Can I view my account online?
Yes, our clients have full access to their accounts. You will see the same data that we have in the office and be able to prepare your own customized reports, 24 hours a day, 365 days a year.
Will you pay my monthly bills for me?
Yes, through our accounting system we can easily pay all your monthly bills, including HOA dues, rental sales tax, property tax, and mortgages. We do require that your account has a minimum balance in excess of the estimated monthly payments in order to take advantage of this service.
Please download the appropriate form to begin this service.
How do I pay management fees?
Management fees are deducted from your monthly equity distributions.
Does my property have to be vacant to place it on the market?
Yes! Our experience has shown that owner-occupied properties are not effectively marketed while still owner-occupied. Therefore, we do not place owner-occupied properties on the rental market. We do make every effort to market tenant occupied homes as soon as practical after receiving a notice to vacate from the current tenant.
How long does it take to place my investment on the market?
Once we receive all the items above and the initial deposit, we can typically perform the many steps to get your property on the market within 5 business days.
What does Metropolitan Real Estate need to start managing my property?
To begin management of your property we will need the following:
- Executed property management agreement
- Keys to the property, including mail box keys, if applicable
- Garage door openers, if applicable
- HOA account numbers, payment and contact information, if applicable
- IRS W-9
- Unit Information Sheet
- ACH Authorization
- Lead Based Paint Disclosure Addenda, if the property was built prior to 1978
How much notice does a resident have to give before they can properly vacate a property?
Our lease provides that the resident give a minimum 30 day written notice that the lease will be terminated, with termination not permitted on any day other than the end of the month.
Can I enter my property after it is rented?
All leases in Arizona are governed by the Arizona Residential Landlord and Tenant Act, and provide for the covenant of quiet enjoyment. As a result, we do not enter the property and recommend the owner not enter the property, except in emergency situations or when repairs have been requested by the resident. History has shown that repeated disturbances prompt residents to become unhappy and not be as willing to renew their leases.
How are Security Deposits handled?
Metropolitan Real Estate does require security deposits from all residents, usually the amount is equal to one month's rent as required by the Arizona Residential Landlord and Tenant Act. Security Deposits are disbursed to the Owners in the first month in which it is collected.
Can Metropolitan Real Estate help me buy or sell investment property?
We are reputable, experienced and established local REALTORS and can assist you in the acquisition and disposition of investment property.
How do we communicate with our clients?
We believe in prompt and thorough communication with our clients. Every staff member has their own telephone extension, voice mail and email. 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:
- Summary eviction filings
- Acceptable applications
- Notice to vacate from tenant
- What to expect when tenant moves out
- Lease renewals
- Extraordinary maintenance items
Do clients have to accept pets?
Pets are accepted on a case by case basis, as determined by our clients. There is a one-time, non-refundable pet fee paid by the resident, which may vary depending on the number and size of pets. Pets that are classified as a vicious breed are not accepted at any time. For more complete information about accepting pets please contact us.
What does Metropolitan Real Estate do before a new resident moves in?
- A pre-move-in inspection is performed in which we document, in video, 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 regardless of how new they are. We abide by the International Property Maintenance Code for the proper number and location of smoke detectors.
- Furnace filters will be changed, as needed. 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.
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.
- Upon approval, the prospect is given 72 hours to sign the lease and pay the security deposit.
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.
What is done when a resident gives notice that they will be moving out?
- We visit the property to update any marketing materials and do an assessment as to the anticipated turnover time.
- We send a letter to the resident notifying them of their duties upon vacating
- We modify the reserve in the client's account, if necessary, to ensure that funds are available to perform all turnover items necessary to get the property ready for the next resident.
- Should the property be ready to market, we implement our marketing plan.
- The appropriate arrangements are made for the transfer of utilities.
What insurance is required?
Our insurance carrier requires that all clients carry a commercial general liability insurance policy for the protection of any claims arising out of the operation, leasing, and maintenance of the property. We do require a valid certificate of insurance, listing Metropolitan Real Estate as an additional insured party to be on file at all times - there is usually no additional cost associated with this.
