Frequently asked questions
Does MSHR issue monthly statements?
When does MSHR do disbursements?
We process and pay all funds to owners monthly or bi-monthly as needed. The 1st disbursement around the 10th of the month is for on time payments and the 2nd disbursement is if a tenant is late with rent. This disbursement is processed at the end of each month.
Does MSHR offer online access to my account?
- Yes – We offer an Owner Portal thru Property Boss. This program allows owners to have 24/7 access to information about their rental property. Owners can view their account to see
- Tenant payment update
- Expense reports
- Statement & repair invoices
- Download reports to excel
- Update contact information
- Generates up to date P&L Reports for all properties
Does MSHR have staff after hours to protect our investment?
- Yes, MSHR has a 24hr maintenance line for tenants so your property will not go unprotected in an emergency.
What are MSHR normal business hours?
- Our office is open from 8:30am – 5pm CST and when you call during business hours you will be answered by a person not an automated voice phone system.
What staff / employees are available for owners to interact with at MSHR?
- We have a team of people to help meet your needs. You can call or email our Property Manager, Maintenance Supervisor, Leasing Agent, Leasing Assistant, Bookkeeper, Operations Manager and Broker/Owner. At MSHR, we believe that you should be able to reach the best person to answer your “specific” question.
What process does MSHR follow when tenants are late with rent?
For tenants, monthly statements & late letters are mailed to tenants after the 5th. Phone calls are made to each tenant if the rent is not received by the 7th. Call for more information about our non-payment processes.
What are the PRIMARY RESPONSIBILITIES for MSHR when managing my property??
The majority of our clients / property owners live out of state and many even live out of the US. A common question for us at MSHR is what we do or what our main responsibility is while working for you, the investor. Well, the answer is quite long, but here is a list of what we do for investors just like you.
- Inspection and evaluation of property to determine maximum rent under current market conditions.
- Collection of rents – inclusive of meticulous follow-through with late and final notices as necessary.
- Handling of tenant complaints, conversations, correspondence, and meetings as needed.
- Handling of maintenance problems through your own maintenance department and/or subcontractors.
- Negotiation of fair and reasonable payment for subcontract labor.
- Maintain files on all tenants, including current changes, late charges, security deposits, pet deposits, etc.
- Financial accounting and monitoring of individual tenant balances.
- Maintain complete financial records on each rental unit, including back-up documentation for both revenues and expenditures.
- Preparation and submittal of monthly owner’s statement giving details on income and expenses.
- Negotiate lease renewals and rent increases on a timely basis.
- Coordination and follow-through of needed services by an attorney (i.e., warrants for unlawful detainment of property, judgements, writs of restitution, forcible evictions, etc.).
- Inspection of properties vacated and disposition of applicable security deposits.
- Transfer of utilities to our name when unit is vacant.
- Itemized list of repairs, painting, cleaning, miscellaneous items and/or major maintenance needed, along with an estimated cost to render vacant units market ready.
- Coordination and supervision of all maintenance work performed on the property.
- Placing of yard and directional signs to facilitate the leasing effort.
- Post all available “For Lease” properties on our internet web site.
- Arrangements to make vacant units available to prospective tenants, every day of the year except major holidays.
- Screening (background, income, employment, former residences, etc.) of prospective tenants to help insure a quality tenant.
- Entering into lease agreements as agent for the owner, utilizing a lease that complies with the Landlord – Tenant Act of Tennessee.
- Transfer of utilities to new tenant when property is leased.
- Communication and correspondence with owners as relates to their tenants, property, and monthly financial reports.
- Remit I. R. S. Form 1099 to owner at end of each year which reflects gross income collected during the year.
Do you rent from month to month?
Yes. A month-to-month status will raise your rent a mandatory 5%. During the month to month, you do not have protection against the owner, if he should desire to sell the property, or ask that the lease be terminated, so we recommend signing a lease extension of at least 6 months. All of our properties are available by lease terms of 12 months, 18 months and 2 years. Certain exceptions apply but only for real estate professionals who work with us regarding referrals and commissions
What About Roommates, Visitors, and Sub-Leasing?
Roommates will be subject to the same move-in procedures, background checks and requirements as our primary tenants. Roommates may not be moved in without prior written permission and a thorough check is completed and accepted by Property Works. Sub-leasing is never allowable for any reason.
What about smoking?
We do not allow smoking inside of any property that we manage. Smoking can damage sensitive building materials and become an allergen to the tenants that occupy homes after the smoking party has left. By smoking inside of the property, you run the risk of eviction and lawsuit. Therefore, this policy is in force for any tenant that allows any smoking inside their residence. This includes, friends, family, guests, etc. If you are a smoker, or nonsmoker, and do not wish to pay for property damages that come from smoking, please do not allow smoking in your residence.
Do you run a credit check on every applicant?
We do run a credit check on all our applicants, even when your credit is good. This process is necessary for us, and a benefit to our applicants in that a credit check can sometimes uncover false, incorrect or outdated information in your credit report that you will want to address.
