Property Management Services

Vision Realty is a team of seasoned real estate brokers
with over 160 years of combined real estate experience.

Vision Realty continues to offer Professional Property Management for the Mena trade area.  Patti Oates brought years of experience in property management to the table for the firm, having managed 1000's of condominium units and associations, multi-family units and commercial retail and office space.

Vision Realty offers real estate owners a complete management package:

• Leasing or Renting of the owner's property,
• Full credit checks of tenants,
• Property inspections by tenant,
• Property inspections by the the managing agent,
• Periodic property inspections during the term of the rental contract,
• Monthly accounting reported on or before the 15th of each month,
• Deposit rental proceeds to owner's local Mena bank account,
• 24 hour tenant trouble call service,
• Emergency and periodic property repairs as needed.
• Vacant or soon to be vacant properties are listed on VisionMena.com

Cost of the service to owners is a minimum of 10% of the actual rental monies collected.  Vision does not charge an original "lease-up fee" to the owner.  Property Management Contracts are signed with each owner describing the services that will be performed by Vision Realty during the term of the contract.

Property Management Contracts are for a term of one year. The agreement automatically renews for an additional year, unless the owner gives Vision Realty a 60 day notice to cancel the contract.

Vision Realty has been managing many of the properties in their system for over 15 years for the same owners.

FAQ - Frequently Asked Questions About Vision Realty's Property Management Services. 

Just "Click" below to find your answer.
 

What is our Service area?

Vision Realty service area for managing residential, multifamily, and commercial/industrial properties include:

• Inside Mena Arkansas City Limits

• A 10 mile radius outside Mena Arkansas City Limits to include the following communities:

• Acorn

• Potter

• Hatfield

• Alder Springs

• Rocky

• Ink

• Yocanna

• Old Dallas

• Nunley

• Board Camp

• Potter

• Hatfield

• Cove

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How much should your property rent for?

Rental rate are directly related to competing properties in our market area.

We usually range the rental rate from a low to a high allowing more flexibility in renting your property.  If the market is tight and there are very few rentals available, then your property will demand the higher rental rate.  If the market is "softer" and there are many properties competing for the same resident, then we will use the lower end of the spectrum.

Our agents are accustomed to viewing your property and suggesting a rental rate.
 

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How do we screen prospective residents?

Vision Realty checks the following information on every resident:

• The prospective tenant pays to have their credit history checked.

• Previous rental history is verified.

• Local employment is verified.

• Income of at least  times the monthly rental rate is verified.

• Periodically we may drive by the property where the resident is currently renting.

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Do you have to accept pets?

No, you do not have to accept pets in your property.

We may periodically call to see if you want to accept a pet.  If you do accept a pet in the property, then we will work with you to decide what the pet deposit will be.  Tenants are advised that should the damage caused by their pet exceed the pet and damage deposit on the property, then they will have to bear the cost of all repairs and replacements made in the property. 
 

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Who holds the Security Deposit?

The Arkansas Real Estate Licensing Act requires that security deposits be held in a escrow account in a bank or savings and loan.  Our accounting system is set up whereby Security Deposits are maintained in a separate reserve area.  Each property is listed by the address of the property, i.e., 999 Main Street.  As a property is leased the security deposit for that property is entered by the tenant's name leasing the property.  If damages occur on the property, then repairs are first made from the deposit monies.  If the resident left owing rental monies, then any monies left after repairs are transferred to the owner for payment on the rentals due.  This then becomes income to the owner and a management fee is earned on this income.

If a tenant has met the requirements for refund of the security deposit, then the security deposit is returned in full.  Some of the requirements are as such:

• The Current Resident has given 30 days advance notice that the resident is moving from the property.  (During this 30 day advance notice we are actively advertising to rent the property to a new resident.)
• The Current Resident returned their "Move-In Condition Report" when they originally rented the property.
• All rental monies have been paid that are due and owing on the property.
• All late charges and insufficient check fund charges have been paid.
• The Current Resident has returned the keys, garage door openers, etc. to the property they are renting.
• The Current Resident has left the premises in "Move-In Condition".  Move-In Condition means that the property is clean, carpets freshly shampooed, ovens cleaned, refrigerators cleaned, a/c filters changed, all light bulbs working, yards mowed, flower beds cleaned, etc.

The Security Deposit placed on the property is the property of the Tenant's until the Tenant has forfeited their Security Deposit.

Under the Real Estate Licensing Act it is illegal for a Real Estate Firm to collect interest on a trust account.  Therefore, you would not earn any interest on these reserves.

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What are our collection procedures?

Our rental contracts allow for a 5 day grace period in payment of rentals.  On the morning of the 6th the rental contract is officially in a delinquent status.  If the 6th falls on a Saturday, Sunday, or a Holiday, then the next business day is considered the delinquent date.  On the morning of the next business date following the official delinquent date, a list is published reflecting delinquent residents in our property management.  This list is published and delivered to all agents and assistants that collect rent for our rental properties. 

On the 10th of each month, a letter is mailed or delivered to the resident notifying them of the late rental plus any late charges due and owing on the property they are renting.

Around the 15th of the month, another delinquency list is distributed to agents and collection persons at Vision Realty reflecting the late rentals in the system.  A notice to vacate the premises is mailed or delivered to the resident.  This notice reflects any rentals due and owing and any late charges due and owing.

