Frequently Asked Questions (FAQ)
Company Information
How long has Greater Metropolitan Management been in business?
We began professionally managing properties for 3rd party owners in February 2016. Prior to that, the leaders of the company had years of experience managing their own investment holdings.
Is Greater Metropolitan Management a licensed property management company?
Yes, GMM is a fully licensed real estate brokerage who is able to perform sales, leasing and property management services to clients.
Is GMM regulated by any governing authorities?
Yes, GMM is subject to review and audit by the Ohio Division of Real Estate at any time.
How many units does Greater Metropolitan Management currently manage?
We currently manage a portfolio of 700+ residential, apartment and commercial units throughout Northeast Ohio.
How many staff members does GMM employ?
GMM has a full management staff who works together to manage our entire portfolio of rental properties. Our staff is over 20 people, including various office and support staff, maintenance technicians, project managers, and leasing agents.
Fees & Services
What type of fees does Greater Metropolitan Management charge for property management services?
Please review our Property Management Agreement (PMA), sections 2A, 2B and 2C for specifics on fee schedules.
Can you elaborate on the $10 bill pay fee and $50 property tax bill pay fee?
Bill payment for investment properties is a service that GMM offers to owners, but there is an additional fee associated with this service due to the volume of properties. Of course, property owners always have the option to pay their own bills associated with their properties – utilities, registrations, fees, taxes, etc.
Why do you charge a $20/month vacant unit fee?
Our ultimate goal for your investment property is to get it leased as quickly as possible with the most qualified tenants. However, before your property begins producing income, there are still costs associated with managing it. Even if a property is vacant, we still have operational expenses such as accounting, city compliance, and software fees.
I’ve noticed some sections in the PMA I’d like to edit. How do we go about this?
Unfortunately, GMM cannot edit the PMA from one client to the next. GMM tries to provide each client with as customized of an experience as possible, but the reality is that with the number of units GMM has under management there must be automated systems and procedures in place.
Do I get a discount on property management fees with a certain number of units under management?
To keep our service consistent and be fair to all owners, we offer standard pricing and rates for everyone. We have owners with 150 units and owners with one house - they pay the exact same rates and fees. Again, this keeps our service consistent and of high quality.
What property management software do you use?
We use Appfolio Portfolio Manager
How soon can GMM begin management? What does the onboarding process entail?
GMM can generally begin management of your property immediately upon signing a Property Management Agreement (PMA). We will send you the PMA and other onboarding documents to sign electronically through DocuSign. If your property is vacant, we will need a copy of the keys or lock box code to be able to enter the property and assess the condition. If the property is rent-ready, we will take marketing photos and begin listing the property for rent. If the property is in need of rehab work, our project manager will walk through and provide a quote to get it in rent-ready condition.
If your property is currently occupied, we will need a copy of the tenants’ lease, tenant contact information (phone numbers/emails), security deposit information, and keys. Once we begin management, we will send any current tenants our “Change of Property Management” welcome packet so they are informed about the change. Our packet explains how to pay rent, who to contact, and how to make any maintenance requests.
Do I need to transfer utilities into my name?
No. We have a dedicated Utilities Coordinator who will handle all of the utility transfers for you!
Maintenance, Repairs, and Renovations
Does GMM have their own maintenance crew?
Yes. We have our own full-time in-house maintenance staff as well as a Maintenance Manager who oversees our technicians. Our maintenance staff is highly trained and can handle the majority of work order requests that we receive from tenants.
How does Greater Metropolitan Management handle maintenance calls?
We make things as easy as possible for tenants. They can call our 24/7 maintenance hotline and speak to a live person, call the office during normal business hours or submit a maintenance request online via their tenant portal any time. We have in-house maintenance staff that will receive all requests and can perform work at a discount to property owners. Owners will be notified of all maintenance that comes in for each property.
Does GMM require owner approval for maintenance repairs?
If a repair is anticipated to be over $300, we require owner approval for the work to be completed, unless it is an emergency. We consider something an emergency repair if immediate repairs are required to preserve the property, continue essential services to the property, avoid danger to life or property, or to comply with federal, state, or local law.
How often will Greater Metropolitan Management inspect my rental property?
We make it a point to get inside your unit as much as possible. We enter units a minimum of two times per year to perform routine preventative maintenance – changing furnace filters, changing batteries in smoke and CO detectors, cleaning gutters, etc. While on site we also perform full walk through inspections (along with photos and reports) to show owners the current condition of their properties. We also use this as an opportunity to help owners plan for larger repairs as far in advance as possible. Of course, we’ll also be checking for unauthorized occupants, unauthorized animals, tenant cleanliness and overall care given to the property by the renter. All of this information will be reported back to the owner.
