OWNER FAQ

Regions Property Management uses a 3rd party to gather credit, criminal, and eviction histories on all prospective tenants. We also verify income and employment prior to considering an application complete. Unfortunately, like many other situations in life, we can only look at historical information and make the best judgment we can. We are unable to predict any tenant’s future actions.

We adhere to a rigorous process which involves reaching out to the tenant personally in a bid to resolve the matter, giving a legal notice of contract violation, and if necessary, proceeding to a court hearing, ruling, and eviction. Our goal is to find a solution to any rent payment difficulties without resorting to legal measures. Regions strives to make the owning of rental properties as easy and frictionless as possible. In the event that the tenant is unable or unwilling to continue paying rent, you will be notified to explore options for their eviction from your property.

Rent is due in our office by the first day of each month, as stated in the lease agreement. Owner disbursement checks are processed on or before the 15th of each month.  Funds are disbursed by ACH directly into your account. We will post owner statements on the Owner Portals and send you an email with a one-time link to access your statement

Regions Property Management collects all rental payments from tenants, and then uses these funds to manage the monthly operations of your property. Any residual income (less required reserve) remaining is dispersed to your account.

All security deposits are placed in a separate escrow account at a FDIC insured banking institution where they remain until the tenant moves out. Deposits minus any damage or unpaid balances noted are refunded within the legal time frames required by Illinois law.

Regions Property Management can make any or all recurring payments for you such as your HOA fee, lawn maintenance contract, pest control contract, snow removal, etc. During a vacancy, we will pay utility bills. However, we do not make mortgage or insurance payments.

Our standard management agreement includes emergency service consent as well as authorization of non-emergency repairs up to $750 dollars. For non-emergency repairs estimated to exceed this threshold, no work is initiated without your approval. However, we need to keep in mind that in Illinois you are legally required to keep rental premises livable. If you don't take care of important repairs, such as a broken heater, tenants in Illinois may repair themselves and deduct the amount from rent or pursue other legal options. So time is of the essence to ensure your property is maintained appropriately.

Regions Property Management has our own in-house maintenance technicians that will handle the initial evaluation of the maintenance call. They will take care of the majority of calls we receive. If the issue requires more specialized skills (electrician, plumber, HVAC, etc.) Regions utilizes a large network of licensed and bonded local contractors, most of which have been doing work for us for many years. We are experts in finding you the best price for the job, and require all our third-party vendors to have the highest level of professionalism and quality.

During turnover, we document the state of the unit for our records. At the start of every tenancy, the tenant completes a comprehensive move-in inspection to provide Regions Property Management and tenants with an in-depth account of the condition of your home. During the tenancy, our team will perform regular semi-annual exterior and interior inspections. Upon vacating, the same initial report is utilized to document the state of the property. Any deviations that are not considered normal wear and tear will be corrected at the tenant's expense.

We specialize in residential homes and multi-family housing throughout McLean County, focusing on the Bloomington and Normal areas.

Regions Property Management is a comprehensive management company that handles all aspects of your rental property. Our responsibilities include determining rent amounts, advertising the property, meeting and evaluating potential tenants, securing a tenant for the home, generating monthly statements and surplus payments to the owner, arranging repairs, and issuing annual tax statements and maintenance evaluations. Additionally, we offer 24/7 emergency maintenance services for your home and have an in-house maintenance team.

This is based on many factors, namely

Location

Size

Condition

Time of year

Amenities

Availability of rentals at that time

We take all of these things into consideration when determining your rental rates.

The most important thing to know is that the rental market is indifferent to your mortgage payment amount. The rental market does not care that you might have a negative cash flow, and will punish owners who overprice rentals with an extended vacancy of their rental property. When you hire us as your property manager, we will look at the rental market in your area, survey the competing homes, and make sure your home is priced so that it will be viewed favorably against the competition.

We already have a pool of highly qualified and reasonably priced vendors whom we have worked with for several years. If you would like to recommend a service company to be added to our vendor list, they can get in touch with us and we will evaluate them and provide information on the necessary documentation and references, invoicing and payment policy, etc. However, we cannot guarantee that your preferred company will be sent on all service calls to your home. Our priority is to resolve repair issues in the most efficient manner with the best available vendor at the time. Assigning a specific roster of vendors to specific properties is not practical and would not result in the best service for the tenant and your investment property.

