Landlord – Frequently Asked Questions
What’s my property worth?
What if I don’t agree with the value you set for my home?
How long will it take to rent my home?
Do I have to pay for advertising?
If you would like us to advertise in a different venue we are more than happy to look into it. If you would like us to advertise your property in the local paper, The Press Enterprise, we would be happy to oblige. However, we can only provide one (1) week of advertising for free. Additional weekly advertisements will be at owners expense. We have discovered that traditional paper advertising has a lower return on investment (calls/emails per ad) than internet advertising.
Additionally, at your request, we can place your property on the local MLS (CRMLS). However, as the MLS is used by real estate agents, we will need permission to offer a commission. In most cases commissions range from $150-250.
How do you screen tenants?
- Collective income no less than three times the rental price
- No bankruptcies in the past two years (must be discharged)
- No open collections other than medical
- No judgments
- No Federal or State tax liens
- No prior evictions
- Criminal record subject to property owner approval
In addition to running the standard credit report we also run bankruptcy, eviction, foreclosure, and criminal checks. We are so confident in our tenant selection process that we guarantee that the tenant we select will not default. If our selected tenant defaults at any time during the lease we will pay for the eviction!
However, we understand that some owners maybe a little more lenient in the tenant selection process. As such, we welcome landlord participation in the tenant selection process. If you are willing to work outside of our core tenant requirements, please let us know. We will contact you on a case-by-case basis to discuss potential tenants that do not meet our requirements. If you choose to select one of these tenants, however, we will not cover the cost of eviction should eviction be required. With that said, we can require these tenants to pay an additional security deposit to cover the cost of eviction.
Do I have to pay for utilities?
When do I get paid?
How do I get paid?
What happens if my tenant pays late?
More importantly, 1st Rate Rentals does not charge for collecting late rents. Other management companies charge a fee or keep some (or all) of the late fee. We believe that part of our job of a property management company is to collect the rent, late or not.
Consider this: if a property management company makes money from collecting late rents, what incentive do they have to place a quality tenant in your property? They make money when you don’t get paid on time!
What happens if we need to evict a tenant?
Who holds onto the security deposit?
How do you handle maintenance and repairs?
That being said, there are two categories of property repairs: landlord responsible and tenant responsible.
Landlord responsible repairs are required repairs that were out of the tenant’s control. These are typically roof issues, plumbing breaks and leaks, air conditioner malfunctions, water heater failures, and stove malfunctions.
Tenant responsible repairs are damages that were caused by the tenant. These are often clogged drains, broken knobs, stained carpeting, and holes in walls. If we suspect the tenant was the cause of the breakdown, we will charge the tenant for the cost of repair. However, in these instances, we are required to provide the tenant an opportunity to hire their own contractor and repair it themselves.
How do you handle tenant damage after move-out?
Once the tenant vacates the property we complete an extensive property inspection, comparing it to our move-in inspection, and note any damage that exceeds typical wear and tear. Once we have compiled a list of required repairs we will have our contractors complete these repairs and deduct the repair cost from the security deposit. If damages exceed the security deposit we will invoice the tenant the additional cost of these repairs. However, it is up to the landlord to cover the cost of repairs that exceed the security deposit, and then take the tenant to small claims court to recoup their loss. 1st Rate Rentals will provide all required documentation and aid in the small claims case. However, taking a tenant to small claims court for excessive damage is uncommon.
Moreover, it is important to note that some repairs will be prorated. By law some items, regardless of how clean or nice they were before the tenant occupied the property, cannot be charged in full if they were not new upon tenant move-in.
What kind of inspections do you do?
How long are your contracts?
The second contract is between 1st Rate Rentals, the Landlord, and the Tenant. This contract is no less than one (1) year in length. Upon agreement with the landlord and the tenant this contract can either be extended in one (1) year intervals or be converted to a month to month agreement after the initial one (1) year term.
This all sounds great! How do I get started?
Services at a Glance
► Low Monthly Fee
► Complete Tenant Screening
► Tenant Placement Guarantee
► Move-in & Move-out Inspections
► Biannual Drive-by Inspections
► Property Advertising
► Handle Maintenance & Repairs
► FREE Direct Deposit
► Annual Accounting
► Multiple Property Rate Discounts