How is maintenance handled?
Metropolitan Real Estate endeavors to ensure a minimal amount of inconvenience to all of our residents by providing 24 hour emergency services as well as a quick response to routine repair and maintenance requests. In compliance with Arizona General Statutes, maintenance requests must be submitted in writing. We strive to exceed the minimum standards and have found that by providing a quality home we can attract a higher quality resident and command higher lease rates. View our maintenance section
When are equity distributions made?
Broker shall disperse to Owner the previous month’s collected funds by the 5th business day of the following month. Net proceeds, less funds due, are directly deposited into our clients’ accounts through the Federal Reserve's electronic ACH transfer system. Monthly statements are emailed on the last business day of the month, as well.
Download our ACH authorization form.
What are the court costs involved with an Eviction filing?
Court costs are determined by the court system and typically cost a minimum of $165.00, depending on the number of defendants. There is also a filing administrative charge due to Metropolitan Real Estate equal to total court costs. These costs are charged to the resident and if not paid, will be deducted from the resident's security deposit upon vacating the property.
What is our collection process?
All rents are due on, or before, the 1st of each month and are considered late after the 4th of each month. We send out a 5-Day Notice on the 5th, followed by a second letter of delinquency on the 10th. For those residents that have not paid in full by the 20th of the month, we initiate an Eviction filing.
Does Metropolitan Real Estate require an expense reserve?
Metropolitan Real Estate requires each client to maintain a balance of at least $400.00 in the property's trust account for expenses associated with the management of the property. All client funds are held in a Trust Account in strict compliance with the Arizona Residential Landlord and Tenant Act.
What are the fees for Metropolitan Real Estate to manage my property?
For single family homes (including townhomes, condominiums, and duplexes) our fees are $75.00 per month. Other property expenses include: advertising expense and leasing commissions of $600.00, and a lease renewal fee of $200.00. Should you have specific needs, please contact us so we can develop a program to meet your needs. View a sample of our Property Management Agreement.
How does Metropolitan Real Estate market our vacant properties?
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 the rental price for your properties.
What expectations does Metropolitan Real Estate have for leasable properties?
We operate in strict compliance with the Arizona Residential Landlord and Tenant Act. Before we offer a property for lease, we thoroughly inspect the property to ensure that all governmental ordinances are complied with. We also advise our clients with recommendations that will maximize their return on investment. We have found that by offering a quality product, maintenance requests and complaints are minimized and resident retention and satisfaction are increased.
What types of properties do Metropolitan Real Estate manage?
We manage all residential properties including multi-family complexes, single family homes, condominiums, and town homes throughout the greater Phoenix area, including Maricopa and Pinal Counties.
What is Metropolitan Real Estate’s role as a property manager?
Our role is to achieve our clients’ objectives while preserving or increasing the value of an investment property and generating income for our clients. We advertise our properties, screen tenants, negotiate leases, collect rent, schedule maintenance for your property, keep accurate records, and provide regular reports and communication with our clients.
What is the advantage of renting through Metropolitan Real Estate?
Our staff is professional, courteous, informed and experienced. Many of our team members hold an Arizona Real Estate License. By capitalizing on the concept of economies of scale, we can offer multiple services that would be cost prohibitive for individual owners and smaller companies. We have one of the strongest marketing programs in the industry, utilizing the most up to date marketing techniques available in the industry. We stay on top of changing trends and legal issues to protect our client's interests. We also have emergency maintenance providers on call 24 hours a day to stabilize emergency issues that could lead to much larger problems or increased liability for the owner.
What is Metropolitan Real Estate’s philosophy?
Our goal is to maximize the return on investment for our clients while maintaining quality housing for our residents. Our mission is to offer personalized and professional services to both our clients and customers by building strong relationships, utilizing the latest technology, implementing effective marketing strategies, and following consistent systems all with honesty and integrity throughout every facet of our business. We strive to stay on top of market changes and industry trends and adapt accordingly.