Frequently Asked Questions

  • Why choose a property management company?
  • Whether you are a first-time property investor or an experienced apartment owner, TMC Property Management can assist you with all your real estate needs. We will deal with the daily inconveniences of handling maintenance calls, pursuing late rent payments, dealing with tenant complaints and screening prospective tenants so that you don’t have to. We make sure that your properties are leased to qualified tenants and that they are properly maintained. TMC Property Management views your property as an income-generating business. Our goal is to keep your income high and your expenses low. Because we manage multiple properties in the area and have been using our vendors for years, we are able to achieve the lowest costs when using third party contractors for any of our maintenance needs. Furthermore, we have our own in-house maintenance staff that allows us to attend to most maintenance requests very quickly and at a very reasonable cost. Our Company maintains a high standard of reliability and accountability, and gives our owners the true peace of mind that comes with knowing that their property is in the best hands possible.

  • Once I start with TMC Property Management, who handles my property?
    Who do tenants call?
  • The Property Manager is the main point of contact for the tenants. She will be supported in the office by the assistant manager and leasing agent(s) depending on the size of your property. You will also be assigned an experienced Property Supervisor familiar with the area in which your property is located. The Property Supervisor will assist your Property Manager and will be your main point of contact via cell phone or email. You can also access your financial information online through our website clicking on "Owner Web Access" under the Owner Tab.

  • How do you decide what rent to charge when there are vacancies?
  • Your Property Supervisor will do a market survey of rents charged for similar rental units in your area. We are also leasing units on a daily basis, and are very familiar with the market and changing rents. Based on this information and consultation with you, the Property Supervisor will determine an asking rent that is competitive.

  • How do you advertise your vacancies?
  • TMC Property Management markets vacancies by whatever means that have proven effective. We start the marketing process as soon as we are advised of a vacancy or a notice to vacate. We place ads on our website as well as on Craigslist, Apartment Guide, Apartment Finder, Apartments.com and many other online rental searches as we deem necessary. We update these ads EVERY DAY until your vacancy is rented. Because of our reputation many prospects contact our office for a free list of our vacancies and look at our website on a daily basis. We will also put eye catching signs and banners on your property giving rental prospects access to our services. We can also place print ads in local papers, provide tenant incentives and distribute flyers to help increase your leasing traffic. Furthermore, our property manager leverages our large network of properties to promote our vacancies at other properties that we manage.

  • Can I see the application and approve the tenants?
  • We provide all prospective tenants a copy of our screening criteria that must be reviewed and signed along with their completed application. If you are interested in modifying the standards for your property, we would need to know of any changes you would like to make in advance. Otherwise, our Company typically screens and approves the tenants, as our staff is trained in issues such as credit screening and fair housing. Our software has strict parameters for determining credit worthiness. In addition, we check all applicants’ rental history, criminal history, and verify employment. We are very careful in choosing tenants, as we have to interact with them on a daily basis. In other words, it’s to both our advantage to choose carefully!

  • How do you handle Security Deposits?
  • When a new tenant moves in and pays a security deposit, we will record the security deposit on your financials and deposit it in a bank account for when the tenant moves out. When your tenant vacates, we will provide all required accounting of the tenant's security deposit within the time legally allotted, usually within 30 days of the tenant moving out. If there are damages they will be deducted from the security deposit. We are allowed by law to charge the resident's deposit for rent, damages above normal wear and tear, and cleaning. Any deposit refund will then be issued to the tenant.

  • How often do you inspect the units?
  • When a property first comes under our management, an interior and exterior inspection is scheduled as soon as possible to determine if there are any health and safety issues which need to be addressed. During this inspection, we review your property for water leaks, mold and mildew, and that all units have the required smoke detectors as required by law. At that time we also inspect the property for any trip hazards and required maintenance. Once the initial inspection has been done, the Property Supervisor will visit the property regularly, at least once a week. All interiors of units are inspected a minimum of twice a year.