Around the 22nd of the month, another delinquency list is distributed to agents and collections persons at Vision Realty reflecting the late rentals in the system.  The managing agent for the property then checks all of the properties that they are managing from this list.  A report is then delivered to the Principal Broker regarding this property.  If the tenant has skipped from the property, the property is then made ready for a new tenant and is actively placed on the rental list.  If the tenant is still occupying the property, then we meet with this tenant to ascertain whether they will be able to catch up their delinquency and be able to make the next month's rental payment.  We do understand emergency situations and we do work with people to budget to get them back on stream and paying their rental timely.  We attempt to work with residents in a business like manner to protect your property.  We do not want residents tearing up a property because of anger at being evicted from the premises.  This is much more costly for an owner than an orderly eviction process.

If all measures fail, then we will follow the procedures set out by Arkansas Statute for a Sheriff's Eviction of the Resident from the property.  Thus far, we have not had to resort to this measure.

Vision Realty charges a $25.00 late charge according to the rental contract.  The $25.00 late charge is split equally between the owner of the property and Vision Realty.

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Will we pay your Real Estate Taxes?

Vision Realty's Property Management Agreement allows our customers to personalize the management of their property.  We are agreeable to reserving funds for payment of your real estate taxes.  We would reserve 1/12th of your real estate taxes on a monthly basis and deduct it from the rental income received.  However, should your property experience a vacancy for a month or more, then we would deduct the amount that should have been reserved from the next monthly rental income received in order to maintain the proper reserve balance.

In Arkansas, the real estate taxes are paid in arrears, i.e., in 2005 we would be paying 2004 real estate taxes.  The County Tax Collector will begin accepting payment of Real Estate Taxes in March and may continue to be paid through October 10th of any given year.

Your accounting statement will reflect these reserves and the payment of your real estate taxes.

Under the Real Estate Licensing Act it is illegal for a Real Estate Firm to collect interest on a trust account.  Therefore, you would not earn any interest on these reserves.

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Will we pay your Hazard Insurance Premium?

Vision Realty's Property Management Agreement allows our customers to personalize the management of their property.  We are agreeable to reserving funds for payment of your quarterly, semi-annual or annual hazard insurance premium.  We would reserve 1/12th of your hazard insurance premium on a monthly basis and deduct it from the rental income received.  However, should your property experience a vacancy for a month or more, then we would deduct the amount that should have been reserved from the next monthly rental income received in order to maintain the proper reserve balance.

Your accounting statement will reflect these reserves and the payment of your hazard insurance premium.

Under the Real Estate Licensing Act it is illegal for a Real Estate Firm to collect interest on a trust account.  Therefore, you would not earn any interest on these reserves.

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Will we pay your Mortgage Payment?

Vision Realty's Property Management Agreement allows our customers to personalize the management of their property.  We are agreeable to reserving funds for payment of your monthly mortgage payment.  We would pay your mortgage payment on a monthly basis and deduct it from the rental income received.  However, should your property experience a vacancy for a month or more, then we would contact you to send us owners funds so they would be available to make your monthly mortgage payment on a timely basis.  Many owners leave one months mortgage payment on reserve in order to have monies available in case of a vacancy in their properties.  Please remember that we cannot distribute funds that we do not have on hand.  We also pay mortgage payments first in the payment before making any other payments or distributions from your account.

Your accounting statement will reflect these reserves and the payment of your monthly mortgage payment.

Under the Real Estate Licensing Act it is illegal for a Real Estate Firm to collect interest on a trust account.  Therefore, you would not earn any interest on these reserves.

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What is our normal Management Fee?

Vision Realty's Normal Property Management Fee is 10% of the actual rental monies collected.   Vision Realty is currently assuming the cost of advertising your property for rent and not charging it back to the owner.

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When does an owner receive their check?

The cycle for property management deposits and checks written is as follows.

1. Beginning on the 1st of the month rental collections begin.
2. The 1st through the 6th, bills on your property are paid to include mortgage payments, etc.
3. On the 6th day of the month a delinquency report is printed and distributed.
4. On the 10th day of the month all delinquent tenants are mailed a "Late Notice."
5. On the 11th day of the month vendor bills are once again reviewed for payment and payments made.
6. On the 15th day of the month property management fees are tabulated for final payment to individual managing agents and to Vision Realty.
7. On or before the 15th day of the month property owner checks are cut for mailing or depositing to owner's bank accounts, accounting statements are mailed or e-mailed.
8. On the 15th day of the month a revised delinquency list is printed and distributed.
9. On the 15th day of the month a notice is delivered to the Tenant to "Vacate the Premises for Non-payment of rent.
10. On the 22nd day of the month a revised delinquency list is printed and distributed.
11. Beginning the 22nd day of the month, the individual managing agent is to check the property to see if we have a "Skip."
12. Formal "Sheriff's Eviction" proceedings begin on the 25th day of the month.

The month of January is our heaviest accounting month as we are closing and opening a year in the accounting system.  We also mail two statements in the month of January. 

1. Your year-end statement for the prior year.  (Please retain this statement for your accountant for preparation of your tax return.
2. Your accounting statement for the month of January.

Statements and checks may run a little later because of the heavy accounting load on the system.

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How do we handle maintenance?

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Can Vision Realty list and market my property For Sale?

Yes,  Vision Realty actively markets property For Sale.  Please visit our Real Estate for Sale link in the left hand column of this web page or click the following link:

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What your accounting statement looks like?

Vision Realty has designed your accounting statement to coincide with the items listed on the Internal Revenue Services Income Tax Form related to investment properties.  This eases the process for you and/or your accountant at tax time.

To view a Sample Property Management Accounting Statement please Click Here
 

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