Frequently Asked Questions

• What do you charge?

  10% management fee. $450 leasing fee, and a $200 releasing fee. The leasing fee covers our marketing, showings, screening, and all of the lease signing and move in paperwork associated with a new tenant. The $200 releasing fee is when the tenant renews their lease after the first year. We update their information in our system, sign a new lease, and do a property inspection with this fee. The management fee includes collecting rent, handling all tenant communications, tracking the finances for your property and coordinating maintenance calls.

• Can I have you fill my vacant unit and not manage it?

  No, we prefer to do the filling and the management so if we move a bad tenant into your property, it’s on us to get them out as well!

• What if there is an eviction?

  We will handle the paperwork and go to court. Included in your management fee.

• What's your typical vacancy rate?

  The average vacancy rate in the U.S. is around 7%. We tell our owners to budget for 10% vacancy but our vacancy rate is currently 5%.

• How is the rent rate determined?

  With the numbers of properties we currently manage, we have a wealth of data that will help us determine the best rental rate to set your property at. We will work with you to ensure we are at market rates and keep your property full.

• What bills do I need to pay?

  Owners pay their own mortgage, taxes, and insurance while we handle the rest.

• When do I get my money?

  Owner draws are typically sent out by the 10th of the month and clear to your bank account within a couple of business days.The owner draw you get on the 10th will be the funds that the resident gave us at the beginning of that same month.

• Are you licensed?

  Yes, Iowa law requires property managers to operate under a broker. Tyler Rasmussen is the Broker/Owner of EPM Iowa, LLC and we have several licensed agents that work for EPM Iowa.

• How do you screen tenants?

  Our standard is for an applicant to have income that is 3x rent or better, no violent criminal history, no previous evictions and positive landlord references

• How do I get started?

  Just give us a call and we will talk through any questions you have. Then we’ll email you a Property Management agreement to sign, and we take it from there! If you’re currently working with another PM, we will work with them to transition the properties. If you’ve been self managing, we’ll want copies of leases and records that you have. You don’t need to worry about notifying residents, we’ll handle that!

• Can I still use my preferred vendors?

  Yes, just let us know your preferred vendors and we’ll do our best to use them.

• Will I get notified for repairs?

  We notify owners of non time sensitive repairs that exceed $500. We can also set you up to get task notifications for anything needing done at your property.

• How long have you been in business?

  EPM Iowa was established in April 2017

• Do you own property as well?

  Yes, we have rental properties in our personal names as well as several partnerships in different LLC’s. Since we are owners, we understand the mindset of an investor and know the key metrics that we need to target.

• What kind of properties do you manage?

  We manage all kinds of residential units including mobile homes, single family homes and apartment complexes.

• Can you help me buy and sell rental property?

  Yes, we love being an end to end solution for our clients.

• What services do you provide?

  Full service property management along with buying and selling. This includes rental collection, all tenant communications, maintenance coordination and recommendations on how to maximize the value and return of your property.

• Do you have in house maintenance?

  Yes, we have in house maintenance staff to handle most work orders. Having in house maintenance allows us to quickly respond to emergencies and control the quality of work.

• Can I do my own repairs if I want?

  Yes, some owners prefer to handle maintenance items themselves.

• How do I transition from my current PM to you?

  • Sign your new management agreement with us via DocuSign.
  • Provide your current manager with a 30 day notice of cancellation.
  • We will work with your current manager to get all the records and documentation.
  • We will send a letter to your residents notifying them about the change of management.

• Do you hold deposits?

  Yes. Tenant deposit money is held in our Trust Account.

• How do I get my owner draw?

  We send Owner Draws via ACH to whatever account you’d like us to send it to.

• Do you send out reports?

  Yes, we send out a monthly report that will match what your bank account shows for your owner draw so you can reconcile everything and see where all of the rent funds are going.

• What is considered 'rent ready'?

  Requirements:

  1. Professionally cleaned.  The goal is to be ‘Hotel Room Clean’
  2. Carpet professionally cleaned and looking fresh
  3. All painted surfaces fresh with no mis-match touch-up areas and repainting must be done corner to corner.
  4. All bedroom windows must have vertical or mini-blinds
  5. No personal property or items in the unit. This includes furniture, knickknacks, toiletries, shower curtains, Kleenex boxes, kitchen or bathroom items, soap dispenser, pictures, etc.
  6. No lawn equipment including mowers, tools, etc.
  7. Garage floor swept
  8. No exterior debris
  9. Lawn cut and trimmed
  10. Landscaping fresh and clean
  11. Carbon monoxide detectors installed on each level per code
  12. Smoke detector on each floor per code
  13. Smoke detector in each bedroom per code
  14. Patio doors must have vertical blinds
  15. All light bulbs working
  16. Doors open & close smoothly and doorstops installed on all doors
  17. Bathroom caulking must be fresh and free of any mildew
  18. All mechanical components working as designed. Includes HVAC, plumbing and electrical systems, kitchen appliances, laundry appliances, sump pumps, water softeners, sprinkler systems, swamp coolers, gas fireplaces, water filtration systems, etc.
  19. Safety railings secure
  20. Exterior window wells require covers
  21. Wood-burning fireplace(s), if operational, shall be clean of any debris and have a fireplace screen or heat-proof glass doors installed. If non-operational, the fireplace opening on the interior of the home shall be permanently sealed with an aesthetically pleasing material.

  Recommendations:

  1. All windows (except basement windows) should have vertical or mini blinds.
  2. No draperies on windows
  3. All windows should have screens

  This list is not meant to cover each and every make-ready required item, but it does list some of the most important and often overlooked.