Archives
Who pays for the repair and maintenance expenses?
We adopt the generally-accepted practices in the industry when it comes to the repairs and maintenance. Basically, it will depend on the repair or maintenance item/activity that needs to be done. In general, the arrangement is the following: On the
What’s the difference between repair and maintenance?
Repairs are restoration work for when something gets broken, damaged or stops working. Maintenance are routine activities meant to prevent damage and prolong the life of appliances, fixtures, and the property itself. Examples include regular cleaning of air-conditioning units, grease
How do you handle delinquent tenants?
Our standard lease contract for long-term rentals has several stipulations that we can enforce. That is, if needed in order to collect from delinquent tenants: First, there is the 3% per day penalty on the overdue amount that we can
What if the tenant is always late in paying his rent?
So far, our tenants seldom get late in paying their rents. This is mainly due to our pre-lease requirements, especially the post-dated checks. And in the rare occasions they do get late, they usually have a reasonable cause for the
What are your requirements from lessees?
The following are our standard requirements for long-term tenants: 1 month advance rent 2 months’ rent equivalent as security deposit The rest of the remaining months to be covered by Post-Dated Checks (PDC’s) Copies of at least 2 government-issued IDs
In the post-dated checks from tenants, who will be the payee?
It will be our company, PPE Inc. There are recurring bills and expenses that are charged to the owner’s account, and part of our services is getting these bills paid. It is from the rental payments that we take the
How do you handle the remittance of the rental proceeds?
Our monthly accounting period follows the calendar months. We furnish the owner with a summary Statement of Accounts for his property/ies every month, on the 20th day of the succeeding month. That means for example, the transactions for your property
How do you handle the security deposits from tenants?
Unlike the usual practice in traditional and plain leasing services from other brokers and agents, we keep the security deposit from our tenants in a trust account we maintain. We don’t hand it over to the property owner. Our purpose
How do you handle the signing of lease contracts?
In our property management contract, the owner gives our company the authority to execute lease contracts with tenants, in his behalf. So, it will be the authorized officer of PPE Inc. who will sign the lease contracts with tenants. After
Can I see your example/draft property management contract?
Yes, of course. You can find the contents of our Property Management Contract on the following page: http://ppe.ph/pm-contract-contents
Recent Resources
-
Real Estate Case Study: How to Easily Make ₱1,019,795 in 2 Years
-
Real Estate Investing: Read These Tips Before Buying Condos in the Philippines
-
Busting the Myth About Reselling Used Condo Properties in Philippines
-
Can Real Estate Be Sold Using Only a Photocopy of the Certificate of Title?
-
How to Deal with Delinquent Tenants
-
The Power and Responsibility of Issuing Checks
-
Things You Want to Avoid When Applying for a Home Loan
-
Defaulting Payments – Know Your Rights under Republic Act 6552 (Maceda Law)
-
Sale With Assumption of Mortgage: How Does It Really Work?
-
How to Transfer Real Estate Titles in the Philippines (From a Sale)
-
Why Today Is Not The Best Time To Invest In Real Estate In The Philippines
-
Contract “to Sell” vs. Contract “of Sale”