Frequently Asked Questions

Thank you for allowing us to partner with you to manage your property. Our mission here at KRS Holdings, Inc. is to make a positive impact on other people’s lives – whether it be maximizing the return on clients’ investments; providing clean, safe and affordable housing to residents; maintaining close relationships with vendors; or ensuring a positive, nurturing work environment that develops leaders and rewards results.

We know you have a choice in property managers and we are pleased you chose us. We look forward to helping you make your property profitable. Below, you will find our most commonly asked questions we receive from our clients such as yourself. If you don’t find your answers here, please don’t hesitate to reach out to our client relations team at (804) 726-1542 or owner@krsholdings.com during standard business hours.

• Q: How and when do I receive the funds from my rental property?

  A: Once rent payments have had time to settle, you will receive a monthly income statement between the 15th and the 18th of each month for your property indicating income, expenses, and the net value for your draw. Your draw is the amount of money that is paid out to you monthly.

  Your first month’s rental income, and sometimes the second depending on the point of move in, will be used to pay leasing fees and any maintenance needed to bring the property into rentable condition. The maintenance department will be in touch, in conjunction with your Leasing Agent to discuss any work we feel the property needs in order to be rented, and we will work with you to determine a payment plan or to allow time to complete the work yourself if you prefer to do so. For this reason, we strongly urge our owners to consider getting one to two months’ ahead on any mortgage payments. This will allow for the above activities, and also to allow for the timing of payments from us each month to avoid falling into arrears. This also gives you a buffer should a tenant ever fail to pay on time, or if eviction should become necessary or the time of year not lead to a quick lease.

  Direct Deposits/E-Payments take 2-3 business days to clear your bank and are initiated at the point each portfolio is processed. To receive your funds as quickly as possible we offer e-payments. Your Client Relations Specialist is happy to walk you through the process to set this up.

• Q: What happens if my tenant pays late?

  A: KRS lease requires tenants to pay the rent on the 1st of every month, with a five day grace period until the 5th of the month unless the 5th is on a weekend or bank holiday. Tenants are then charged a late fee which is typically 10% of their balance unless stated otherwise in the lease agreement. If your tenant has not paid by the 6th of the month we will not be able to do a disbursement on our regular schedule. We do, however, have off-cycle disbursements that are available to you at no additional charge once the payment settles and funds are available. We will also typically split the late fee evenly between KRS and the landlord.

• Q: Do you sell real estate too?

  A: We do not help buy or sell real estate. We have an affiliate vendor that could help you sell your home or help you grow your investment portfolio but KRS Holdings only provides services in property management.

• Q: How long of a lease do you sign?

  A: Our typical lease is 12-months but should your property become vacant in a winter month (October to February), we will attempt to get the prospective tenant to sign a longer lease term so that the expiration date ends in the summer months to avoid long turnover time. We will also sign 24 to 36-months lease (with your permission) to reduce the turnover time for your home, putting more money in your pocket - at no additional cost!

• Q: How soon can you start managing my property?

  A: If the property is vacant, we will start marketing the property the day the management agreement is signed or the date per the agreement. If it is a tenant occupied with a lease, we will simply take over the lease and coordinate with the existing tenant. If there is no lease involved, we will work with the tenant to get them to sign our lease.

• Q: Can you put the money directly into my account?

  A: Yes, absolutely. You can sign up to receive your funds via direct deposit.

  Here are the steps to set up direct deposit in your owner portal:

  • Log in to portal
  • On the welcome screen, scroll down to “my contact information”
  • Click on “view detail” hyperlink on the right hand side
  • Click orange “add payment account” button
  • Add banking information
  • When prompted, change preferred method to E-check

  Please let me know if you have any further questions.

  If you have any further questions, please see your owners booklet or contact Client Relations at owner@krsholdings.com.

• Q: What type of properties do you manage?

  A: We manage primarily residential properties, from apartment complexes to single-family homes.

• Q: The tenant at my property still has not paid rent and it’s getting later in the month. How does the eviction process work?

  A: The eviction process can be lengthy and arduous. Please see the timeline below of how the eviction process generally works:

  • On the 6th of the month (or the next business day after the 5th) a fee equivalent to 10% of the balance owed is automatically added to the tenant ledger. Remember, a paid late fee equals more income for you. A “Pay or Quit” notice is also sent out letting the tenant know that we are starting the collections process.
  • On the 12th of the month a call fire is done. A call fire is an automated message that calls out to the tenant to remind them to make payment before the 16th to avoid an Unlawful Detainer.
  • On the 15th, 16th, and 17th of the month anyone with an unpaid balance over $300 gets an Unlawful Detainer filed against them. An Unlawful Detainer is the means by which we get judgment (money) and possession (property) from delinquent tenants via the courts. The trial date will be 3-5 weeks out from the date of filing.
  • On the 3rd Friday of every month, another collections call fire goes out.
  • On the last business day of the month, writs for eviction are filed for any property where we have received possession from the court. It can take up to 45 days after the trial for the eviction to be scheduled and completed.
  • On the date of the eviction, a member of our maintenance staff will meet the sheriff on site to change the locks on the property. The tenant has 24 hours after the locks have been changed to make arrangements to get any property they may have left behind.

• Q: How are maintenance issues handled?

  A: In general, when a tenant calls in with a maintenance issue, we create a work order and email it to you with a request for permission to handle the issue. For non-emergency issues, if we do not hear from you within 48 hours, we schedule service and bill accordingly. Please check your email regularly for correspondence from us. It is critical that we have an email address on file for you that you check often. For emergency issues, we send out a technician as soon as possible, even if we have not received your authorization.

  If you find yourself having unanswered questions as to our current policies and procedures, please reach out to Client Relations at (804) 726-1542 or owner@krsholdings.com