We Know What You Care About Most: Communication and Transparency.
Cleveland Property Management Frequently Asked Questions
What are your management fees?
10% of gross rents. This includes rent collection and distribution and coordination of maintenance calls.
What is your tenant placement fee?
It’s equivalent to one month’s rent per unit filled.
I want the tenant to transfer the water and sewer into their name. Can I do this?
All of our clients with single family properties are automatically enrolled in our utility billing program for $50 per month. This allows Monument access to your monthly water and sewer bills in order to bill the tenant directly for their water and sewer usage. Tenants then reimburse owners for these payments when they make their rent payments each month. Owners may opt-out of this program. Keep in mind that even if a lease states the tenant is responsible for paying water and sewer, ultimately the owner is always responsible if a tenant does not pay. We offer the utility billing program as a convenient way for owners to keep on top of tenant water and sewer payments. This is not offered for multifamily properties.
I have some units that are vacant. Am I still charged a management fee?
Yes, management fees are still charged and are non negotiable. Fees are reduced to a flat fee of $50 for both multi-family and single family homes during vacancy periods ONLY. Management fees are still charged even if a unit is vacant because there are still management duties and liabilities. i.e. mail collection, occupancy checks, maintenance etc.
What is your fee if I need to file an eviction?
Our eviction fee is $700 and includes attorney fees and first and second cause. The first cause is the court hearing where the tenant is evicted and a “set out” date is set. The second cause is another court hearing for purposes of attempting to collect money a tenant owes.
If there are service repairs needed how many quotes will you provide me with prior to the work being completed?
For service requests that exceed the owner set dollar threshold we will provide ONE estimate for the repairs needed as long as the estimate is under $5,000. If an owner desires a second estimate they may acquire one on their own. Any repairs over $5,000, Monument will provide two estimates.
How are properties marketed for tenants?
All units are marketed on our company website and it is syndicated to over 50+ other websites.
Do you work with Section 8?
Yes, we work with several subsidized housing authorities including Cleveland Metropolitan Housing Authority (Section 8) and Eden. There is a fee of $150 to an owner for administrative processing and to provide access for inspections.
How long does it usually take to find a tenant?
Average time to place a tenant is four weeks.
How long are tenant leases?
Most of our leases are for 12-month periods but can be longer or month-to-month if an owner desires.
How is rent collected from tenants?
Tenants will have access to their own online portal where they are able to make rent payments via bank transfer, debit or credit card. Tenants can also make rent payments at Ace Cash or local convenience stores such as 7-Eleven. We do not accept cash payments for rent.
When are rent payments distributed to owners?
Rent is collected throughout the month. Monthly statements are sent to owners on the last day of.
Am I required to maintain a reserve amount in my owner account?
Yes, a $500 min reserve is required per property and must be maintained at all times.
If I have a large portfolio, am I able to get discounted maintenance fees?
No, all fees are non negotiable and are not dependent on the number of your properties we manage.
Am I responsible for lawn care or is the tenant responsible?
All of our clients are automatically enrolled into our lawn care program for $125 per month. This guarantees a minimum of two grass cuts per month and protects an owner against any city violations. This program runs April through October. An owner may opt-out of this program if they choose to rely on the tenant to perform required lawn care or if they choose to do it themselves. Keep in mind, even if a lease states the tenant is responsible for lawn care ultimately the owner is always responsible if any city fines or violations are issued.
Can you provide suggestions on rent rates?
Make sure to ask any real estate agent you’re working with to help you acquire a property how much experience they have in the following zip codes: 44108, 44110, 44120. If you are looking for a real estate agent to assist you we are happy to connect you with one of the agents on our team.
Will I have online access to my owner account?
Yes. We use a software called Appfolio. As part of your onboarding you will be able to create an account where you are able to view your owner statements, pull reports, tenant information, your property management agreement, and make monetary contributions to your account.
What is your tenant screening process?
All prospects must complete an application. We check criminal background, rental history and income verification and credit check. Any prospect with an eviction on their record within 0-12 months is automatically disqualified. Any tenant with an eviction within 13-60 months must pay double the security deposit. Any tenant with an eviction over 5 years can be approved. Adjustments to these policies can be made per owner discretion.
Am I able to place my own tenant and not use your tenant placement services?
