Frequently Asked Questions (FAQs)
Some common questions about us and real estate management in general:
Bishop Real Estate Management will act as an exclusive agent of an owner to manage and maintain the property.
Bishop Real Estate Management will make reasonable efforts to lease the property and/or the rental units within the property to suitable residential tenants; responsible for all negotiations; execute and enter into yearly leases or month to month rental agreements; negotiate extensions and renewals of leases; not without prior consent of owner enter into any lease in excess of 18 months.
Yes, leasing fees are equal to one month’s rent; however, the fee is broken out over a two month period. And a management fee is not taken on the first month that a tenant occupies a home.
An agent of Bishop Real Estate Management will use its best efforts to ensure that the property is maintained in a habitable condition, consistent with state laws and local ordinances. Expenditures for repair, alterations and/or renovations in excess of $500.00 will not be incurred without consent of the owner, with the exception of an emergency. An emergency is identified by using expenditures to meet the following: necessary to protect the property from damage, to prevent injury to persons or loss of life, to maintain services to tenants, or expenditures that comply with a court order or directive from federal, state or local government. Owner is responsible for all expenditures made or expenses incurred in good faith.
Yes, it is recommended that owners maintain comprehensive public liability insurance for bodily injury, death, and property damage on the property.
Al l leases state rent is due the 1st of each month and is considered late after the 5th of each month. However, it is understood that there is no guarantee of the collection of rent.
Bishop Real Estate Management will prepare and have delivered a “Demand for Rent” and “Eviction Notice”. When deemed necessary, with the assistance of a landlord/tenant attorney will represent the owner in court. Any attorney’s fees associated with an eviction will be paid from the rental income.
Yes, each month a full accounting of all income and expenditures will be provided to owner or the representative of the owner.
Each month a fee for managing a property is calculated only on the gross rent collected. If a unit or property is vacant, then no management fee will be taken.
All expenditures for repairs and/or other expenses are paid for by Bishop Real Estate Management and then deducted from the gross rent collect. There is no up-charge on expenses for repairs, what is paid is what will be depicted on the monthly statement.
Bishop Real Estate Management will pay whatever bill that is negotiated with the owner at the commencement of the property management agreement. There is always an opportunity to renegotiate the terms of the agreement at any time.
The agreement shall be one year from the signing of the document. After the initial one year term the agreement shall renew automatically on a month-to-month basis until terminated by either party upon not less than 60 days written notice to the other party.
No, Bishop Real Estate Management is considered to be an independent contractor and not an employee of any owner for any purpose.
When a unit becomes vacant, the utilities will be transferred to the owner’s name, in care of Bishop Real Estate Management, unless otherwise directed by the owner.