There are also other ‘less formal’ inspections performed during the year by our maintenance staff. Our maintenance technicians and contractors understand our business, so when they perform any maintenance on your property, they will inform us of any concerns.
Do you oversee property rehabs?
Yes. GMM has a full project management staff to handle all repairs and renovations.
What happens during a unit turn and is there a markup on work?
GMM will have a maintenance member or project manager present at time of scheduled move out to obtain keys, secure the property, and change the locks. This is done at a scheduled time to protect the property as much as possible. At this time, we will make sure the temperature is set at a reasonable level, water is shut off at the meter and all plumbing lines are drained. GMM’s Utilities Coordinator will have already scheduled a switch in service from the tenant to the owner. Windows and doors will be secured and a lock box will be installed to hold the new keys.
A GMM Project Manager will take a full walk through video of the interior and exterior of the property and perform a full documented inspection. You will be provided a copy of the video, inspection report and photos. The Project Manager will develop a scope of work to get the property in a clean, safe and functional state and obtain a quote for your approval.
GMM does charge a 15% markup on all project management. The 15% margin on rehab looks like more than it actually is. We are one of the only management companies who discloses 100% of our fees, and keep our fees the same no matter what the job. Other management companies will charge 15% on some jobs, 25% on other jobs, and change it up based on what they can get away with.
We've built relationships with excellent suppliers, contractors, and vendors. The discount that we can achieve for you is in the 20-25% range, so even with a 15% margin, you are still saving money over having to find a contractor and manage a job yourself. It pays for our margin and eliminates all the headaches for you. Keeping us involved in the project also offers you a level or convenience and safety. Instead of trying to oversee a rehab from a distance, you can have the peace of mind in knowing that we have your best interest in mind. Contractors will not get paid unless the work is completed in a quality fashion. We also make sure that everything is done “by the book” to keep you out of court. We’ll make sure that permits are pulled, inspections take place and all items are handled to keep you in compliance with the city. Unfortunately, without earning any income on the project we cannot allocate any resources to the project. It would be unfair of GMM to ask our employees to work for free. It’s always an option for owners to oversee their own projects, but in these circumstances, GMM will not be able to contribute to the project and we’ll step back into the picture when it comes time to place a new tenant. Hopefully this creates clarity and transparency on how we run our operation.
Leasing
How does GMM market for tenants?
Our state of the art property management software syndicates listings to dozens of the top real estate websites at the click of a button – Rently, Show Me the Rent, Abodo, Apartment Love, ClassifiedsAds, Condo.com, FRBO, Hunt, Key Lasso, Sumu, Lovely, Walk Score, Advanced Digital Local Market, Apartment List, Call it Home, Apartments.com, CampusCribz, EveryRent, Hotpadz, Houses.com, iRent.com, Istanza, Pad Mapper, Rad Pad, Real Rentals, Realtor.com, Rent MLS, Rent Focus, Rent Hop, Rent Lingo, Trovit, Trulia, Ucribs, Uloop, University Parents, Zumper and the Zillow Rental Network. In addition, we are members of the MLS and work directly with subsidized organizations.
How are market rents calculated?
There are many contributing factors that determine market value. The market rent for your property is based on:
• Today’s market
• Competition
• Economic Conditions
• Property condition
• Location
• Time of year
We take a market sampling of competitive properties in the area, while taking into consideration the special amenities your property offers, as well as the current climate of the rental market, to determine the rental rate. If the rental rate is too high, we will get feedback from any prospective tenants immediately due to lack of interest. If a property is priced right, it should rent pretty quickly. Just remember, no amount of marketing can rent a property that is overpriced and in poor condition!
What is your leasing/screening criteria for rental applicants?
Our rental application is designed to obtain complete comprehensive information on each applicant. We run a FULL Criminal History check, Background check, Sex Offender Database check, Financial Credit History check, Prior Residence and former Landlord verification, as well as Income Verification. We will do all of this FOR YOUR PROTECTION
GMM evaluates applicants on four main categories:
1. The applicant MUST have a monthly NET income of at least 3x the asking rent. This is non-negotiable.
2. We’d like to see the tenant have a minimum credit score of 600 with no accounts in collections.
3. We will not accept tenants who have been evicted in the past 5 years.
4. We will not accept tenants who have a violent criminal history.
In addition to these main categories, GMM will perform employment verification and interview past landlords, if necessary. All information will be presented to the owner for final approval on all tenant placements.
As an owner, do I need to sign the leases?
Yes. GMM handles all of the necessary lease preparation. However, owners are also required to sign off on any new lease or renewal. We will be communicating with you about all qualified applicants and obtain your approval before we move a tenant into your property. Your signature on the lease signifies your final approval of the tenant(s).
What happens when your lease expires?