Yes, you may do your own marketing, showings, screening and approval of prospective tenants. Fees may apply if an owner would like for Monument to place a lockbox at the property for access or if a Monument team member is requested to be at the property to provide access.
Can I allow my tenants to have pets?
If it is a single family home, one dog and one cat are allowed and will require a pet deposit of $300 per animal. If it is a multi-family home only one cat, no dogs, is allowed per unit with a pet deposit of $300. Required pet deposit amounts can be determined at the owner’s discretion.
Do you have in-house maintenance?
90% of all maintenance is handled in-house. We do work with preferred 3rd party vendors for higher skilled jobs such as roofing and large plumbing and electrical repairs.
Can I set the dollar amount at which I want to approve service requests prior to work being completed?
Yes, you can set your own threshold for service that will require your approval prior to service requests being completed. Any repairs needed below that threshold will automatically be charged and completed without approval.
Can I take care of the maintenance and service calls myself?
Yes, you can be responsible for your own maintenance calls and service. Your agreement defaults to Monument Real Estate Services coordinating maintenance requests however you may opt-out and then you will be solely responsible. You choose one or the other. Monument will either manage all service calls or none at all.
Does Monument perform any annual inspections?
Yes. We perform an annual furnace inspection each fall to ensure your furnace is running properly in anticipation for increased use during the winter. We also make sure all smoke detectors and carbon
monoxide detectors are installed per code. Each client is automatically enrolled in this program for a fee starting at $200. Clients may choose to opt-out of this program. No other inspections are performed automatically. Any additional inspections must be requested by the owner and are subject to additional fees.
How long is the property management agreement?
All agreements are month-to-month. An owner can cancel at any time with 30 day notice no later than the 1st of the month. Monument performs quarterly audits of all owners and has the right to terminate a management agreement with 30 day notice.
What if I don’t own a property yet but want to ask questions about your management services?
We have made a concerted effort to answer as many questions as possible via our website. We ask that you contact us only if you already have a property or are under contract and ready to close on a property for us to answer more specific questions if your answer is not found on our website. We ask that you submit an inquiry with your specific question(s) to email@example.com and someone will respond to your question within 48 business hours.
About Monument Real Estate Services
What areas of Ohio do you service?
All of Cleveland proper and surrounding suburbs within a 30 mile radius. In addition, we service the Greater Columbus OH area and Greater Charlotte North Carolina area.
What if I am ready to move forward with hiring you as my property management company? What are my next steps?
Email us at firstname.lastname@example.org to request your onboarding documents. Include your entity name, preferred email and phone number and all property addresses. Onboarding boarding documents include a W-9, property intake form (for us to gather information regarding your property and tenants),
property management agreement, payment authorization and a sample bi-annual assessment report. You will then complete and sign these documents via electronic signature.
Upon completion we will prepare for your onboarding inspection. This allows us to view the property to assess to put our eyes on it and make sure it meets the local municipality health and safety codes. You will be delivered a report with photos once completed.
The onboarding fee is an upfront, non-refundable fee of $150 for the first unit plus $50 per additional unit. This covers the administration to add you to our system, one lock change and your onboarding inspection.
Who is your typical client for property management?
Our typical client owns 1-4 units with many living outside of Ohio and a number outside of the United States.
How many properties does Monument manage?
Do you provide other services in addition to property management?
Yes, we are a full service real estate brokerage. We can assist you with purchasing, selling and managing properties.
If I have questions about the real estate market and/or real estate investing in the markets you serve, who would I contact?
We consider ourselves experts in the area of urban real estate investing and are happy to provide consultations for investors. We can help with investment strategy, determining rent rates, . Consultations can be scheduled via our website for 30 minutes for a $100 consultation fee. This service is complimentary for all current clients.
I have a property that needs rehab before I want to start management services. Can you help with that?
We do not provide rehab services for properties before we are hired to manage them. We do provide standard tenant turnover repairs to get a property rent ready for properties we manage as well as general maintenance repairs. On average turnover costs are around $2500.
What sets Monument Real Estate apart from other property management companies?
We specialize in urban property management. After spending over a decade in this space, we understand that communication and transparency is what people want most. We are proactive in helping you analyze your investment by providing comprehensive bi-annual assessments for our owners.
Areas We Serve
Our expertise is in Real Estate Asset & Property Management in any urban city. We are consistently expanding into other locations. Contact us to learn more.
2814 Detroit Ave.
Cleveland, OH 44113