Why did you start Realty Now Property Management (RNPM)?

RNPM was started out of necessity in order to assist the many investment clients that were using Realty Now’s brokerage services in the Cleveland market for investment property acquisition. As the clientele of the firm and its principals grew and as more and more out of state investors began investing in Cleveland, our clients asked us to take on the management of their portfolios. We take great pride in the Trust, Transparency, and Communication that we have with each and every one of our clients. We have been investing in Cleveland since 1995, we know what it takes to be successful in managing rental property, and we always treat your property like it’s our own!

What types of properties do you manage?

RNPM manages residential properties ranging from single family homes to larger apartment communities along with commercial properties that include retail and office.

How many years of experience do you have?

The principals of RNPM have over 60 years of combined property management experience in the Greater Cleveland market. They have been managing personal portfolios as well as third party portfolios since 1995.

Is your company licensed in the State of Ohio?

Yes. RNPM is a licensed property management company in the State of Ohio.

Where do you manage properties?

RNPM manages properties throughout the Greater Cleveland area, Cuyahoga County, and much of Northeast Ohio. Depending on the property type and location, there may be properties that we will not manage. Please reach out to discuss your specific property and how we can assist you.

Do you work with out of state investors?

RNPM works closely with out of state investors to make sure their local real estate portfolios are being properly handled on a day to day basis. Many of our clients are from other states and other countries.

Do you manage short term rentals?

RNPM does manage short term furnished rentals in the Cleveland market that cater to a large variety of guests. Please inquire direct if you are seeking management for such a property as the fee structure is different from the regular property management service.

Are there any other fees?

TAKE A STAB AT THIS AND I WILL EDIT

Do you manage Section 8 properties?

RNPM manages Section 8 and other government subsidized properties for many of our clients.

Do you perform inspections?

RNPM conducts semi-annual onsite inspections on all properties under management.

Do you have in-house maintenance or third party?

RNPM has an in-house maintenance team that handles all day to day service requests.

How long will it take to rent my property?

While the answer to this will vary from property to property and will depend on a number of other factors, most residential units get rented within 30 days of being rent ready.

How much will my unit rent for?

There are many factors that determine what a unit will rent for. The most important factors are location, size, and condition. While location and size (number of bedrooms and baths and whether the unit is a single family property or a one unit in a multifamily home) can often be determined remotely, condition typically requires a walk through. Additional factors that may affect what a unit will rent for include: quality of improvements, central air, garage parking, appliances, on site laundry, and others. In all cases, we always provide a range of what we believe the unit will rent for and position the asking rent at the top of that range.

How do you determine rental rates?

We conduct a physical walk through of each property that we bring into our management portfolio and take all necessary marketing pics. Based on knowledge of the local market coupled with an analysis of the current rental inventory, we determine the most likely aggressive rental rate that we believe will drive inquiry and demand.

Do you offer leasing only services?

The short answer is yes. While it’s rare, we do have occasional local clients who are interested in managing, on their own, the day to day operations that their property requires and rely on us solely for marketing, showing the property, rental prospect screening, and tenant procurement. Our leasing fee is equal to one month’s rent.

Do you keep a trust account that is used for client funds?

Yes. RNPM maintains a trust account to hold all clients’ money including but not limited to security deposits and all rental income received prior to owner disbursements.

Does the trust account get audited by regulators / regulating authorities?

RNPM trust accounts are subject to auditing by the Ohio Division of Real Estate.

How long are the leases RNPM issues to tenants?

With a few exceptions, RNPM leases out all residential properties on 12 month terms. Commercial properties have varying terms with the typical lease length being 36-60 months.

What is the vacancy rate of the RNPM management portfolio?

Generally the RNPM portfolio hovers around a 5% vacancy rate for units under management. It is important to note that 5% is the general average with an existing variance based on property type, general desirability, and a number of other factors. Any individual property may have a significant deviation from the average in any given time period. Most residential units are re-rented within 30 days of being rent ready after a vacancy.

Does the city, state, or county require me to register my rental property?

In most cases, the answer is yes. As part of the management service, RNPM will handle the registration of your rental property with all applicable municipalities as per local requirements.

When a property is acquired with existing tenants, how long does it take RNPM to get tenants on new leases?

If the tenants are in the middle of an existing lease, the lease generally is required to be honored until the lease expiration date. RNPM attempts to sign all tenants with expired leases onto new RNPM leases as soon as possible without causing undue vacancy.

When is the best time to increase the rent on tenants who are living month to month on a property that I acquired?

As a rule of thumb, RNPM recommends that you wait 30 to 90 days after title transfer (depending on the time of year and how much the current rents are below the fair market rent). In our experience, tenants tend to get anxious when there is a change of ownership or management and giving them a small window to adjust typically helps in avoiding turnover.

Do you charge the tenants late fees? If yes, who keeps the late fees?

Tenants are charged a late fee on any rent not paid by the end of the grace period at the beginning of each month. RNPM retains any and all late fees collected from tenants. Since we retain the late fees, we are able to not charge property owners for collection efforts including but not limited to ongoing collection phone calls and property visits.

Can RNPM help me find a property?

  • Yes, Yes, and Yes!
  • While RNPM does not act as a real estate broker in the State of Ohio, our sister company Realty Now is a licensed broker in the State of Ohio who concentrates on investment properties in the Greater Cleveland market and working with investors to help curate a portfolio consistent with their needs and goals. They are experienced not only in consistently finding appropriate investment properties but are also able to assist you with much of the screening and analysis.
  • Off market BRRRR and turnkey opportunities are also available through Realty Now’s network of investors.
  • By joining the RNPM family, you will also get a monthly insider’s report of upcoming opportunities before they hit the MLS. This is also applicable when an existing client makes the decision to sell one or more properties from their portfolio. The RNPM family always gets to see these opportunities before the rest of the market!

Do you get my approval for maintenance repairs?

Yes. RNPM obtains owners’ approval for repairs over $300 unless RNPM determines it to be an emergency. RNPM considers something an emergency repair if immediate repairs are required to preserve the property, continue essential services to the property, avoid danger to life or property, or to comply with federal, state, or local law.

How do you screen tenants?

RNPM performs a thorough background check which includes a credit and criminal check as well income verification and, when possible, an interview with the tenants previous landlord.

Why is my property not renting?

RNPM is very aggressive when it comes to leasing properties. Our goal is to get every property rented in 30 days or less. We make every effort to frequently update ads online, answer the phones when prospective renters call, and show the property as many times as necessary until a qualified tenant is procured.

What is the reason you haven’t found a renter for my property yet?

○ Some of the most common reasons for properties sitting on the market too long are the time of the year. Cleveland gets cold during November, December, January and February. As a result, we see fewer people moving during those months.
○ The property may be significantly outdated or has maintenance issues that have not been resolved which turns off prospective renters.
○ The price may be too high in the current market and prospective renters can rent a comparable product for less.
○ There are other issues such as unit size or location that greatly limit the amount of interested renters.

What can you do if a property is not renting?

If we run into a situation where your property is not renting quick enough, RNPM will develop an action plan to get your property rented as soon as possible. Lots of times a price reduction or premium cosmetic upgrade results in identifying a qualified tenant sooner.