Owner FAQs

Answers to your frequently asked questions

Am I required to make my property available to Section 8?

We do not manage Section 8 properties and it is not a requirement.
Are you licensed?

Yes, Michigan Licensing Laws require long term residential property managers to hold a real estate license.
Can I reach you after hours?

Yes, we have a 24/7 emergency line. We ask that this only be used for emergencies and normal requests be handled during normal business hours.
Can you put the money directly into my account?

Yes, with your authorization, we will direct deposit into your account
Do I get to see the lease or sign it?

We encourage you to review our lease and we can add additional rules, if you require. As your property manager, we will sign the lease on your behalf.
Do you sell real estate too?

No, however, we can provide referrals
How and when do I get my checks?

We process owner draws at the end of each month. This allows for all checks to be cleared and, if needed, payments made on repairs. You typically will have the owner's draw in your account within the first week of the following month; especially if you have automatic deposit.
How is rent collection handled?

The tenant will arrange payment on their AppFolio Portal
How long of a lease do you sign?

Unless the owner requires a different term, all our leases are 12 months
How much security deposit do you charge the tenant?

It depends on the property, however, on average, the minimum security deposit is 1 ½ month’s rent. Please keep in mind, this is not considered your last month’s rent
How soon can you start managing my property?

Our goal is to get all our available properties on the market as soon as possible. This will be a conversation we will have during our initial tour.
What type of properties do you manage?

Our portfolio includes, apartment developments, multi units, single family homes, and condo units for long term and short term (unless restricted by ordinance). We also manage storage units and commercial properties
What type of reports do I get and how often?

The owner statement will provide the Property Summary (showing Beginning Balance, Cash in & out, outstanding bills and ending cash balance. You will also receive a transaction report showing all (chronologically) rent deposits and payments made for the month.
Who holds the tenant security deposit?

Your security deposit is held in SRM’s Security Deposit Account. It is important to note, interest is not paid out on these funds.