Why shouldn’t I manage my property myself?
A lot of owners choose to manage their property themselves and many of them are very successful. With the time involved in collecting rents, arranging repairs and leasing units, most owners have found that their time is more valuable spent elsewhere. A good property manager will make you money on your investment, not cost you money. Other important considerations are the legal aspects of property management. In the litigious society in which we live, a property owner can ill afford to handle a problem tenant in an incorrect manner. Professional property managers are well versed in landlord tenant law, and are abreast of the constantly changing Federal and State mandates governing them.
How much is your management fee?
Single Family Residence is 7.9% of the gross rents collected. For 5 or more rental properties per owner between 5.9% to 6.9% of the gross rents collected
How much do you charge to place a tenant?
First month – 50% of one month’s full gross rent for advertising, signage, screening, photo documentation, lease preparation and execution and move in
What services do you provide?
We do everything required to maintain the property and provide you with the greatest return on your investment including, but not limited to:
What type of properties do you manage?
Excellence RE Elite Properties currently manages single-family residences, small apartment buildings, multi-units, condominiums, and town homes.
How do I know you will select a good tenant for my property?
Our criteria are high when it comes to choosing our residents. Our screening procedure takes into account an applicant’s credit report history, employment history, stability, and prior rental history. Our thorough background checks result in better-qualified, financially stable residents. This in turn creates a lower turnover factor and premium rents.
How do you find prospective tenants?
Advertising is done in appropriate local newspapers, as well as several places on the Internet. Our site links with 15 sites, as well as our listings on such sites as craigslist, Zillow, Trulia and the Multiple Listing Service (MLS). We also attend weekly real estate caravans and feature listings at those meetings. We have built a strong reputation within the area and receive many referrals.
Do you charge marketing and advertising?
Do you charge when my property is vacant?
How do you screen these tenants?
In addition to verification of application data, Excellence RE Elite Properties screens prospective tenants through The Apartment Association of America (AOA). We order credit and eviction reports which gives us an accurate accounting of the tenant’s financial capabilities and payment history.
What happens when the tenants are late with their rent?
Each tenant is given five days grace to pay rent. If the rent is not paid by this time, a 3 Day Notice To Pay or Quit is issued. Some cases may require an attorney and their fees are the owner’s responsibility, however, we always try our best to settle with the tenant using eviction only as a last resort.
How much does professional property management cost?
Generally the cost of management is a percentage of the monthly gross rent. The percentage will vary depending on property type and size. However as a rule of thumb, you can expect to pay anywhere between 8% and 10% depending on your property type, size, and requirements. When a tenant is found and placed, we charge 50% of one months rent, as a leasing fee.
Are any licenses required to perform property management?
Yes, the law requires that property managers be licensed with the Department of Real Estate. Excellence RE Elite Properties is a fully licensed Corporation in the State of California. Our company director also holds specialized certifications in the area of residential property management.
How and when do I get my checks?
After the tenants pay their rent, your bills are paid, and our fees are deducted, an owner draw is created and sent to your bank account. Owner draws are created and paid every Friday. If your owner draw is ready we will send it to you along with an email of your statement. In addition, statements are available online 24 hours a day, 7 days a week through the owner’s portal.
Will I receive copies of all invoices if requested?
What about utilities?
If your property is a single family home or a long-term rental, the tenant is usually expected to pay the utilities although sometimes these are negotiable. In a condo, the tenant is usually expected to pay the utilities that are not included in your monthly maintenance fee.
Will I have to pay for property repairs?
Yes, just as you would if you were to manage the property yourself, you are still responsible for maintaining the property. The advantages of allowing the property manager to handle the maintenance issues of your investment property are extensive. We also have in-house maintenance for general repairs, and an on call emergency service for those late night repairs that just cannot wait until business hours. Because we are coordinating and choosing vendors, we take extra time and care to ensure contractors are licensed, insured and bonded if required. We charge an extra 10% above invoice price for the liability we assume as well as to cover our time and care with coordination of qualified vendors and tenants on all repairs.
Do you do periodic inspections?
Yes, we do a FREE interior move-in inspection when placing the tenant. We take pictures of your property and save them in our database for the next inspection or the move-out. We do inspections once a year with the owner’s approval. We charge $75.
Do you handle Section 8?
Yes, we currently manage Section 8 tenants and are familiar with the various rules and regulations.
Is the cost of property management deductible?
Yes, the cost of management services is deductible, just like your mortgage interest, property taxes and the cost of repairs. (See your tax advisor for details.)