Property Owners

TVP’s management fees are based as a percentage of the gross rent. We do not charge a flat rate fee if a property is vacant. If you are not receiving rental income you pay zero. The percentage-based fee is calculated by the type of property; a single family is different from an apartment complex which is different from a commercial office building. We want to make sure the fee negotiated is suitable for each individual owner.

Rent is dependent on the current market for rental properties, price per square foot values, and property condition and location. Of course, exceptions exist, and adjustments are made accordingly. TVP reviews all rent numbers with property owners prior to marketing vacancies, and TVP regularly reviews rents in occupied units with owners to ensure owners are getting the value they and their property deserve.

Over the years TVP has developed relationships with HVAC, Plumbing, Electrical, Roofing, and General Contractors, as well as handyman services, painters, etc. and the list goes on. When we, TVP, call on a maintenance issue we get very timely responses, usually immediate. It has taken years to develop the trust in these relationships, they are invaluable. It is comforting to know in the event of a maintenance emergency TVP can get someone on the job. Another great comfort is the work is precise and professionally completed. We can discuss maintenance in more detail, contact us anytime.

Typically for a tenant-occupied residence a 1-year lease with a sufficient security deposit is applicable. In some instances, an owner prefers month-to-month lease agreements which can be drawn up easily. Leases are designed to fit the owner’s desires for the use of the dwelling. All leases state no smoking inside the premises. Utilities are tenant responsibility unless otherwise specified by the owner and property type. Pets are allowed or not allowed depending on the owner’s preference. Renters insurance maybe required as well.

For commercial tenants, leases typically run 3-5 years with a rent increase annually usually (3-5%). Depending on the building Common Area Maintenance (CAM) charges are written into the lease, along with insurance requirements, use of space descriptions, and an option to renew, just to highlight a few items.

TVP uses best in class property management software for fully vetting applicants. We run credit reports, background checks, and evictions reports on each applicant. We verify employment with the applicants employer, income with a minimum of at least 2 most recent pay stubs, financials with at least 2 most recent bank statements, and verify applicants rental history with former landlords.

Most of our tenants pay electronically online via their own tenant portal and have their payment set to pay automatically on the same day every month. Some however still prefer to bring payment into the office or send payment through the mail.

100% of our owners are receiving their payments electronically every month. We highly recommend the electronic payments versus paper checks mailed for efficiency and safety of your funds. When the electronic payments are made to owners, monthly owner statements are also generated and emailed simultaneously. Annual income and expense statements along with 1099s are also generated for each owner in late January of each year.

When any type of repair and maintenance work is done on a property the owner is notified as to the scope and estimated costs associated with the work. In most instances TVP will pay repair and maintenance workers directly and bill the owner back out of their rents. In the event of an issue arising that exceeds rent, TVP will consult with the property owner to pay a vendor directly or owners can provide a contribution to their property reserves to pay for services as needed.