- What is the Eviction Protection Program?
The Eviction Protection Program was established as an included service for our Clients in response to a growing need for protection from the unplanned expense of an eviction. During turbulent economic times when delinquencies rise, a non-payment of rent by a Tenant can cause a serious financial hardship on the Landlord. Due to this, PRS launched this program to pool our Client’s resources and spread the risk over hundreds of accounts under management.
Did you realize that when the expenses of an eviction are totaled including court filing fees, service of court documents, attorney fees, court costs and Constable/Sheriff fees, the cost for an eviction in Arizona can exceed $700?
Evictions can happen to any landlord no matter how well a tenant has been screened prior to occupancy. Circumstances change in people’s lives making them unable to pay the rent. This is especially true when people lose a job, go through a divorce or have a serious injury. Not being able to pay rent, the Tenant also finds it difficult to move. Evictions can be initiated for other violations of the lease agreement such as not maintaining the property, unauthorized pets or criminal behavior. When any of this happens, the landlord must go through the costly procedure of evicting the tenant without the benefit of receiving the offset of monthly rent.
To lessen the financial impact of the eviction, PRS will cover the legal expenses of court filing fees, service of court documents, attorney fees, court fees and Constable/Sheriff fees. These represent all of the typical legal expenses incurred during the process of eviction. This program does not cover any loss of rent, property damage, lock rekeying, bankruptcy hearings nor legal appeals by Tenant. PRS’s total liability is limited to a maximum of $1,500 per occurrence.
The fee for this program is $5.95 per month and applies to any Tenant placed in the property by PRS.
- What information does PRS send annually to assist in tax preparation?
Every year at the end of January, a summary statement is prepared and mailed detailing the past years activity. The statement summarizes all the previous years income and expenses into one easy to understand format. Included with the statement is the IRS form 1099, which states the taxable income that was reported to the IRS. These documents will assist your professional tax consultant in filling out the required tax forms. On the February property statement there will be an expense of $10 reflecting the cost of having this information compiled, printed and mailed to both property owners and the IRS. Any questions on the year-end process can be directed to our Accounting Team at the office.
- When will I get my monthly portion of the rent and a financial statement?
Funds to property owners are disbursed one of two ways. Either electronicly by Direct Deposit or by a mailed paper check. For those enrolled in our Direct Deposit service, funds are electronicly sent to the owners bank account on the 10th business day of the month. If the amount of your direct deposit is less than what is normally deposited, please wait to contact us until the statement arrives to reivew the reason for the deductions. Typically, it is because there was a repair bill paid and that will be clearly explained in the statement. Statements, invoices and paper checks are mailed on the 15th business day of the month. If the tenant is paying late or the property is vacant, the statement will still be mailed on the 15th business day and either the Direct Deposit or paper check would be issued once there are excess funds to disperse. Only one statement is sent per month, so if funds are dispursed after the statement was mailed, then the detail will be listed on the following months report. (click here for a sample statement)
- What is the procedure when a tenant doesn't pay rent?
All Tenant rents are due on the 1st day of the month and delinquent on the 2nd day. PRS does not allow for any grace periods and expect all our residents to have their full rent to us on or before the 1st. In the instance of a late payment to us, the procedures are standard throughout the Company. Our collection and eviction procedure begins the first week of the month with a written demand letter delivered to the property notifying the resident to make payment immediately to avoid the expenses associated with an eviction proceeding. If no rent is received after the legal notice period of 5 days is up, then our attorneys file a motion in the local Justice Court for a hearing and judgment against the resident for non-payment and removal from the property. If payment is was not received from the resident at the hearing, then an order from the Judge to remove the tenant is issued to the Court's Constable and within a week the property is returned to us. This entire process beginning the 2nd day of month is usually concluded within 4 weeks. PRS prides itself on having a fair but firm policy on rent collection enforcement to protect your interests in the property.
- Why did I not receive a check when my statement shows there is money in excess of the owner maintenance reserve of $400?
As checks are being prepared each month, a number of items are reviewed to ensure ample funds are available to meet the expenses of the property. This might include a major repair that has been authorized but the invoice has not been processed. Your next statement will fully explain the needs for the withholding or you may contact your property manager for more details. (click here for sample statement)
- How is the best way to contact PRS when I have a question?
If after reviewing our managment services section here on the website and additional clarification is needed, e-mail your property manager at the office at either their personal address or mymanager@PRSrentals.com for a quick response. The property manager or their assistant will handle your email immediately, usually the same business day it is received.
We firmly believe that communication is the bedrock of our company's reputation and want you to feel that when assistance is needed, someone is there. The property manager may have to refer your question to an accounting team member if it is something to do with finances but they will keep you informed of whom that person is and how to contact them if necessary. You also may phone the staff at 480-838-3500 ext. 201 for assistance but because of work schedules, appointments and prior callers, you may be asked to leave a message in our voice mail system for a call back. Due to the nature of the rental industry, the staff is busiest the first half of the month, so we suggest contacting us with non-urgent items during the second half of the month. We pride ourselves on acknowledging all calls within 1 business day.
- How does your direct deposit service work for disbursing Owner checks monthly?
With PRS Property Management's Direct Deposit Services your monthly rent money will reach you fast and efficiently. Now you can have your monthly funds deposited directly into your bank account
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Get your money faster, no waiting for the mail to arrive
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No hassles of endorsing checks and filling out deposit slips
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No trips to the bank
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No checks lost in the mail or stolen.
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Call your bank from anywhere to confirm deposit amounts
With this free service, funds are instantly transferred to your bank account each month. You will never have to worry about waiting for the mail, making a special trip to the bank, or dealing with annoying paperwork.
Once enrolled you can expect your funds in your account no later than the 10th business day of each month provided the tenant pays on time. Please note that your printed statements will be mailed no later that the 15th business day of the month.
To take advantage of this service, simply complete the Enrollment Form that is attached to the management agreement (click here to view and print) and return it with a copy of a canceled or voided check from your account.
- What are the entries on my statement that show income & expense for sales tax and who pays for it?
Each city has a different percentage of tax that must be paid on most income sources which include rent, late charges and forfeited deposits. Currently, the tax ranges from 1.4% to 2.2% and is always paid to the City the month after it is received. Normally, the tax is added to the monthly rental amount and then we report and pay the City the following month. As a part of our management services, we handle all aspects of the tax including annual licensing; assessing & collecting taxes from the tenants, filling out & submitting the required City reporting forms and when required, answering any questions the City auditors may have on the payments.
- What are the monthly direct deposit dates and statement mailing dates?
Direct Deposits are done each month on the 10th business day of the month. Direct Deposits are also done the 2nd half of each month if rent is received late. Please wait until you have received your statement to contact us about why a deposit is less than the normal amount. Typically, it will have been caused by a repair bill being paid.
Monthly Statements are mailed each month by the 15th business day of the month. The yearly summarized statement is mailed not later than January 31 of each year. If the tenant pays after the 10th business day of the month, then that income wil be reflected on the next months statement. You will however be receiving funds through direct deposit in the current month as we process those weekly but statements only once a month.
- What portions of the Phoenix Metropolitan area do you manage homes in?
We specialize in most areas of the South East part of the Phoenix Valley. We manage in Tempe, Mesa, Chandler, Gilbert and a small portion within the City of Phoenix known as the Ahwatukee/Foothills area.
We do not manage in any portions of Scottsdale, Central or West Phoenix, Glendale, Buckeye, Laveen, Queen Creek, Maricopa, Suprise, Peoria or Goodyear. To locate a company in these areas, try searching our association membership at www.narpmphoenix.org
