Owner Frequently Asked Questions
- What information does PRS supply annually to assist in tax preparation?
- When will I get my monthly portion of the rent and a financial statement?
- What is the Eviction Protection Program?
- What is the procedure when a tenant doesn't pay rent?
- Why did I not receive a disbursment when my financial statement shows there is money in excess of the owner maintenance reserve of $400?
- How is the best way to contact PRS when I have a question?
- How does your direct deposit service work for disbursing funds monthly?
- What are the entries on my statement for sales tax and who is paying it?
- What are the monthly direct deposit and financial statement preparation dates?
- What portions of the Phoenix Metropolitan area do you manage homes in?
Every year at the end of January, a summary statement is prepared detailing the past years activity. The statement summarizes all the previous years income and expenses into one easy to understand format. Included with the statement is the IRS form 1099, which states the taxable income that was reported to the IRS. These documents will assist your professional tax consultant in filling out the required annual tax forms.
Funds to property owners are disbursed by Direct Deposit to the owners bank account on the 10th business day of each month.
Financial statements and copies of paid repair invoices are available to be viewed or printed through an on-line account on the 15th business day of each month.
The Eviction Protection Program was established as a service for our Clients in response to a growing need for protection from the unplanned expense of an eviction. During turbulent economic times when delinquencies rise, a non-payment of rent by a Tenant can cause serious financial hardship on the Landlord. Due to this, PRS launched this program to pool our Client’s resources and spread the risk over hundreds of accounts under management.
Did you realize that when the expenses of an eviction are totaled including court filing fees, service of court documents, attorney fees, court costs and Constable/Sheriff fees, the cost for an eviction in Arizona can exceed $1,000.
Evictions can happen to any landlord no matter how well a tenant has been screened prior to occupancy. Circumstances change in people’s lives making them unable to pay the rent. This is especially true when people lose a job, go through a divorce or have a serious injury. Not being able to pay rent, the Tenant also finds it difficult to move. Evictions can be initiated for other violations of the lease agreement such as not maintaining the property, unauthorized pets or criminal behavior. When any of this happens, the landlord must go through the costly procedure of evicting the tenant without the benefit of receiving the offset of monthly rent.
To lessen the financial impact of the eviction, PRS will cover the legal expenses of court filing fees, service of court documents, attorney fees, court fees and Constable/Sheriff fees. These represent all of the typical legal expenses incurred during the process of eviction. This program does not cover any loss of rent, property damage, lock rekeying, bankruptcy hearings nor legal appeals by Tenant. PRS’s total liability is limited to a maximum of $1,500 per occurrence.
The fee for this program is $5.95 per month and applies to any Tenant placed in the property by PRS. Since its inception in 2010, we've saved our Clients over $100,000 in eviction costs.
All Tenant rents are due on the 1st day of the month and in the instance of a late payment the procedures are standard throughout the Company. Our collection and eviction procedure begins the first week of the month with a written demand letter delivered to the property notifying the resident to make payment immediately to avoid the expenses associated with an eviction proceeding. If no rent is received after the legal notice period of 5 days is up, our attorneys file a motion in the local Justice Court for a hearing against the resident for non-payment and removal from the property. If payment was not received from the resident at the hearing, then an order from the Judge to remove the tenant is issued to the Court's Constable and within a week the property is returned to us. This entire process is usually concluded within 4 weeks. PRS prides itself on having a fair but firm policy on rent collection enforcement to protect your interests in the property.
As disbursements are being prepared each month, a number of items are reviewed to ensure ample funds are available to meet the expenses of the property. This might include a major repair that has been authorized but the invoice has not been processed. Your next statement will fully explain the needs for the withholding or contact the office for full details.
If after reviewing our managment services section here on the website and additional clarification is needed, click on the "Contact Us" button at the top of this page for email and phone information.
We firmly believe that communication is the bedrock of our company's reputation and want you to feel that when assistance is needed, someone is there.
With PRS Property Management's Direct Deposit Services your monthly rent money will reach you fast and efficiently.
- Get your money fast, no waiting for the mail to arrive
- No hassles of endorsing checks and filling out deposit slips
- No trips to the bank
- No checks lost in the mail or stolen.
- Log onto your bank account from anywhere in the World to confirm deposited amounts
With this free service, funds are instantly transferred to your bank account each month. You will never have to worry about waiting for the mail, making a special trip to the bank, or dealing with annoying paperwork.
You can expect funds in your account no later than the 10th business day of each month.
Each local city has a different percentage of Transaction Privledge Tax (TPT) that must be paid on most income sources which include rent, late charges and forfeited deposits. Currently, the tax ranges from 1.4% to 2.2% and is paid to the State of Arizona monthly. Normally, the tax is added to the Tenant's monthly rental amount and we in turn, report and pay the State of Arizona the following month. As a part of our management services, we handle supervision of annual licensing; assessing & collecting taxes from the tenants, filling out & submitting the required State of Arizona reporting forms and when required, answering any questions the State or City auditors may have on the reports or payments.
Direct Deposits are done each month on the 10th business day of the month. Direct Deposits are also done the 2nd half of each month on Fridays if rent is received late.
Monthly Financial Statements including copies of all paid repair invoices are prepared each month on the 15th business day. The yearly summarized statement is prepared on January 31 of each year. Viewing or printing of these documents is done though our on-line system which each Client has 24 hour access to.
We specialize in most areas of the South East part of the Phoenix Valley. We manage in Tempe, Mesa, Chandler, Gilbert, Queen Creek, San Tan Valley, Maricoopa and a small portion of the City of Phoenix that adjoins Chandler and Tempe.
We do not manage in Scottsdale, Central or West Phoenix, Glendale, Buckeye, Laveen, Suprise, Peoria or Goodyear. To locate a company in these areas, try searching our association membership at www.narpmphoenix.org.