Frequently Asked Questions
Have questions? We have answers!
Am I required to make my property available to Section 8?
No. You are not required to make your property available to Section 8.
Do I get to see the lease, or sign it?
A copy of the lease can be provided to you upon request. As your Agent, we represent you during the execution of a lease. You do not need to sign it.
Do you sell real estate too?
Yes. We handle sales of Commercial and Investment properties.
How is rent collection handled?
Rent is due by the first day of every month.
Notices and the collection process are started after a specified late date per the lease agreement.
How long of a lease do you sign?
Most of our residential leases are twelve months with automatic renewals built-in. Commercial leases are negotiable.
How much security deposit do you charge the tenant?
The amount of security deposit charged depends on the amount of the individual residential property and does not exceed more than the amount of one month’s rent. In cases of increased risk, additional security can be required by Owners. Security deposits for commercial properties are negotiable.
How soon can you start managing my property?
As soon as you provide us with a signed management agreement, key, and other necessary documents, we can begin the onboarding process. Depending on the condition of the home, we can have a sign at the property and a listing online in less than 7 business days.
Is Watts Realty Inc. Licensed by the State of Alabama?
Yes.
Alabama Real Estate Commission
License #: 000004168-0
Issued: 06-25-2022
Expires: 9-30-2026 (renews every two years)
What types of properties do you manage?
Office Buildings, Retail Centers, Industrial Warehouses, Self-Storage Facilities, Single Family Homes, Townhomes, Condos, Apartment Buildings and Duplexes.
What type of reports do I get and how often?
We utilize Appfolio Management Software for most of our reporting now. Reports are now real-time in the Dashboard area of the Owner’s Portal. Once your property is activated in the system, all you need to do is log‐in to the Owner Portal via wattsrealty.com to view your Owner Statements which details everything that is connected to your property from rent collected to maintenance cost. At the end of the year we provide an easy‐to‐read report for tax purposes.
When do I receive net rents?
Once the property(s) is activated, we have the ability to put money directly into your account utilizing the Appfolio Owner Portal. All you have to do is fill out the banking requirement information. Net rents are deposited on the last business day of every month, and statements are available on the 1st working day of the next month. Otherwise checks are mailed on the last working day of every month.
Who holds the tenant's security deposit for residential properties?
Alabama law requires the Agent to hold each tenant's security deposit in an escrow account. Release of the security deposit is subject to compliance with all terms of the lease upon tenant vacating the property.
