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real estate management
DRE License # 02120160
PROPERTY OWNERS ext. 1
PROPERTY tenantS ext. 2
PROPERTY OWNER FAQ
Q: How long will it take to rent the property?
Typically between 14 – 28 days. This allows ample time for advertising and screening. A clean, painted, ready to move in property will rent much faster than one that needs lots of repairs. Of course if the landlord has an unusual property location or living arrangement that may also factor in the timing. Owners should be able to make payments for 2 months without a renter.
Q: When does landlord get paid?
We would send out all payment by the 10th of the month. We would typically receive payments between the 1st and the 3rd. Most tenants would pay by ACH and the deposit takes a few days to clear the bank. We would then pay the bills on the property and then forward the payment. If landlord have chosen the direct deposit option they will receive the payment much sooner than by check.
Q: What happens when a tenant doesn’t pay rent on time?
A: We would have a 3 day grace period. Any rents not paid in full by the 4th of each month are considered late. We strictly enforce late fees. All collected late fees are split 25/75 with management (owners get 75%). After the grace period we will issue a ‘3-day notice to pay or quit’ around the 7th of each month. If the rent is not paid by then, we attempt to have the tenant move and do our best to avoid eviction costs for the owner.
Q: What comes out of the tenants’ security deposit? Who holds onto the security deposit while the tenant is in place?
A: Normal wear and tear and property maintenance are charged to the owner. Tenant damages or neglect will be charged to the tenant per applicable law. We will forward the tenants’ deposit once they move into the property. We would typically will hold the last month rent the tenant pays in order to reimburse them their deposit.
Q: Do we need a copy of the property owners insurance?
A: Yes, we will need a copy of the landlord policy on the property. We would also require that the landlord name The Company as additional insured so we will automatically receive insurance updates.
Q: Does landlord need to keep my utilities on in between tenants?
Yes. It is important to be able to keep the landscaping up and lights on to be able to show the property. Company policy is we do not show properties after dark when there is not adequate lighting.
Note: This also gives us another set of eyes on the property weekly.
Q: Can the landlord do their own repairs?
Once we have placed a tenant in the property, NO. We only work with vendors that are bonded and insured. This is important to protect landlord and the resident. In addition there should be a certain amount of anonymity between landlord and the tenant, but when the unit is vacant, absolutely.
Q: How often will we be in contact with the landlord?
During the marketing phase of the contract, landlord will be informed weekly as to the activity on the property. We will discuss any issues that need resolving. Once we have taken an application for rent, we will call for approval. Once the property has its new resident, we will contact only if there are large repairs that need to be dealt with (water heater replacement or roof leak). We will not be contacting the landlord to replace a disposal or minor plumbing repair. At any time the landlord may access the Owner Portal and see, in real time, any communication, repair orders, etc… on the property.
Q: Who pays the bills for the property?
There are no extra fees for us to pay all or part of the bills for the property. This is all inclusive of the monthly management fee. Landlord can choose to have one, all or none of the bills paid by us.
Q: How much rent does a landlord ask for?
This is strictly determined by the market. The Property Manager will research the property’s location and market rents for the area. Due to the present market climate, we can only ask for what the market will bear in the area. Ultimately the landlord will have the final say, but they won’t want to end up losing income month after month, when they could have asked for a current market rent and filled the vacancy quicker. If the landlord has an unusual property or situation, the Property Manager can discuss different marketing techniques to fill the vacancy.
Q: What if the rent is late?
In the event this were to occur, we have procedures in place to handle the situation. Landlord can trust that we will take decisive action with appropriate late fees, notices and postings. Tenants are late after the 3rd business day of the month. Once rent is collected landlord will be paid immediately.
Q: Should landlords allow pets?
We recommend that landlord does allow pets as the vast majority of potential tenants have pets. If landlord didn’t allow pets that would dramatically reduce eligible tenants. We would screen each client and ask questions as to kind and size of pet. We always take additional security deposits appropriate for the pet in the event there is damage. When we take on the landlords property to manage, we can see based on the size and style of property what type of pet would be acceptable.
