Frequently Asked Questions by Clients and Some Suggestions by Us

WHAT WILL MY RENTAL RENT FOR?

Besides our attending to rentals every day you develop a sixth sense for what a rental rate should be. Along with this experience we use a third party system available on our web site – Rentomatic located on the main menu. We add in our suggested rental rate along with the other information and it will give us information what the average rental is in that particular neighborhood. You can do this too. Of course you have to be competitive with curb appeal and a clean home.

HOW LONG WILL IT TAKE TO RENT MY PROPERTY?

Our goal is to rent your property within 30 days. We begin as soon as we receive notice from current tenants of their planning to move. However, it depends on several things. There are no shortages of rentals. It must be priced right (we can help you with that decision). It must look good from the street and be clean inside. If no takers within two weeks we suggest lowering the rent 5% and to continue every two weeks until it rents or we make some marketing adjustments.

KEEP IN MIND THE THIS 5% RULE:

For every two and a half weeks that a property is vacant, the rent could have been lowered by 5% of the annual rent and you would still be even. In other words, isn’t better to lower the rent and get a renter than have no income coming in? .

HOW DO YOU SCREEN?

We require a written application, credit check fee ( this is sometimes a qualifier itself) We check rental history, verify employment and income, look at check history (bounced checks) prior evictions records, criminal history (have to be careful here because the law feels that they have served their time and have been punished.-this makes them a protected class. However, they usually won’t pass credit check) The prospect must qualify with income equal to 3 x times the rent. Credit score of at least 600.

HOW IS MAINTENANCE HANDLED?

We are on call 7/24 with an emergency number. We use independent vendors as opposed to in-house maintenance staff. An in-house staff is a profit center which makes it a conflict of interest. Our experience has been that the more qualified people are licensed independents.

WHO IS LIBEL?

Both the property manager and owner are libel. However, because of our experience we can mitigate most problems.

WHO HOLDS THE SECURITY DEPOSITS?

We hold the resident security deposits in our trust accounts until we do an accounting at move-out.

ARE WE A SOLE PROPRIETORSHIP, LLC, OR CORPORATION?

We are a California Corporation. The advantages are Corporations have been tested in the courts for many decades. LLCs are young and haven’t been tested as extensively. There is great danger with a sole proprietorship. If the owners die so does the business which could tie up your funds for many months. A corporation never dies with the principals.

WHEN DO WE GET PAID?

Most of our owners are paid by electronic credit direct to their Bank account (ACH) on the 15th of the month. It takes two days to arrive. If paid by check it is paid on the 20th of the month. Your reports are mailed on the 20th of the month. Soon we will have your reports on line.

HOW ARE YOUR LEASING AGENTS COMPENSATED?

We compensate our agents by both salary and commission. This gives them a base for the slow times, but an incentive for working odd hours and weekends. The question offered by some competitors is "Commission compensation will produce questionable tenants" Let me be very clear with our response with this statement: No Successful business allows their salespersons to make the credit decision.Especially,our firm which offers OPTIONAL EVICTION SERVICES.

HOW DO WE GET STARTED?

1. If you currently have a property manager that needs to be terminated: Check your current property management contract to see what type of notice is required. It is typical that you will be required to give a 30 day notice. Most property managers will comply if they know you are unhappy. It is best that you cancel the contract rather than for us as we are not a part of the contract. Property managers will not take direction from another person other than those who they have a contract.

2. Sign and deliver the Management contract , deliver three sets of keys, door remotes, HOA CC&Rs, appliance operating instructions (if available), Special home operating instructions, vendor lists, and home warranty.

3. If you have a current resident please provide us the current rental agreement. Include contact information. Mail them a letter announcing that we are the new property managers and all future rent is to be paid to us.

We will follow up and take pictures if vacant, order yard sign, and begin advertising program.