Owner Newsletter

Owner Updates

HAPPY NEW YEAR!!!

End of Year Update…

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 (Year to Date column) to ensure that the amount is correct. This WILL effect your taxable income on your W9. I need all corrections no later than Wednesday January 12th. This applies to any owner that receives regular payments directly as well. The Paid to Owner category is at the bottom of your owner statement each month! If you submit any corrections after the deadline there will be a fee of $25!

End of Year Financials-I will be sending a Summary report to ensure all numbers are correct. I will need any corrections by January 12th in order to get 1099’s to my accountant. If you submit any corrections after the deadline there will be a fee of $25!

Late Fees & Renewals for 2022…

The Meridian Team is in the middle of doing rental increases for all properties that are under market rent. Our intent was to start these increases in January of 2020, and obviously that was delayed due to the pandemic and all legislation surrounding investment properties. Please be patient as there are many factors with increases. We must take into consideration lease terms (we want to end leases in a favorable time of the year), the condition of the home and how the resident is maintaining the home. We will be doing walk through inspections before signing long term leases and will be sending over punch lists for approval for properties that have had deferred maintenance. Please budget accordingly!

Preventative Maintenance…

We hope to gear up our interior inspection program in January. 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 $75. 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 for 2022…

We will be resuming our late fee structure in 2022. 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 also will resume 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 of 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 thas an asterisk next to their name has applied for assistance. Kyndal will be providing updates as we receive them from agencies. Federal and local funding is still readily available and we are encouraging all residents to apply! *

Leasing Updates…

In January 2021 Zillow went from a free website to charging $9.99 per listing per week. For the past year we have been utilizing other sources in an effort to keep your costs down without affecting your vacancy rate. Zumper, Apartments.com, Facebook and Instagram and a few other sources were the alternative. We have been notified that those sources are now starting to charge as well, therefore effective January 2022 we will be going back to Zillow and the $9.99 charge will be billed to the owner. Homes usually rent within 30-45 days IF the rental rate is priced accurately. If you have any questions, please email Crystal or Shannon for more information.

Management contracts…

Assistance agencies are requiring updated contracts and additional information. We will be sending new contracts to be signed as needed. 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!

Friendly Ongoing Reminders….

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.

Contract Termination – 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.

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…

Local KCMO News Releases