Answers to your common questions
Am I required to make my property available to Section 8?
Section 8 or housing subsidies may or may not be considered a protected class depending on where it is located. We will be able to help answer these and any other questions you have regarding fair housing and will represent you in meeting these requirements. All tenants are screened and must meet the minimum rental requirements regardless of income source.
Are you licensed?
Earned Run Property Management is owned by Earned Run Real Estate Group and holds an active Illinois Real Estate Brokers license. License information can be found here
. Select license look up.
Can I reach you after hours?
Owners will have access to a property managers cell phone and may contact them 24/7 in the event of an emergency.
Can you put the money directly into my account?
Money can be transferred via ACH payment directly into your account.
Do I get to see the lease or sign it?
As your property manager we will act as a leasing agent and will sign all the necessary lease and legal documents on your behalf. This to can be tailored to your comfort. We do all lease documents electronically and they can be accessed 24/7 via your owner portal to view or download.
Do you sell real estate too?
We represent buyers and sellers in real estate transactions. We specialize in real estate investments and can help you sell one or more of your properties or acquire new ones.
How and when do I get my checks?
Payments will be made once per month at a prearranged time. Payments to our owners may be made electronically through ACH or through the mail with a paper check. Payments may be made quarterly or annually based on your preference.
How is rent collection handled?
We collected all rents online through our tenant portal. Tenants can set up one time or schedule reoccurring payments directly from their checking account. For a fee tenants may also make credit or debit card payments. For tenants who do not wish to pay online, all 7-11 stores accept rental payments on our behalf. All payments, in person and online are reflected in real time on your owner statements.
How long of a lease do you sign?
Our standard lease is 12 months. We can accommodate any lease including a month to month lease based on the owners preference.
How much security deposit do you charge the tenant?
Typically the minimum amount charged to any tenant is one month. Additional security deposit may be requested based on credit issues if approved by the owner.
How soon can you start managing my property?
With our advanced software and technology we can begin managing your property within 24 hours.
What are Earned Run Property Management’s fees?
Our management fee is a percentage of collected rent. If we don’t collect any rent, you pay us $0.00. Typical pricing is 10% of collected rent for multifamily properties and 8% for single family, townhomes and condos. We do offer discounts for owners when adding a larger portfolio or additional properties.
Multifamily leasing fee pricing per unit varies based on the size and location of the property. Single family homes, townhomes, and condos we charge a flat fee of $500 for each unit we rent or 50% of one months rent, whatever is less. We also charge a one-time $30 advertising fee (per vacancy).
We charge a $100 Renewal Fee if we are able to get your tenant to renew their lease, in lieu of the Leasing Fee.
We charge $50 for performing the annual “Occupied Viewing” and the written report of our findings.
We charge $30 per hour for time spent at the court house on eviction proceedings and if we have to meet an Insurance Adjuster at the home. This fee is in additional to court filing fees and sheriff service fees. Contact us regarding our eviction protection program.
What type of properties do you manage?
We currently manage all types of residential properties. This includes multifamily buildings ranging from as small as 4 units to several hundred units. We also manage many single family homes, condos, townhomes and duplexes.
What type of reports do I get and how often?
We utilize a professional software and solid accounting system called Appfolio. Your monthly statement is sent to you via email in an easy to read and understandable format. Copies of paid repair bills are sent to you as an attachment to your monthly owners statement. We provide a yearend summary statement and a 1099, making your tax preparation easier. You also have access to many reports in real time 24/7 via the owner’s portal.
Who holds the tenant security deposit?
We will hold the security deposit in accordance with state and local ordinances. The owner may hold the security deposit if it is preferred.