Owner FAQs
Prospective Owners
How do you screen applicants?
All applications undergo a full background check, credit history review, and manual income and rental history verification.
Owners choose their level of criteria that is advertised and enforced through the leasing process.
Criteria options are listed below, however, custom criteria may be used per Owner preference.
Rental Criteria Options
- Standard: 2.5x rent gross income, 650+ credit score (Recommended)
- Strict: 3x rent gross income & 650+ credit score
- Lenient: 2x rent gross income & 650+ credit score
View more details on our Screening Detail Page.
How long will it take to lease my property?
There are many variables to consider when estimating days on market including:
- Property condition
- List price
- Pet policy
- Screening criteria
Sagareus' objective is to lease all units within 30 days.
We can provide a detailed estimate with current leasing data by location & property type with PM Proposal.
How do you handle maintenance requests?
Standard maintenance requests can be submitted online via the Resident Portal or by email to mgmt@sagareus.com. Requests are received and processed within 24 hours for response or dispatch.
Maintenance Emergencies are addressed immediately with our Emergency Maintenance Line.
Each property is assigned preferred vendors based on owner preference (if available), then by Sagareus preferred vendor list.
Sagareus operates within the confines of the Authorization amount; If a repair exceeds this amount, the owner will be notified and provided with options and recommendations.
Standard maintenance items are non-emergency issues, such as:
- Small leaks, running toilets, or dripping shower / tub faucets
- Drain Clogs
- Broken interior door knobs, locks, or hinges
- Broken or malfunctioning microwave, dishwasher, or washer/dryer
A Maintenance Emergency includes:
- Anything that may be a fire hazard, such as broken heater, stove or oven, or exposed wires.
- Anything related to security or your ability to exit, such as broken locks or windows
- Anything related to your ability to cook or store food, such as broken refrigerator or stove top.
- Anything that may be a flood issue, such as a major leak.
- A broken water heater
What is your pet policy?
Property Owners choose their own pet policy.
Sagareus recommends our standard pet policy:
Up to 2 pets, 30lb weight limit; $50 / mo pet rent
Do you have an online portal?
Yes, Owners have access to all of their property documents and financials 24/7/365 via Owner Portal established at Onboarding.
Current clients can log in to Owner Portal Here.
Do you have a minimum contract term?
No, Sagareus Property Management Agreements are written at will. Owners may terminate the agreement at any time without penalty.
Offboarding property takes 30 days.
How are utility charges handled?
Sagareus DOES NOT put water / sewer bills in tenant names. Instead, Sagareus receives all bills and then "bills back" the tenants by adding the utility charge to the resident ledger:
- Sagareus receives the utility bill
- Sagareus pays the utility bill out of owner operating account
- Sagareus adds the exact amount to the tenant's ledger to post during upcoming rent cycle
- Tenant pays entire ledger amount
- Sagareus accounts for utility income as "Utility Recovery"
Sagareus follows this process for four reasons:
- Reduces Utility expense by collecting 100% of utility costs from the tenant(s)
- Allows management to watch for high usage, which indicates a leak or extra people living in the property
- Allows management to ensure utility bill is being paid regularly
- Reduces admin work of changing account between leases
When and how will I receive funds?
Owner distributions are sent monthly via electronic funds transfer (EFT), accompanied by monthly reports.
See our Accounting Detail Page for full discussion.
I need to terminate agreement with current management firm, Can you help with this?
Yes, Management Firms work together often to transfer portfolios and services seamlessly.
We can assist you make the transition at anytime.
What is an authorization amount?
The Authorization amount is the dollar amount Rental Owner agrees to allow Sagareus to spend to arrange all maintenance, repairs, and replacements necessary to maintain the property.
Our standard Authorization Amount is $1,000 with a minimum of $500.
What is the property reserve?
This reserve ensures funds are available for necessary payments between the owner draw and the next rent cycle.
The reserve amount is determined by the Authorization Amount specified in your Property Management Agreement.
Current Owners
Why is there an Admin Fee on my Bank Reconciliation?
Occasionally admin fees are collected by management from tenants. Most often, these are credit card surcharge fees that tenants incur when using a credit card to pay rent.
Since the tenants payment is paid directly into owners account management needs to expense these fees out of the owner's operating.
Owners will see these admin fees expenses on the bank reconciliation but, since they are management account, they will not be reflected on or impact the other owner reports.
Why am I paying utilities?
- Sagareus receives the utility bill
- Sagareus pays the utility bill out of owner operating account
- Sagareus adds the exact amount to the tenant's ledger to post during upcoming rent cycle
- Tenant pays entire ledger amount
- Sagareus accounts for utility income as "Utility Recovery"
Sagareus does this for 4 reasons:
- Reduces Utility expense by collecting 100% of utility costs from the tenant(s)
- Allows management to watch for high usage, which indicates a leak or extra people living in the property
- Allows management to ensure utility bill is being paid regularly
- Reduces admin work of changing names between every resident
Why are utilities billed as a flat fee?
When a property has more than one unit sharing utility meters (and submetering is cost prohibitive), Sagareus recommends flat fee utility billing as opposed to splitting the bill between tenants for a few reasons:
- Allows tenant to set up automatic monthly payments, reducing forgotten/missed payments; Or incorrect payment amounts
- Reduces disputes between tenants -- if they are splitting the bill, they can point fingers at one another for driving cost up due to more people, frequent visitors, disputes on how often to water plants, etc
- Overall, the simplicity & clarity provides a better tenant experience
Why is my management fee too little or too much?
What is the property reserve?
This reserve ensures funds are available for necessary payments between the owner draw and the next rent cycle.
The reserve amount is determined by the Authorization Amount specified in your Property Management Agreement.
I've received my reports, where is my owner distribution?
Monthly Owner Reports and Owner Distribution are sent within minutes of one another.
Electronic Funds Transfer can take up to 3 business days to deposit to your account.
Why is Security Deposit $100 less than advertised rent amount?
Sagareus advertises $100 less than rent amount for security deposit as Seattle has mandated that "Move In Costs" be no more than 1 month rent; Seattle has defined Move In costs as security deposit, application fees, and any other admin/cleaning fees charged at move in.