Owner Frequently Asked Questions
Q: Do you have financing sources to help us purchase propA: We are not lenders but have numerous lenders we work with and will be happy to make introductions.
Q: Do you make copies of keys?A: Initially, we ask owners to give us 3 sets of keys but after that, we will make replacement keys as needed.
Q: Do you perform regular property inspections?ty?A: Yes, we inspect your rental property every 6 months and produce a report with 20 to 40 photos of the interior and exterior. These reports are part of your monthly fee and will be uploaded into your owner portal.s.
Q: How do you determine the rental price for my property?A: We complete a Comparable Rental Analysis (“CRA”) of the rental value of your home before listing. The existing inventory, the age of the home, size, number of bedrooms and bathrooms, condition, and schools all have an impact on the rent you can get for your property. We also consult Zillow to see what they are showing as the Rent Zestimate. We also may other properties very similar or nearby that we can use as a guide. We also review our marketing effort every Tuesday morning and make price adjustments quickly so your property will never sit for weeks or months.
Q: How long have you been a property manager?A: We have been managing rental properties since 1998. Over that period we have managed well over 1,500 different properties and placed over 4,000 tenants into properties.
Q: How many vacancies do you typically have an out of how many total units under management?A: We generally have about 20 to 40 vacant units out of 600 total units. This is about a 3% to 7% vacancies rate.
Q: What does your lease look like?A: Please go to our Owner's Page to see a sample lease.
Q: What is included in the monthly management fee?A:
- Move-in and move-out inspections
- Prompt rent collection
- Management of tenant relationship and disputes
- Collection procedures and evictions, if needed
- Payment of bills including mortgage, property taxes, utilities, insurance or other bills
- Fully itemized and computerized monthly financial reports, year-end accounting statements, and 1099 forms
- Monthly bank reconciliations
- Owner payments made monthly via electronic payment transfer – no manual checks
- Annual lease review and recommendation of potential rent increases as market conditions permit
- Semi-annual property inspections
- Records maintenance
- Rental licenses and code compliance
- Security Deposit Escrow management and required documentation
- Online tenant rent payments and statements
- Easy exit agreement with only 30-day notice
- Other services available upon request
Q: What is NOT included in the monthly management fee?A:
- Maintenance repairs
- Site visits to the property other than the semi-annual inspection.
- Inspections of the property, either interior or exterior
- Trips to the property to file police reports or meet insurance adjusters
- Trips to court to handle litigation with tenants.
Q: What is the average length of time it takes to fill a vacancy?A: We generally rent properties that are ready to rent in 15 to 45 days and many times can rent prior to the current moving out. However, it is important that the property be ready to rent and that includes fresh paint, clean or new carpets and clean and smells good. Without these things, the length to rent a property can be much longer.
Q: What percentage of tenants do you have to evict? How does the eviction process work here?A: We generally are in some stage of eviction with between 5 to 15 tenants out of about 600 tenants. Our eviction rate is about 1% to 2.5% of our total tenants. We do tend to be very aggressive with collections and are quicker to go to court than other companies as we trying to set a standard that tenants must pay rent or leave. They cannot stay in the property without paying rent or being evicted.
Q: What types of properties do you manage, and how many units are you currently managing?A: We manage about 600 rental units including single family houses, duplexes, and smaller multi-unit buildings. We also manage about 2,000 HOA units.
Q: Why do we charge a $125 New Account Set-up Fee and what is included?
A: We do a lot when we take on a new property. We survey it thoroughly to ensure it is habitable and in good showing condition and we share our report with you. We give you a bid to complete the necessary work if any. We film videos of the property for our records: a new property video, documenting the condition of the property when we first take it on, a move-in video (documenting the condition of the property before a tenant takes possession of it), and a marketing video, used to attract a tenant to your property.
In addition, it takes at least half a day of staff time simply to get all information required about your property entered into our data systems. That is why we charge a New Account Set-up Fee.
Q: Why do we keep a $400 minimum balance?A: When a tenant reports a maintenance issue, we need to be able to respond to it promptly. If a property is well-maintained, we find that most routine, “break-fix” repairs can be completed for $300 or less. If a repair will cost over $300, we consider it a major repair and get your approval (and your additional funds) before we complete the work. Repairs of $300 or less we just take care of without bothering you about them.