Owner FAQ

Classic will apply the resident’s security deposit toward damages or other costs associated with moving out. If damages exceed the deposit, Classic will send an invoice to the resident with the balance due. We request payment for the invoice be made within 10 days. Classic will turn the account over to a collections agency if payment is not received in that period. The Owner will be responsible to cover any costs above the security deposit to complete the work.

The resident is responsible for damages beyond normal wear and tear. They are also responsible for cleaning, carpet cleaning, and landscaping. Any other fees like unpaid rent, late fees, etc. will be deducted from their deposit.

Classic will do a property management inspection when the tenant moves out. We create a recommended scope of work based on this inspection and will send a contractor to get an estimate for repairs.

Classic schedules inspections, utilities, rekeying, and landscaping prior to the resident's move out, so these essential needs are taken care of as soon as possible. As soon as the rental property is “show-ready”, we set up showings. We review leasing analytics like leads, showings, and applications weekly. We are proactive in providing recommendation on pricing based on the amount of leasing activity a property is getting.

Texas Property Code requires that the rental property is rekeyed after every move out. We schedule properties to be rekeyed as soon as the old tenant moves out.

Classic will send a lease out for signing as soon as we have an approved applicant. Once executed, we will send you the signed lease along with any other important details about the move-in.

Classic will bill the invoices directly to your property’s operating account. Invoices will be paid with the security deposit, if applicable, or other funds in the account. If necessary, we will ask you for a contribution to cover additional expenses.

We require that a resident give us a minimum of 30 days' notice before they move out (this may vary on leases that were not executed by Classic).

Classic checks rental history, background history, credit history, and income. Qualification is determined by looking at these 4 factors. Please review our application criteria for more details.

We offer prospective applicants the ability to apply for our homes online. We conduct background, credit, rental history, and income checks. We process applications within 1-2 business days. If an applicant is denied, we send them a notice and move on to the next application. If an applicant is approved, we require that they put down a deposit within 24 hours and we send them the lease to sign.

Yes, we follow guidelines laid out by the Fair Housing Act, Fair Credit Act, The National Association of Realtors and Property Managers (NARMP), and the National Association of Realtors (NAR).

Once a resident has been approved for a rental property and put down a deposit, we will hold the property for them for up to 30 days.

Yes, our lease agreements require that the residents have renters insurance with liability coverage for the landlord and that they send us proof. If we do not receive proof of coverage, we enroll them in our Liability to Landlord Insurance (LLI) program. LLI coverage is paid for by the residents and provides protection to the landlord for damages caused by the resident.

Yes, we require that tenants transfer water, electricity, gas, etc. into their name by their move-in date. In some cases, we may bill back utilities if they are set on a single meter.

No, the Fair Credit act does not allow us to provide you with information that is shown on an applicant’s credit report.

Classic will have the final say on approval or denial of an application. We adhere to the Federal Fair Housing Act and it is important that we keep the same criteria in mind when processing an application. Our application criteria is set to protect you and find you the best renter possible.

The security deposit is held in Classic’s trust account. This leaves the liability of managing the deposit with Classic and ensures for a quick processing of the deposit at move out.

Yes, you can decide whether or not to accept pets. We recommend accepting pets because it will give you a larger pool of prospective renters. Additional accommodations will be made for service animals.

We will send you lease renewal options for approval 45 days prior to the expiration of your lease. We will send you an executed lease via email if the resident decides to renew. We will also provide you notice if they decide to move out.

Classic will follow the maintenance procedures set during your onboarding. In most cases, we will take care of work requests that are under your set maintenance and repair limit. We will send estimates for approval for jobs that are over your maintenance limit. You will receive copies of invoices with your monthly statements.

We work with a large network of 3rd party vendors. We have a variety of vendors and use vendors that are licensed and qualified in all of the specialized maintenance fields. All of our vendors have been vetted and approved to work with us. We ensure they are licensed, insured, cost-efficient, and have quality work.

We will send you estimates for approval if work is above our agreed to maintenance and repair limit. We will take care of any work that is under this limit.

You can access or sign up for your owner portal at any time.

You can view owner statements or other important documents that we upload to your owner’s portal.

We offer two distribution dates each month - the 15th or 25th. You can select either of these dates to receive your monthly distributions.

You will receive your account statements on or by your chosen distribution date - the 15th or 25th.

We deduct management expenses and maintenance expenses from the rent that is received each month. We will send you the rent less monthly expenses. Our office will notify you if your resident-only partially pays, or does not pay their rent in a given month.

Classic will send you an income statement and copies of paid invoices each month. We can provide additional reporting, like a cash flow statement, upon request.

Contributions to your operating account can be made through your online portal.

Our management agreement requires that we hold a reserve on your rental property at all times. We will use this reserve to pay for any bills that come in after your rent has been distributed to you. This saves you the hassle of having to send in an extra contribution.

We will send you a 1099 and year-end statement by January 31st.

You will receive your 1099 and year-end statement via email. A copy of your 1099 will also be sent to you by mail.

Your 1099 is calculated as rent income + prepaid rent for a given year.

The IRS requires that “prepaid” rent is taxed in the year that the resident makes the payment. We follow the guidelines laid out by the IRS.

1099 is calculated by adding rental income and prepaid rent. Your monthly statements will not show prepaid rent until that prepayment is applied to a rent charge. Please contact your rental property manager with additional questions.