How do I read my statement?

When do I receive my equity distribution?

Broker shall disperse to Owner, the previous month’s collected funds by the 5th business day of the following month. Net proceeds, less reserve, are directly deposited into our client's accounts on that day through an electronic ACH transfer. Monthly statements are also e-mailed. Download ACH authorization form.

What is this payment for?

We do not make equity distributions "for" specific items, but distribute all net proceeds from the month less any required reserve.

Why are there different income categories on my statement?

In an effort to provide as much detail reporting as possible for our clients, we allocate income to proper accounts for the charges paid.

What is an allocation order?

In Arizona, an allocation of payments received must be established. Our company policy dictates that all outstanding charges must be paid prior to allocating payments to rent. Should the resident in your property need to be taken to court to recover monies owed, this will be to your benefit as many courts will not allow the recovery of late fees.

My property is vacant; do I still get charged a management fee?

This will be dictated by the terms of the property management agreement.

Must I maintain a balance in my property’s Trust Account?

We do require a balance to be maintained in your property's Trust Account in an effort to ensure there are enough funds available to properly manage your property.

What is a Trust Account?

A Trust Account is a bank account that is maintained at an insured Arizona bank. The account is not an asset of Metropolitan Real Estate. The Arizona Real Estate Commission sets the standards for Trust Accounts.

What happens to the security deposit from my resident?

All resident security deposits are distributed to the Owner in the first distribution upon coming into management. Metropolitan Real Estate does not hold resident security deposits.

What are my responsibilities to owning investment property in Arizona?

All residential rental property in Arizona is governed by the Arizona Residential Landlord & Tenant Act.

How much is your advertising fee?

The total fee for a new tenant is $600.00. This includes all costs associated with acquiring a new tenant. View our Advertising & Marketing section.

How do I pay management fees?

Management fees are deducted from your monthly equity distributions.

What if my resident does not pay?

If rent is not received on, or before, the 5th of the month, residents will receive a 5-day notice informing them that they are in breach of the lease and payment must be made promptly. Eviction filings will be made on the 15th of each month should payment in full not be received by then.

What is a 5-Day Notice?

A 5-day notice filing is the first step in the eviction process and should not be taken lightly. A decision in favor of the Plaintiff (landlord) can stay on a resident's record for 10 years and might make it difficult to obtain future housing and credit. A summary eviction filing is also expensive; fees can reach over $200 and are the responsibility of the resident.

How much can my investment property lease for?

Your lease rate is going to be determined by several factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. The markets that dictate lease rates vary vastly from the markets that influence the value of properties. We do offer an online general rent estimator on our website, just click here to get an online estimate of a rental rate for your properties.

What is done after a resident moves out?

We have the locks changed immediately after a resident moves out for safety and security reasons.

We perform a move-out inspection of the property. During the inspection, we identify items that should be charged to the former resident. We also will make recommendations to preserve the value of the property and decrease the vacancy time. We document the condition of all our properties with digital pictures.

We supply a summary of the inspection to you as quickly as possible.

Once the property is ready for marketing, we allow prospective residents to view your property.

How does Metropolitan Real Estate screen prospective residents?

We perform a credit check, criminal background check, employment verification, and rental/ mortgage payment history on every adult prospective resident. We evaluate the lease rate /income ratio to insure the prospect can afford the rental unit. Upon approval, the prospect is given 72 hours to sign the lease. The security deposit and 1st month’s rent is collected at move in.

What does Metropolitan Real Estate do before a new resident moves in?

  • A pre-move-in inspection is performed in which we document, both in pictures and writing, the condition of the property.
  • As required by law, all smoke and carbon monoxide detectors must be tested and the batteries replaced in accordance with the Arizona Residential & Landlord Tenant Act.
  • Furnace filters will be changed. Not only does this help protect your investment, but sets the benchmark for new residents. Per the terms of our lease agreement, residents are required to replace them throughout and at the end of their tenancy.
  • The property will be re-keyed to ensure the safety and security of both the property and new resident.

Can I be responsible for maintenance on my property?

Owners have the option of performing all maintenance items themselves. Please click here for a link to our release of maintenance. Metropolitan Real Estate will not participate in “partial repairs” where the owner does some items and Metropolitan Real Estate performs others. Should we be requested to meet owner's contractors, there will be a charge for this additional service. Experience has proven that our contractors can perform maintenance items faster, more competently, and less expensively than most comparable contractors in the business. Additionally, we do not utilize the services of any contractor that is not fully insured, including general liability and workman's compensation.