What are the penalties for early termination of a lease?
If you decide to move out prior to the end of the lease term then you will be required to give us 30 days written notice, pay rent through that 30 day notice period, and pay a lease termination penalty of one month’s rent upon moving out.
When is the rent due?
Rent is due on the first of each month. A $50.00 flat late fee will be charged if we have not received your rent by the 5th day of the month.
What are the standard lease periods?
Leases are for a period of 12 Months.
Is a personal check acceptable for my first month’s rent and the security deposit?
No. The first month’s rent (including any pro-rated days), and all deposits (security and pets) must be presented in certified funds. After the first month, you may pay your rent in personal check, money order or cashier’s check.
What will I owe at move in?
The balance of the one-month’s rent and the security deposit is due at move-in regardless of the day of the month. If you move in during the middle of a month the prorated rent charge will be due on the first day of the second month you are in the property.
Are there any pet fees?
Some homes allow pets, or certain breeds. If the breed of animal is approved (ask staff) then the pet deposit will be a non-refundable $300 per animal. Usually the pet deposit is. Our professional standards require that the property professionally treated for fleas and the carpet professionally cleaned, after each tenant with a pet, and the Pet Deposit goes to perform these actions.
Is my holding deposit refundable?
In the event the application for residency is not approved or accepted, or if the residence is not ready for occupancy on or before agreed move-in date, the holding deposit will be returned to the applicant. If, however, the applicant is approved, agrees to a move-in date, and the property is removed from the market, and the applicant then fails to sign the rental agreement, fails to provide the additional funds required for occupancy, or does not take occupancy on the agreed upon scheduled move-in date, the holding deposit will be forfeited. The holding deposit shall be applied toward the security deposit or rent when the rental agreement is signed.
Can I hold the home off the market while my application is approved?
A $250.00 home holding deposit can be paid to keep the home out of the hands of competitors, while we run a rental application.
How much is the security deposit?
Usually the security deposit is equal to one month’s rent but does vary from property to property. From time to time, some owners may offer special promotions to help lease their property more quickly. The security deposit is paid when you move in and must be paid by certified funds (cashier’s check or money order).
What if my application is denied?
The application fee is spent when we process the background check. The “Home Holding fee” will be returned to you in full.
What does the application fee cover?
The application fee will cover the processing of credit, employment and residential history. We use Equifax to help process the background check.
How much is the application fee?
All individuals completing an application must pay a $35 non-refundable fee with the application.
Who must complete an application and what are the requirements?
All adults age 18 and over must present photo identification and complete an application. The income requirement is 3 times the monthly rent. We will check your landlord and employment references to determine your ability to pay the rent on time and to take care of the property. You must also have minimum of 2 years employment history.
How do I apply for a property?
If you have not previously mailed or faxed us the online application, you will then fill out the application form and pay the non-refundable $35 credit application fee. The normal turnaround time for an application is three days. At that time, we will contact you with additional requirements (varying depending upon property).
How do I view a property?
If you would like to view a home, call our leasing agent at 901-239-1332 to schedule a viewing.
How do I find out which properties are available?
Simply click the Current Listings link above to see all of our current listings, or use the Search area on the Main Page to drill down to something more specific. Looking to rent in the near future? You can see homes that will be available for rent soon by clicking on Future Listings.
What is your payment policy?
All rent is due on the first of the month with a grace period to the fifth. The late fee is a flat $50 applied on the 6th.
What is classified as an emergency?
An emergency is any situation, which causes a potentially immediate danger to an individual or the property. The best examples are fire and flooding, but any situation, which has the ability to endanger life or property, is considered an emergency.
As is the case with any serious emergency, the proper authorities — 911, fire department, police department, etc. — should be notified.
What is the pay schedule for MSHR to Vendors?
We pay vendors every Thursday as long as the invoice and proof of completion is submitted by Wednesday at 3 pm.
How does MSHR pay vendors, check or automatic deposit?
MSHR can pay vendors however they prefer. Most vendors like that we ACH deposits to them weekly, but we still have a few vendors who prefer to pick up a check. For good vendors, we are happy to do whatever works best for you.
What documentation do I need to provide to be a vendor for MSHR?
MSHR will ask you to fill out a current W9 for the IRS and our vendors also need to provide proof of liability insurance. If you don’t have liability insurance, we are happy to provide you with referrals to help get that in place for you.
Does MSHR have work available continuously?
Yes, MSHR manages 1000 properties in the Memphis area. Many of our vendors, although they are independent contractors, only work with us. MSHR is always growing and we always need new vendors to help us provide excellent customer service..
Can I be a vendor for MSHR just on the weekend and holidays?
Yes, MSHR needs vendors after hours, weekends and holidays all the time. We provide the tenants with a 24 hour maintenance number and that is monitored 365 days a year, so we need to be ready anytime they come in.