It’s built into our lease that it automatically defaults to a month to month lease upon expiration of the initial term. However, provided you like the tenant and they care for the property, about 2 months prior to expiration, our leasing team will reach out to you about a renewal. Upon your approval, we will then reach out to the tenant in an attempt to secure a lease renewal at an increased rental amount.
How long does a typical tenant stay in a property?
The average stay will depend on the type of property you purchase as well as the area where it is located. Generally, multifamily properties have more turnover than single family homes. The condition of the property has a great impact on the length of stay as well. If an owner is willing to keep a property in good condition, tenants are more likely to stay long term.
Billing, Communication & Disbursements
What’s your turnaround time on phone calls, texts, and emails received from owners?
We have an SLA (service level agreement) to respond to any calls, texts, and emails within 24 hours, with the exception of weekends, unless it’s an emergency. However, most owners find that our response times are typically much faster than our SLA. Our office team is very responsive to our owners’ needs.
How often will I see an owner statement?
GMM sends monthly owner distributions and statements on the 25th, or sooner if the 25th falls on a weekend or holiday. Statements will be emailed to you and a record of all owner statements and tax documents can be found in the owner portal online at www.rentfromkw.com. Distributions can either be sent to your bank account via ACH payments, or we can mail you a paper check.
How does Greater Metropolitan Management handle utility bills?
Tenants are required to create their own gas and electric accounts for single family rentals. They will not get keys to the unit until they provide their account numbers.
However, as you’re probably aware, in Cleveland the water and sewer bills follow the owner and not the tenant, even if the lease makes it a tenant liability. If the tenant fails to pay, the bills are still the responsibility of the property owner.
The Cleveland Division of Water and Northeast Ohio Regional Sewer District have gotten very serious about collecting bills owed. They now impose fees, fines and liens on properties - even ones owing a few hundred dollars. Please see this news article: newsnet5/news/localnews/investigations/thousands-of-cle-water-customers-at-risk-of-losing-home-due-to-waterdepartment-tactics
Our management company has a fiduciary duty to act in the owner's best interest and to do this, GMM pays the water and sewer bills from the owner's account and then bills the tenant to reimburse the owner. This allows us to protect property owners in three ways:
1. We know the water and sewer bills are paid in full and on time.
2. We can charge the tenant directly for reimbursement to the owner’s account
3. We can monitor tenant reimbursement directly instead of hoping they paid the utility company directly
If your property is a multifamily property and there are not enough water meters to match the unit count, you will be responsible for paying the water & sewer bills.
Do you have a client “Trust Account?”
Yes, GMM has a client trust account. Each owner is required to keep a minimum reserve of $300 per property in this account for any emergencies that may arise. This is also the account that we hold your rental income in until it comes time for monthly owner distributions.
Rent Collection & Evictions
When is rent due?
Rent is due on the 1st of the month, but in GMM’s lease, we give the tenants a 5-day grace period. On the 6th of the month rent is late and a $25 late fee is added to the tenant’s balance. Our rent collection policy is fair but firm. We take quick action to protect your interest should delinquencies occur. In the event legal eviction is necessary we can handle all aspects of the process.
How do tenants pay rent?
We want to make paying rent as easy as possible so we have multiple ways for tenants to pay rent. The easiest and most efficient way is for them to pay their rent via their tenant portal online. They also have the option to use their customized pay slips to pay their rent in cash or with credit/debit card at any 7Eleven, Ace Cash Checking or CVS. If those options are not possible, we also allow tenants to mail in money orders or certified checks to our local office.
What does the eviction process look like?
Rent is due on the 1st of the month, but it is not technically late until the 6th due to the 5-day grace period. On the 6th day a late fee of $25 is added to the tenant’s outstanding balance. A 3-day legal notice is physically posted on the 6th of
the month to the door of the tenants that have not paid rent. This is the first step of the eviction process in the event
that this course of action is required. The owner is notified by our Rent Collector that the tenant is delinquent.
If the tenant has not paid in full by the 12th of the month, then we will turn them over to our attorney to get the eviction process in motion. He will file evictions around the 15th of the month and court dates are generally a few weeks to a month out, depending upon the municipality. Once GMM is granted the writ a move out is scheduled generally 7-10 days after the issuing of the writ. The cost differs per city, but is generally around $400.
Of course, eviction is always a last resort and this will not be pursued unless we’ve exhausted all other options and have the owner’s approval. We will be reaching out to the tenant constantly throughout this timeline. If they’re responsive and their hardship is temporary, we will push for a documented repayment plan. If their hardship is permanent, then we will attempt to negotiate a release of lease in exchange of a forfeit of the security deposit and possession of the property in broom swept condition.
This is all designed to mitigate damages to the owner as much as possible. Eviction is always a last resort and is only carried out on non-responsive tenants and with owner approval.
