What is a TPT? That stands for Transaction Privilege Tax and that is a city tax, which is a different amount per city, that is charged on the rental income and is similar to sales tax. Typically, this tax is added onto the rent payment and is paid by the tenant.
Will you pay the TPT for the landlord? Yes, we can do that if it is needed. The process is simpler for the landlord to just handle it themselves but we are willing to help.
Do you conduct inspection during the lease? Yes, we do conduct regular inspections, at least 3 per 12 month lease, so that we can ensure that there are no pest or maintenance issues that have been missed or ignored by the tenant. This service is included with our monthly management fee of 8% of the rent.
How can the tenant pay the rent? Tenants have the option, via a tenant portal, to make ACH payment online. The other options are to mail the cashier’s check to us, drop it off at the UPS store location where we receive our mail, or pay via a RentMoney payment at a local Wal-Mart.
Who holds the security deposits? That is up to the landlord, however, it is highly recommended that those funds be kept in the Broker’s account to avoid the possibility of the money being spent and then not available to be returned to the tenant once the lease is over. Not returning those funds in the allotted amount of time, after the lease has ended, can cause the landlord to owe the tenant double the mount of the deposit.
Who decides what the rent amount should be? This up the landlord, however, I will spend some time looking over the comparisons in the area around the rental and talk with the landlord about the market value. The goal is to not be the highest in the area, when compared to other rentals with the same amenities.