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The fee will be a percentage of the rent collected for that month. Single-family homes, condos, multi-family homes, and multi-unit apartment buildings all have different needs and therefore will have different management rates.
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You can have as much or as little control as you want. We supply our clients a detailed monthly statement with each payment and maintenance receipts available documenting deductions from the rental income. We set a limit (usually ~$200) on maintenance work that is done without involving the property owner. Because some owners want to be involved in every decision, we can set this limit in accordance with your comfort level.
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Tenants may call or email their requests to us, but most fill out an online maintenance request form in their tenant portal. For emergencies, tenants may leave a voicemail message that pages the on call person 24 hours day, including holidays. After we receive a repair request, we may contact the tenant and ask them questions which will help us determine the exact nature of the problem before sending a service technician. We also make sure it is not something the tenant can fix themselves before your money is spent on a service call (e.g. a tripped circuit breaker). After determining that it is a legitimate problem, we will send the appropriate service vendor to make the repair.
In the management agreement you set a repair limit which tells us when, based on the cost of the repair, you want to be involved in handling a maintenance problem. For non-emergencies, we will contact you first or we will handle the repair on your behalf depending on the repair limit you set. You can choose a dollar limit based on your comfort level. Please note that this repair limit is based on non-emergency repairs. We will handle emergencies immediately, based on our judgment and experience, to protect your property from suffering any further damage.
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We will hold back an amount in your account (usually $500, but based on your comfort level) so that we always have funds to pay our vendors quickly. If this amount is depleted, it will be replenished from your rent income and documented on your monthly owner's statement.
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You can specify whether or not the tenant is allowed to have a pet or to smoke inside the property, but you may not discriminate against any protected class under the Fair Housing Act or local housing laws, such as limiting family size (beyond the fire safety limits imposed) or not allowing single tenants. Because of this, it is best if the selection process is left to Pythias Management. We have guidelines to ensure a responsible tenant is placed in your property.
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There are several ways we have of knowing this. Above all, careful tenant screening by Pythias Management from the onset protects your property from being rented to irresponsible people. During the lease term, we may have occasion to enter the property for repair or maintenance reasons and will use that opportunity to have a look. If we are fortunate enough not to have any repairs or maintenance at your property over an extended period of time, we will schedule a preventative maintenance walkthrough to make sure that the smoke alarms/carbon monoxide detectors have batteries and that there are no unreported problems at the property.
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We give the tenant an opportunity to correct the situation and usually they do. If a problem persists, we allow you make a decision based on that specific situation.
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We advise all property owners to consult their insurance agent to be certain they are carrying adequate insurance for their property needs. In addition, we advise all residents as they move into your property to obtain renter's insurance. This is not required by law but very beneficial in case of a tragedy.
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Yes. Once you supply your routing and bank account numbers, we will start the process of enabling online payments. You may receive one or two paper check payments before the registration process is complete.
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Pythias Management sends out payments for owners between the 10th and 15th of each month, after the rent (which is due on the 1st of the month) has been paid and processed.
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You receive reports monthly, but can run a report at anytime through your owner portal. You are given access to our online property management system which allows you to:
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View your history of owner draws and contributions
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Download your management agreement and other important documents
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View income and expenses for each of your properties
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Run key financial reports on demand
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And much more
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Pythias Management works with the property owner to determine the best rental rate based on market conditions. Ultimately, it is up to the property owner what price he/she is comfortable with charging.
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No, we do not have our own maintenance staff, because we feel it might be seen as a conflict of interest. We use qualified and licensed contractors, subcontractors, and specialists to conduct all repairs on our properties. Whatever bill the contractor sends Pythias Management will be passed through directly to the property owner with no mark up for materials or labor. If you have a preferred company to use, we are flexible enough to accommodate your needs.
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The owner of Pythias Management is a member of the National Association of Residential Property Managers (NARPM), the Institute of Real Estate Management (IREM), the New York Association of Realty Managers, the National Association of Realtors®, the New York State Association of Realtors®, and the Long Island Board of Realtors®. The owner of Pythias Management holds a real estate license at Exit Realty by Open Gates in Uniondale, NY.
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We can start the process immediately.
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There are 4 easy steps:
1. Contact us by email at info@pythiasmanagement.com or by telephone at (888) 467-5945;
2. Allow us to conduct a walkthrough of the property;
3. Sign a Property Management Agreement;
4. Give copies of the keys to the property manager.
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FAQ
