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E- Deposits Now Available
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We are pleased to announce that we now have E-Deposit
capabilities for owners who wish to receive their monthly rental payments
electronically. The settlement date for this feature is the 14th of
each month, with a second run between the 21st and 24th
for any late payments received.
If you wish to receive E-Deposits, simply log in to your
Owner Portal and input your banking information to the designated fields.*
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Greetings!
In this issue, you will find that problems plaguing vacant homes have caused us to implement some new administrative policies. The bad news is, some owners may see a slight increase in their expenses while carrying a vacant property; the good news is, the rental market is showing signs of stabilization, with tenants staying in the homes they rent longer than ever.
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Administrative Fee for Utility Holds
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Over the past year, we have found the amount of service
holds on utility accounts for properties in the Metro area to have increased
dramatically. People are stealing service or leaving high balances; as a
result, DTE, Consumers Energy, and respective city Water Departments are
requiring an enormous amount of information before allowing new service to be
turned on. Often times, we are required to send in previous tenant information
so the utility company has someone to bill before they will allow us or a new
tenant to transfer the account.
Our staff has spent countless hours dealing
with these issues over the past year, often times having to go back and repeat
the process several times per property. We have already dedicated a staff
member to work on utility holds as a part of the daily routine, averaging about
1 to 2 hours per case. As a result,
there will be a $35 administrative fee charged to your account if there is a
service hold on any of the utilities at your property.
*Please keep in mind that documents are key to getting a
hold released, so it is important that we have a copy of the recorded deed to
your property and any previous tenant information, should an issue arise with
one of the services.*
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Vacant Home Security Mandatory in Detroit
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Vacant homes have always been a target to vandalism in
certain areas, and Detroit
is no exception. Because so many furnaces and hot water tanks are being
stripped and scrapped from homes, we have decided to make it a standard
procedure to secure all homes in the city of Detroit with reinforced steel window and door
blocks, provided by the No Zone security company. Pricing varies depending on
the size and number of windows and doors, but the average cost is about $150
per month-this reflects a 30% discount, secured exclusively for our clients.
Compared to the replacement costs of a furnace and hot water tank--approximately
$2000--we believe this is a small price to pay for peace of mind and security. Clients will need to "Opt Out" if they do
not wish to have their properties secured with the No Zone system.
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Rental Market is Stabilizing
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Over the past six months we have noticed an increase in new
leases and lease renewals and a corresponding decrease in tenant move outs.
This is good news for the rental market, showing real staying power, as
families are remaining in their homes and communities longer. We are hopeful
that this is an indicator of the Metro Detroit economy starting to stabilize.
With a slight increase in car sales last quarter and other industries adding
new hires, we could be at the bottom of this downturn. We will continue our "no
rent increase" program for tenants that are renewing, but, as soon as it looks
like things have turned around, we should be able to go back to our 2-3% annual
lease increase.
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I am always open to suggestions for future newsletters, so if you have a topic you'd like to see discussed or explained, please let me know.
Sincerely,
Chris Garner
Garner Properties & Management |
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