Our reputation as property managers, both with tenants and owners, largely depends on our ability to effectively handle maintenance. We follow a system that ensures the quickest and most satisfactory response and resolution to maintenance and repair issues for your property.

Regions Property Management is a Licensed Broker with the State of Illinois. Our Designated Broker has an Illinois State Managing Brokers License which is required to operate a Real Estate Office in Illinois State. There is no specific Property Management License in Illinois, but professional property managers must have an Illinois State real estate license to manage property for multiple owners.

No. That is unless your neighbor, brother or friend is licensed, bonded and insured in the State of Illinois. The potential for liability is just too large for us to consider, and honestly, what would you prefer? To pay a few bucks more to get a job done by a professional, who is insured in case they inadvertently damage the house, or to get sued by a tenant because your friend damaged a tenants property? Regardless of fault  – do you want that liability?

In most cases, Yes. The cost of management services is usually deductible, just like your mortgage interest, property taxes, and the cost of repairs. (See your tax advisor for details.)

We have found that the better a property shows the faster we can rent it. Paint should be in good shape with any marred areas or large nail holes repaired and touched up. Carpets need to be professionally cleaned, appliances need to be in good working order, and a thorough professional deep cleaning gets the property ready to show. Septic tanks should have been pumped within the last year, and all chimneys need to have been cleaned and inspected within the last year. We have a network of people who can help you out with any of these things if you need.

When a tenant reports a repair or we discover a repair need during an inspection, we first determine the possible cause. From there we determine which party is responsible. If damage was caused by the tenant, then they will be billed for the cost to repair automatically. If there is a repair need due to normal wear and tear, then we will coordinate the repair and pay for it out of the owners account. The owner Portal will have an accounting of all work performed for any given owner.

Predicting rental time for a property is similar to predicting the future. It can rent quickly one vacancy and take several weeks the next. Numerous factors impact this including the location, season, price, applicant quality, and timing. While vacancies are not desirable, experience shows that a calm and patient approach is always more effective than being hasty. While it may be easy to find a tenant, finding the right tenant requires persistence and sticking to established guidelines.

No. As a full-service management firm, Regions Property Management is your authorized agent and handles all communications concerning your property. We will never provide a tenant with your contact information without your direct written consent. In the event that someone tracks you down – refer them to us and we'll take it from there.

There are many competent property management companies (just as there are many that could improve), and we are not recommending a change may be necessary. However, if you have conflicting personalities, investment philosophies, or performance expectations with your current property manager, you may consider switching. If the thought of this is daunting or inconvenient, Regions Property Management can manage the entire process for you.

In federal, state, and local Fair Housing regulations children come under the protective class of “familial status”. It is unlawful to discriminate against a protected class in any way.

The lease is between you (Owner) and the tenants, with Regions Property Management acting as your agent.

Yes. Please ask and it will be shared in your portal.

Usually it's a 12 month lease. However, if you have a different duration in mind,  we can discuss more options.

Yes. We try to troubleshoot as much as possible before assigning to a vendor.

We use our in-house maintenance technicians for after hours emergency maintenance calls. Our maintenance technicians are very well trained in dealing with rental properties and their maintenance needs.

We have both. Our in-house maintenance technicians can troubleshoot and remedy most maintenance calls. For those issues that require more specialized skills, we have a great roster of outside vendors whom we can call when needed. We especially vend out any HVAC, major plumbing, electrical, septic or roofing work orders.

Yes, we do. We send the tenants to collections or work with you and an attorney to pursue relief in small claims court.

The screening reports cost the tenants $45 and can be done online or in the office.

The laws related to fair housing are extremely strict, and the regulations in this state are particularly stringent when it comes to selecting tenants. Our decisions must be based solely on qualifications. As a result, owners do not have any influence in the process, as we must adhere carefully to the complex legal requirements surrounding housing rentals.

No, we believe if you aren’t getting paid, we aren’t either.

During the initial inspection of your property, we will provide suggestions to maximize rental income. Additionally, we maintain a comprehensive list of vendors who can assist with any tasks you prefer not to handle yourself.

We take high-quality pictures of the properties that we find are priceless when it comes to marketing. We post properties on our website, which then pushes the ads out to 20 other high traffic rental sites.