Q: Can we find a qualified tenant and let landlord manage it myself?
Yes. We will search out a qualified tenant as if we were going to do the ongoing management. We will prepare the property for market, advertise, screen calls, show the property, perform a move in inspection for the landlords records, negotiate and draw up all contracts. Once we have found a qualified tenant the fee for this service is 50% of one month’s rent with a minimum of $600.00.
Q: Landlord is managing their own property, the tenants are paying later and later, can we help?
Yes. For example landlord may have a hard time collecting rents from tenant. The landlord has come to like the tenant and may have become very friendly. They start paying later and later each month. It’s now the equivalent of collecting money from a friend and can become very uncomfortable. Landlord now will simply be happy to get it late and not have to confront the tenant. When in fact landlord has entered into a legally binding contract with tenant and they have now become comfortable paying whenever because they “know the owner”. When landlord uses property management, this situation won’t happen. We have procedures to legally give notice so they understand we mean to keep it all business. Once landlord has entered into a Management Contract we will give the tenant notice and let them know whom they will communicating with and paying rent to from now on. This usually is enough to start getting the rents collected in a timely manner.
Q: Are fees tax deductible?
Normally yes (consult a tax preparer to discuss any particular taxable deductions), in addition at the end of the year we would email a detailed Year End Report to hand over to the tax preparer. Please consult a tax preparer for additional deductions regarding the investment property, such as; repairs, updating and maintaining the property, landscaping service, pool service, etc…
Q: How do we qualify and screen tenants?
A: We screen tenants strictly and fairly in order to protect the investment and follow all applicable Fair Housing and Equal Opportunity laws. The details can be found in our Rental Criteria.
Q: How and when does landlord receive my check each month?
A: We will mail/deposit the check on the 10th of the month. Direct deposit is the quickest and simplest way to receive the money. We also send a monthly statement via mail/email.
Q: On average, how long does the rental process take?
A: Once landlord signs a property management agreement, we will take photos and market the property right away. This typically will take 1-2 days. If the property is move-in ready, we will start showing the property within the first week. Rental placement will also depend on the time of year. Rentals usually rent quickly during summer months (1-2 weeks to rent) and slower during winter months (2-4 weeks to rent)
Q: How much will my property rent for?
A: We will provide a free rental analysis. We can compare what current tenants pay and what current vacancies are asking in order to suggest a rent that will maximize profit and minimize vacancies.
Q: How often do we inspect or drive by the property?
A: We conduct drive-by inspections twice annually. Service people also provide feedback regarding the status of a property. For example, if there is a gardener on the property, they would report any known issues or if we send a plumber into the property, they would give us feedback as well. We may also coordinate a third party contractor to perform safety inspections every 48 months.
Q: Who does the repairs on the properties? Do we have maintenance staff?
A: We do not have maintenance staff. Instead, we work closely with a small group of third party licensed and insured contractors. We do not get paid from any repairs to the property. Coordinating repairs is part of our service. If repairs are big service items, we will get bids and review them with landlord directly for approval. All smaller items will be taken care of and landlord will be notified. Our contractors know to report if repairs are due to tenant negligence.
Q: How much notice does landlord need to give a tenant to move?
A: If a tenant has lived in the property for less than 1 year, we would issue a 30 day notice. If it’s over a year, we would issue a 60 day notice.
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REAL ESTATE MANAGEMENT
DBA EMPIRE PROPERTIES
Caring for your property
as if it were our own.
When Experience Matters.
DRE License # 02120160
San Diego 619-649-2464
Irvine/Newport Beach 949-497-7481
Inland Empire 951-339-1229
Las Vegas 702-949-6073
PROPERTY OWNERS ext. 1
PROPERTY TENANTS ext. 2