Investor/Client FAQs

Bill Stout Properties prioritizes all of our operations in this order: Protect the tenant, Protect the property, Protect the investment. 

You need to provide tenant contact information, all leases, security deposits, keys for common areas and units, lockbox codes, a copy of your W9, property ownership verification, commercial insurance declaration page, property owner’s mailing address, ACH information, maintenance/utility contracts, preferred vendors, location of main water shut-off and panel box, operational funds, and contact LG&E and Louisville Water Company to add Bill Stout Properties as an authorized user.

The agreement lasts for one year, beginning on the start date specified and automatically renews annually unless either party provides 30 days' written notice of termination.

Responsibilities include managing the property, depositing receipts, keeping financial records, establishing rental rates, advertising vacancies, signing leases, collecting security deposits, supervising repairs and maintenance, hiring and supervising employees, and managing contracts for services.

The owner authorizes Bill Stout Properties to deduct expenses and compensation from the rental account. The company may withhold funds for 45 days after the agreement's termination to pay outstanding bills.

Bill Stout Properties is strictly accountable for all receipts and expenditures but is not liable for any other matters except in cases of gross negligence or willful misconduct.

The owner agrees to hold and save the property manager harmless from any damages, costs, or expenses arising from managing the property unless due to the manager's gross negligence or willful misconduct.

The owner must obtain and maintain comprehensive general liability insurance and other necessary insurance, naming Bill Stout Properties as an additional insured.

Compensation includes a monthly management fee per unit, leasing fees, contracting fees, and additional fees for other services as agreed upon.

The company may charge tenants or prospective tenants application fees, late charges, or other necessary charges. All fees, including interest on deposit and rental accounts, are retained by the property manager.

The owner can terminate the agreement with 30 days’ notice due on the 1st and by paying a termination fee.

Any unpaid sums due to the property manager will accrue interest at a rate of 12% per annum if not paid within 30 days.

The agreement covers aspects like notices, amendments, binding effect, consents and waivers, legality of terms, partnership clarification, and responsibilities related to property sale.

The owner must disclose any known defects, provide a home inspection report for new properties, evidence of property insurance, tax identification, and signed W9, and verify property ownership.

The process includes receiving notice from the tenant, getting possession of the property, conducting a move-out inspection, preparing the unit for rental, marketing the property, and leasing to a new tenant.

Rents are held for repairs to make the vacant unit ready for rental, and funds are released once all repairs are completed and bills are paid.

Yes, the property owner can choose to perform maintenance tasks themselves instead of the agent, provided they agree to certain conditions like providing regular updates, utilizing email, and being the first contact for maintenance issues.

Per-instance charges include property initial implementation fees, execution of subsidized leases, rental assistance admin fees, court appearance fees, etc. Recurring charges include monthly database charges, property inspections, grass cutting services as needed, and more.

Bill Stout Properties handles all emergency maintenance issues, the agent is authorized to make repairs in excess of the maintenance limit if necessary to protect the property and the tenant. 

• License: Bill Stout is a Licensed Real Estate Broker in the State of Kentucky, ensuring professional and legal standards in all real estate transactions.
• Certification: He is a Certified Property Manager (CPM), a designation that highlights his expertise in property management.
• Association Membership: Bill Stout is an active member of several prestigious organizations, including the National Association of Realtors, the Greater Louisville Association of Realtors, and The Institute of Real Estate Management (IREM). These memberships keep him abreast of the latest industry trends and standards.
• Recognitions: His expertise is recognized in legal contexts, as he is a verified Expert Witness in District Court, Circuit Court, and US Federal Court. Additionally, he has been honored as the Past President of the Kentucky Chapter of a major real estate association and has been awarded Property Manager of the Year in Kentucky, acknowledging his excellence in the field.