What happens at the end of management?

In the event that you need to end management, you must notify us in writing in agreement with the terms of your property management agreement. Upon receiving written notice of your desire to terminate, we will reconcile your account to ensure sufficient funds to pay any outstanding charges. Approximately one billing cycle after the termination date, we will process your final equity distribution. As with our leases, termination is only allowed on the last day of the month.

What is the typical flow of events each month?

What type of communication should I expect to receive?

We believe in prompt and thorough communication with our clients. Every staff member has their own telephone extension, voice mail and e-mail. We send out monthly statements and quarterly newsletters in an effort to keep our clients informed. Below are some of the instances that we will initiate additional communication:

  • eviction filings
  • Acceptable application
  • Notice to vacate from tenant
  • What to expect when tenant moves out
  • Lease renewals
  • Extraordinary maintenance items

We are here to answer any questions that you have. Please contact us at any time.

We often hear “you do not answer the telephone” is that true?

Often our call volume is so high that we cannot answer every call that comes in immediately. We inform our tenants that the most efficient method of communication is via email. By utilizing email, we can hold all parties accountable to any informational requests received. Understanding the need for instant information for our clients and customers, we have invested much time and capital into developing a fully encompassing website that answers most every routine informational request we receive.

For our clients, we offer a fully integrated client login where they can view information on their accounts 24 hours a day. The information contained in the client login is the exact data that we look at in the office. Virtually any report can be produced from our client login for any period of time for which we manage your property.

For our current customers, we offer a fully integrated resident login where the account can be viewed. Maintenance requests can be submitted online and the answer to most questions can be found on our website. Some of the questions where answers can be found include, can I break my lease, how do I give proper notice to vacate, and what do I need to do before turning in my keys. Rent can also be paid online.

For our prospective residents, all of our available properties are listed on our website. In fact we use our website internally to answer questions regarding the properties. Additionally the answer to most questions regarding our application process, screening process, and other pre-tenancy issues can be found on our site.

For all of our clients and customers, there is an extensive forms section with forms for virtually every situation where one might be needed.

Should the information you are looking for not be available on our website, we welcome your call to assist you in any way possible. If you do not get a live person, please leave a detailed message for the appropriate person and your call will be returned as quickly as possible. Thank you for your understanding that we do not, typically, place people on hold to assist another person while the first caller waits on hold.

The expenses exceeded my bank balance, what happens?

In the unlikely event that the expenses exceed your monthly income, we will contact you for payment of the expenses. Payment must be made within 3 days to avoid penalties and interest. We are prevented by law from expending money from our Trust Account if your portion of that account does not have sufficient funds.

When do you send out yearly 1099s?

Typically, 1099s are sent out the first week of January, but in no case later than January 31 of each year.

What reports are available for monthly reporting?

View a list of reports that are available via e-mail each month. There is no extra charge to receive these reports via e-mail.

Can you help me sell my property, or buy more?

We are reputable, experienced and established local REALTORS and can assist you in the acquisition and disposition of investment property.

Do you have a list of clients that want to be notified of available properties for sale?

Yes, please submit a Contact Us form to have your name added to our e-mail distribution list when we get information on investment properties for sale. We have many investors looking to add to their portfolio. Also, local REALTORS also frequently inquire as to the availability of properties for their clients.

Can I view my account online?

Yes, your account can be viewed online at any time. Please see the list of reports that you can produce in real time, the data we see in the office is exactly what you see.

  • The home page of your section will contain the following:
    • Ownership information
    • Most recent management disbursement
    • All open routine maintenance service issues
  • The reports section includes the following reports:
    • Balance Sheet
    • Delinquency
    • Owner Bank Balance
    • Profit & Loss Statement
    • Trust Account Detail
    • Balance Sheet Comparison
    • Finanacial Statement
    • Owner Open Payable
    • Profit & Loss Previous Year Comparison
    • Unit Availabiltiy Listing
    • Bills Paid
    • Move In / Move Out
    • Owner Statement
    • Rent Roll & Recurring Charges
    • Unit Transaction Listing
    • Check / Deposit Listing
    • Owner Bank Activity
    • Payables Listing
    • Trial Balance

Go to Owner Web Access