Owner Frequently Asked Questions

• Are you licensed?

  Yes, Renters Outlet, LLC is a licensed Real Estate Brokerage (license #40348790). We have been licensed for over 9 years helping our clients with their real estate and property management needs.

• Can I reach you after hours?

  Yes, we have a 24 hour emergency number for after hour emergencies. We work with a list of approved contractors, and many are available 24 hours per day/7 days per week.

• Can you put the money directly into my account?

  Yes, we have access to Merchant Services EFT capabilities. Over 80% of our Tenants are making their monthly rent payments through direct payment from their bank to ours. We pay over 98% of our property owner clients with direct payment EFT to their bank accounts.

• Do I get to see the lease or sign it?

  Yes, you will view and sign the Lease Agreement as Landlord, and the Tenant will not view the Lease until the Landlord approves.

• Do you sell real estate too?

  Yes, we are a licensed real estate Brokerage, and work with many of our clients in helping them in the purchase and sale of their real estate needs

• How and when do I get my checks?

  While we can certainly issue checks, we prefer to set up automatic EFT payment to our property owner clients. The funds transfer is normally set up on approx. the 7th or 8th of the month after the Tenant funds have cleared the bank, and the owner’s payments will usually be in the property owners bank account on the 10th or 11th of the month.

• How is rent collection handled?

  Rent is due on the 1st of the month, and we offer a 3 day “grace period”. If rent is not paid on or before the 3rd of the month, the Tenant will be charged with an 8% late fee on any unpaid funds. We have a process of emails, voicemails, and occasionally knocking on doors if we do not hear back from our Tenant regarding late rents.

• How long of a lease do you sign?

  Leases are typically 12 months in length, but 24 months is the longest lease we offer. We may offer an 16 or 18 month lease in the winter months, in an effort to put ourselves back in peak season for finding replacement Tenants if needed.

• How much security deposit do you charge the tenant?

  Normally, Security Deposit would be the equivalent of one months rent. In many cases we have applicants who are acceptable in all areas except their credit is less than we would prefer. Often in this case, we will work with these applicants, but require prepayment of their last month rent in advance.

• How soon can you start managing my property?

  Immediately. We can help with finding qualified Tenants for your investment property, or if you already have your property under lease we can take over management responsibilities.

• What type of properties do you manage?

  Renters Outlet, LLC manages residential single-family homes, condos and town homes.

• What type of reports do I get and how often?

  As an Owner client, each of our Owners have their own Renters Outlet website portal with us. You are able to view all income and expenses associated with your property, and at year end you are able to print your Rental Owner Statement report and provide to your accountant at year end.

• Who holds the tenant security deposit?

  Tenant Security Deposit funds are required to be deposited in a State approved bank Broker Trust Account, and the Tenant must receive 1% simple interest on all funds during the length of the Lease. Renters Outlet, LLC has a dedicated Brokers Trust Account with Lakeview Bank in Lakeville, Minnesota.