Owner Newsletter
Owner Updates
Please keep in mind with changing temperatures, we will be dispatching HVAC calls and tending to a lot of leaking pipes during the winter months! Please check your portal to keep up with work orders for your property!
Year End Statements will be sent out early January so that 1099 info can be processed timely. Please check all information and have corrections to Crystal no later than January 15th. Any corrections made after January 15th will be charged accordingly. (This includes the Government Payments that go directly to our owners)
Lease Renewals/Increases…
Our team is continuing to work on lease renewals with increases across the board for all our residents. We have not implemented raises for several years due to COVID, however, with taxes and insurance premiums rising and market values increasing we will be working diligently to get your rental rates increased accordingly to each tenant’s situation. Be on the lookout for emails from the team asking for input or feeding you updates from renewals received.
Preventative Maintenance…
Interior Inspections have been in progress!!! An inspection includes changing the furnace filter, batteries in the smoke detector, checking thermostats and a full inspection of the home with pictures and a punch list of any concerning situations. The cost for a vendor to perform this inspection is $125. This service will allow you to budget for upcoming maintenance issues and to combat tenant neglect or property damage.
*Please note that Meridian has conducted interior inspections as needed to ensure residents are not neglecting the home. We do not however check mechanicals or structural issues.
Delinquency/Eviction Process…
We have been focusing heavily on rent collection since COVID. While we have had the safety net of federal funding for almost 3 year, those funds have now dried up. Tenants will not be allowed to carry a balance into the next month unless they have been approved for an assistance program and the approved funding is pending. We have resumed our eviction timeline process where anyone with a balance more than a 1/2 month’s rent going into the next month will be given a legal Demand For Rent notice and you will be notified of their situation. Recent local legislation has granted tenants with a free attorney. This does not affect how we already handle delinquent residents, but it may delay the eviction for those residents who refuse to utilize assistance, therefore we will be starting the process sooner than we have in the past. A member of our team will be notifying you for each situation so that we can work as a team to determine the best course of action. *You may pull a delinquency report at any time and if your tenant has a double asterisk next to their name we have filed eviction on the tenant. Our team will be providing updates as we receive them from agencies and our eviction attorney’s. There is some federal and local funding available for tenants who are in the court system for an eviction and we are encouraging all residents to apply!
Management contracts…
Assistance agencies are requiring updated contracts and additional information. New contracts were sent early 2023 and need to be signed asap. Please have drivers license, property deeds/title work, property tax receipts and updated W9’s ready upon request! Any questions can be sent directly to Crystal!
NOTICE: We increased our monthly management fees in 2023. Each owner received a notice prior to the increase. Fees will only be increased by $5-15 per unit depending on your portfolio. If you have any questions please contact Crystal.
Friendly Ongoing Reminders….
PMA Terms – Meridian budgets their operation off of 12 month contracts with investors. Your contract auto renews each term unless either you or Meridian gives notice. If you are planning on selling your property, please keep this in mind as you will be billed for the remaining months of the contract. We also require a 60 day notice and time to close out your property. Your last month’s distribution will be held to ensure all bills are paid.
Bid Approvals We ask that you please check your owner portal to ensure that you have funds to cover any approved work. If your cash flow is not going to cover the approved bid, then please make arrangements with our office to properly fund the work. Most of our vendors accept credit cards (with a fee). The owner’s portal allows you to make an owner contribution with a small $2.95 fee. The maximum amount of a distribution per day is $5000. The bid must be fully funded before the work can start. Vendors require 50% up front and 50% upon completion.
Government Payment to Owner-If you are utilizing any government program that sends funds directly to you, please check the Government Payment to Owner line item on your owner statement EVERY MONTH to ensure that the amount is correct. This WILL effect your taxable income on your W9 at the end of the year!! It’s better to catch errors early than to wait for tax season 😉
Additional Services – To assist a sale is NOT a part of the Meridian contract. Financials, lease agreements and all documents pertaining to your properties are available to you via the owner portal and your Dropbox file. Meeting inspectors, appraisers, or potential buyers can be arranged at an additional fee. Please contact Crystal for that information.
Team Communication– In order for our team to be efficient in managing hundreds of units in the KC area it’s imperative for our clients to communicate via email. Our team spends a majority of our time out in the community checking properties, visiting with tenants and putting boots on the ground in order to provide you the best service possible. Email communication allows our team to manage their time efficiently and prioritize property issues as they pop up! We appreciate your patience at the beginning of the month when we have all hands on deck with move ins, move outs, rent collection and vendor scheduling. Thank you for your continued understanding as sometimes we are not available to take a call! Our main email account is letstalk@meridianrealty.net and is checked hourly! Please utilize that line of communication to help streamline communication and allow us to answer your questions as quickly as possible!
Staying Informed- Stay current with local legislation regarding housing issues in KCMO. We encourage owners to understand what is going on in the community and how that will affect their investments. Click the link below for news releases…