Frequently Asked Questions
-
Am I required to make my property available to Section 8?
Current Federal Regulations do not mandate that you must consider Section 8 applicants, but in Louisville Metro an ordinance was passed a few years ago making it illegal to rule out Section 8 residents based on “Source of Income” which includes Section 8. In the 2024 session of the KY State Legislature, the state passed a law which supersedes the local ordinance and prevents local municipalities from adding “Source of Income” as a protected class. We have been advised by counsel that even with the new state statute excluding “Source of Income” as a protected class, it may expose our owners and ourselves to a Fair Housing claim based on a claim of Disparate Impact as city officials have implied they will attempt to utilize it for evaluating whether or not a landlord has illegally discriminated against an applicant. Contact our office for more details if this is a matter that concerns you. -
Are you licensed?
We are licensed and can legally provide property management services to others for a fee. KY law requires that a licensed broker must head up a property management firm that charges a third party a fee to manage their property. Non-licensed personnel are legally able to work in the field of property management provided that they work under a licensed real estate broker. The law also limits the functions of the non-licensed personnel in a company headed up by a licensed broker. Some of our personnel are licensed agents, but all are permitted to work in the field. -
Can I reach you after hours?
We have an answering service which answers emergency calls 24/7/365. Residents and owners can reach an on-call person whenever an emergency arises. Otherwise, email, texts or phone calls are best during normal business hours. -
Can you put the money directly into my account?
Yes. When a new owner account is initially set up, a bank direct deposit is established for the flow of funds from us to our clients. -
Do I get to see the lease or sign it?
Our management agreement enables us to sign leases, as agent, on the owner’s behalf. A sample lease is provided to every new client attached to the management agreement when the business relationship is first established. -
Do you sell real estate too?
In KY, when managing another person’s real estate for a fee, the manager is required to have the same license as one for listing or selling property. We regularly represent our property management clients and others in the purchases and sales of their properties. We have experienced agents who understand what types of properties are best suited for investment purposes, which can prevent major headaches in the future and we handle all types of real estate sales and acquisitions. -
How and when do I get my checks?
Owner distributions are electronically transferred to owner bank accounts monthly via ACH transactions. -
How is rent collection handled?
We handle all rent collections, and we encourage our residents and commercial tenants to use our safe and reliable on-line portal for the payment of rent amongst other acceptable methods of payment. -
How long of a lease do you sign?
Generally, our residential leases are for one year. However, when a property is vacant at a less favorable time of the year, we frequently tailor a new lease to expire at the best of the year which may result in a lease longer than one year. Our commercial leases usually span several years. -
How much security deposit do you charge the tenant?
Usually, security deposits are required in an amount which approximates the amount of one month’s rent. -
How soon can you start managing my property?
Depending on the property type, we can take them over with relatively short notice. Multi-family properties usually require a couple of months to get set up, so they normally take longer than single-family home properties. Commercial properties vary depending on how many units are involved. -
What type of properties do you manage?
We manage single-family homes, single condominium units, multi-family properties and commercial properties. -
What type of reports do I get and how often?
Each month every owner receives a Cash-Flow Report which shows the revenue collected, bills paid relating to the property and the net proceeds. The report includes the current month’s activity as well as year-to-date figures. This report is delivered electronically. -
Who holds the tenant security deposit?
We hold all security deposits which are kept in an FDIC federally insured bank account specifically intended for such deposits.