  • Who collects rent?
  • Tenants can pay in the Leasing Office or on the individual property websites. When rent is received it is immediately placed in the property bank account. Any expenses incurred by your property will be paid out of the rent collected during the month. The remaining funds, less the required reserve balance, will be distributed to our owners at the end of every month via check or electronic transfer. You will receive your monthly financial statements around the third business day of the following month.

  • When do you serve 5-Day Notices? Who handles evictions?
  • TMC Property Management is very aggressive in our rent collections. We allow a 5-day grace period for making rent payments. However, if rent has not been received from a tenant by the 5th of the month, we will serve a 5-day Notice to Pay or Quit. We do our best to work with tenants to keep units occupied, but if a tenant has lost their job, fails to communicate with us or cannot make a definitive payment arrangement, TMC Property Management works with a highly experienced eviction attorney to regain possession of the unit. Our attorneys are reasonable in cost, and work exclusively with management companies.

  • What happens if there is an emergency after business hours?
  • When you hire TMC Property Management, we become responsible for your property 24 hours a day. We have a 24 hour emergency number available to our tenants and there is always a senior staff member on call to quickly address emergencies. We also have access to vendors who can respond in an emergency, no matter what the hour.

  • Can I use my own vendors?
  • Yes. We will be happy to continue to use your vendors upon request. However, one advantage of our management is that we have developed relationships with vendors, such as plumbers, painters and carpet installers, who charge low rates and are reliable, because we give them a significant volume of business and always pay their bills timely. As a result, our owners benefit from these vendors excellent services and prices.

  • I am concerned about incurring big maintenance expenses. How do you control expenses? Can I approve all work?
  • TMC Property Management always attempts to improve your bottom line, and one way is to control expenses. We do not use our maintenance department as a profit center. We only charge you the direct cost of the labor, thus helping to keep your maintenance costs low. For major repairs, such as re-piping or re-roofing, several bids are obtained, and we will get your written approval. However, if there is an emergency, such as a burst water heater or a routine repair is requested, such as a leaking faucet or broken toilet, then our Company will go ahead with the work and keep you informed. In addition, if it is discovered that a tenant caused the damage, we charge the tenant back for reimbursement of the repair.

  • When do I get my financial report and what does it include?
  • We are proud to announce that clients can now access their financials directly through our website. Simply obtain your User ID and temporary Password from your Property Supervisor, go to the "Access your owner account" page of our website and login. There will be a variety of financial reports available for you to review. All information is updated on a real time basis as our system is hosted online. This way you can keep track of what rents have come in, what bills have been paid and your daily cash balance. In addition, your financial package for the prior month will be sent to you around the 3rd business day of the subsequent month. These reports are easy to read. In each report, at a minimum we include Statement of Cash Flows with the Current Month and Year-to-Date balances summarized by general ledger account and major expense categories. You will also receive the general ledger detail for all transactions during the month. In addition, you will receive two types of Rent Rolls that explain how much each tenant paid during the month along with the security deposit amount, move-in date, and the last rent increase that was made.

  • Why do I need liability insurance for my property?
  • You wouldn’t drive without car insurance, or go without health insurance. Similarly, as a landlord, you must have insurance to protect you from the unexpected. If you don’t have insurance in place, TMC Property Management can provide you with the names of several agents to contact and obtain proper coverage. Furthermore, we require that all our properties include us on the policy as an Additional Insured.

  • Are your prices competitive?
  • Our maintenance fees are very low compared to other in-house maintenance teams and compared to third party contractor fees. We find that poor management can have a very high cost. As a result, we are committed to providing our owners and tenants excellent customer service and expertise at reasonable prices.

  • Why should I choose TMC Property Management?
  • When we say, Professional Property Management, we mean it. There is no better choice for your investment and peace of mind. Call TMC Property Management today for a quote (918) 706-9969 or request a quote online.