accordance with the CCR's. This is a benefit to you as we will charge an increased deposit and additional income is collected for having the pet. As for smokers, we have no control over who smokes or if a resident has a guest that smokes. Be assured that any damages to the unit that exceed normal wear and tear are charged for at the time of move out.
When will my unit be renovated and will you transfer my resident out and back again if necessary?
If you have received a notice to close, it will be renovated within 60-days. Otherwise, we will renovate as they become vacant and the construction schedule allows. We are attempting to disrupt the residents as little as possible as a transfer for renovation is a very disrupting process.
How long will it take to rent my unit after renovation?
We expect to rent your unit within weeks of renovation.
Will the rents increase after interior and exterior renovations are completed?
Our rents are based on the current market. We continue to analyze the market on a weekly basis to ensure that the rents are in line with what the rental market will allow.
Why should I choose Investor Management Services?
• Onsite leasing team
• Onsite maintenance team
• Daily property inspections (instead of quarterly)
• Negotiated vendor pricing
• Marketing and advertising
• Fair housing compliance
• Detailed tenant screening
• Daily tenant communications