FAQ
What is included in the leasing fee?
This fee covers your account set-up, initial property inspection, digital photos for advertising, yard sign, lockbox installation, tenant screening, tenant showings, advertising via internet, local rental agencies, and estimate preparation for any rent-ready work necessary. Basically, everything needed in order to rent your property!
What if you do all these things and my property still does not rent?
If your property is getting exposure, meaning people are seeing it but not moving forward with the application it is most likely priced too high. It is extremely important that you do not base the amount you expect for rent off your mortgage payment, what your neighbor’s tenant is paying, or what you’ve heard here and there. The market dictates the rent and the supply and demand. We will do a professional market analysis and give you a recommendation based on the comparable rental properties similar to yours in your area. To avoid delays and wasting advertising dollars, we strongly suggest you stay closely within the range of our suggested rental amount.
When will you start advertising my property?
We will begin advertising when we have received the signed Lease Listing Agreement back in our office, after we have give to inspect the property to make sure it’s rent-ready, received the keys, and taken the photos.
How long will it take to rent my property?
Each property is different and it varies depending on the market, the time of year, and the rent price. The more saturated the market is with rentals then the more competition which could take longer and vice versa. Our goal is to rent your property within 30 days but it could take longer.
How do you determine the leasing price?
We will do a complimentary market analysis for your property based on the size, age and location. We check all resources that your tenant is likely to look when searching for a rental such as the internet, local papers, rental agencies, and the Multiple Listing Service (MLS). In order for a quick turnaround, your property should be competitively priced against the competition. If it’s the highest in the market, there’s a good chance it will be on the market for a longer period of time and maybe not even rent until the price is lowered. Again, our goal is to rent your property in 30 days or less and we will recommend a price that will most likely achieve that goal while still keeping within market rates.
What do you look for in a tenant?
We are mainly looking for stability in income and longevity at their previous addresses. We do not look for perfect credit but we do not want to see numerous open collection activity or multiple late payments in the last 12 months. We also run a criminal background check and verify employment and past rental history.
Can I help pick the tenants?
No. Choosing tenants carefully is part of our job and we feel that we are able to do it faster and more efficiently on our own. It is not time effective for us to call you each time a prospective tenant is interested in your property. Upon request, we will give you weekly updates by email as to the status of your property and let you know immediately once we have secured a qualified tenant.
I already have someone who wants to rent my property. Can I have them call you?
Yes! Have them give us a call and we will do the screening and coordinate the move-in. If this person is qualified and becomes a tenant, we will discount your $100 off your leasing fee.
What do you do for the property management fee?
We handle all of the day to day operations of your property including but not limited to: handling tenant issues, rent collection, accounting, late notices, tenant/owner billings for repairs, maintaining a 24 hour emergency call service, home warranty coordination, and eviction coordination.
When do I get my check?
Owner’s deposits are made by the 15th of the month of the same month that rent is received assuming the tenants are on time with their rent payment. Funds are transmitted electronically from our account to yours and very depending on the financial institution. If you would like a paper check mailed, that is an available option but costs $4.95 for the additional handling.
Can I get the money sooner that the 15th?
The rent is due on the first and the tenants have a grace period. Once we received the tenants check, we process it and deposit it in out broker’s trust account. The law requires us to wait until the check clears which takes approximately 7-10 days.
Do you collect interest on my rent money?
No. All rent payments go directly into the broker’s trust account which is a non-interest bearing account. It is actually illegal to collect interest n these types of transactions per the California Department of Real Estate. We do not make money or benefit from keeping your rent payments longer that we need to and this includes deposits.
What do you do when a tenant is late paying the rent?
Rent is due on the 1st and late on the 5th. After the 5th we impose an automatic $100 late fee for that month and call the tenant to find out when they will be paying. Occasionally, for the sake of retaining good tenants an agreement may be agreed to and put in writing for them to make payments. This is based on their past rent payment history. We do not encourage bad tenants to pay their rent late every month but we also don’t want to evict good tenants and have a vacant property if it looks like there is a solution. You will be notified of any arrangements that are made.
What if the tenant still does not pay rent?
A 3-day notice to pay rent or quit letter is sent by mail. This is included with all of our management packages. If the tenant still does not pay rent then we proceed with the eviction and the fees come out of the tenant’s security deposit but are paid upfront by the owner (you get reimbursed once the tenant has moved out and the security deposit is distributed). The entire process can take 4-6 weeks and cost $600-$800 depending on the area.
Do you offer eviction insurance?
We do. For an additional $10 per month the eviction fees are paid by our company should an eviction become necessary.
Do you send me a year end statement?
Yes. We send out a statement for your tax returns at the end of the year. You also get a monthly statement.
How does your company compare to others in terms of marketing?
We do rental open houses on the weekend and have professional photos taken in order to help market your property and expedite the rental process.
Can I contact the tenants or go over periodically to check on my property?
No. When you lease your property you grant the tenants “quiet and undisturbed use” of the property. Although you are the legal owner they are the ones with possession and you are not able to enter the property without their consent. Also, when you contract a property manger to manage your property it is to keep from getting involved personally. Contacting your tenants and visiting the property while it is occupied tends to confuse the tenants on who their point of contact is.
What do I need to do to get the property rent-ready?
The property should be freshly painted on the interior (white or neutral tones are best). There needs to be window coverings on all of the windows, a minimum of one smoke alarm in the hallway near the bedrooms, earthquake straps on the water heater, and a fire extinguisher that is easily accessible. Everything needs to be in proper working order and in relatively good condition. The better maintained and attractive the property is to begin with the more your tenants will work to keep it that way.
Can you call me before doing any repairs?
We take service calls fro tenants and qualify all repairs prior to making a trip to the property. For qualified small repairs under $250, we take care of without calling you. Emergency repairs also need to be completed immediately and do not require your authorization. All cosmetic repairs requested by the tenant, tenant improvements, or repairs that cost over $250, need to be authorized and signed off on by the owner before any work commences.
What if I have a home warranty?
No problem. We will utilize home warranties whenever possible. Keep in mind that home warranties have deductibles and only cover certain items and usually not pre-existing conditions. Please forward us a copy of the home warranty when you sign-up for property management.
Will I get receipts for work that is done on my property?
You will se an itemization on your monthly statement for any repairs done on your property and a copy of the vendor receipt.
Should I allow people with pets in my rental property?
Almost everyone has pets and to restrict them could increase the time your property stays on the market. We typically advise allowing up to two pets.
Should I allow young people or roommates to rent my property?
By law, tenants are allowed up to 2 people per bedroom plus one additional person. We do not discriminate on the basis of age, sex, race, religion, or the relationship of the tenants. If they are credit and income worthy then that is what is most important.
Can you help me if I decide to sell my house?
Yes! We are licensed brokers or agents are would be happy to help you sell your house.