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Q: Are you licensed?
A: Everyone currently employed by Genesis Real Estate is a Licensed Realtor in the state of Arizona.
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Q: Can I reach you after hours?
A: We do provide all our owners our direct cell numbers. We prefer to be emailed after hours and we generally check and respond to emails after hours. If it is an emergency we ask you to call us on our cell phone and if no answer follow up with a text message for fastest response.
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Q: Do I have to pay the “unpaid” bills in my portal?
A: The majority of the time, no you do not. This is why we have your portfolio minimum. It allows us to pay operational bills (i.e. repairs) on your behalf if it is under that minimum. Should we require you to contribute to your account, we will reach out to you directly. Please be aware that unpaid bills will show up on one statement, then also show up on the next statement once they are paid.
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Q: How do I make a financial contribution?
A: When you log in to your online owner portal, you will see a “Statements” tab – one of the blue buttons at the top of the page. Once you are in your statements tab, you will see a link on the right-hand side that says “Make a Contribution online”. After following that link you will be prompted to enter the amount of money you wish to contribute from the bank account you already have established in the system. Click Save. We will be notified via an email when a contribution has been initiated by you.
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Q: If my home is owned under an LLC, why do you need my social?
A: Because of new 2018 sales tax licensing laws, we need your social as a means of personal identification for your license. Without it, we are unable to successfully obtain your license and fully coordinate sales tax payments on your behalf. Your license will still be linked to your Tax ID, this will not have any influence on how you file your personal taxes.
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Q:When will I receive my monthly payment?
A: Owner draws are done on the 10th of the month. Even though the tenant pays at the beginning of every month, we need to allow time for payments to clear accounts and settle before that money can be passed on to you. There is a secondary owner draw done on the 25th of the month to catch any late payments made by tenants. You will receive an email notification once the owner draw is initiated. It will post to your bank account in 3-5 business days.
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Q: How do I access my year end statement?
A: On your portal, in the statements section, it will be down the list next to January’s statement for that year.
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Q: Why does the Balance Summary on my Owner portal not match my recent statement received?
A: The Balance Summary on your portal – under that statements tab – changes from day to day as items are received and paid.
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Q: How much Security Deposit do you charge tenants?
A: We charge anywhere from 1x to 1.5x of the total rent amount. This amount varies depending on owner requirements and the prospective tenant's credit.
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Q: Who holds the tenants security deposit?
A: All security deposits are held in a non interest bearing account Trust account and 3 way reconciliations are done on a monthly basis by a licensed CPA employed by Genesis Real Estate & Management.
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Q: How many units do you manage?
A: We as of Jan 1st 2019 manage just over 300 units.
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Q: What experience does you company owner have in managing rentals?
A: The Designated Broker owns both long terms and vacation rental properties in the State of Arizona. He is looking to acquire more properties as opportunities present themselves.
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Q: How soon can you start managing my property?
A: As soon as you have completed our Property Management Agreement and completed a W9 form for reporting your income to the IRS at the end of the year.
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Q: How do you determine rent amount?
A: We will complete a comparable market analysis of all available and recently rented listings in your area. We will take into consideration any unique aspects your property may have to determine the highest possible rent we can expect. We will check the Tucson MLS, Zillow Zestimate and hotpads as part of our process.
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Q: What type of properties do you manage?
A: We currently manage, single family, multi family vacation rentals, retail and office commercial properties.
