Is there a set up fee and if so, what is it for?

Yes, for each new property management account we charge a set up fee of  $200.00.  This fee helps to defray our costs in setting up your account’s physical files, directories and data files, taking digital photos of your property as well as setting your property up in our property management software to ensure that you will receive your itemized monthly statements. 

What will you do to make sure that my property rents?

First, we will conduct a market survey of other properties similar to yours in the same general location, what they are renting for and, how many properties are on the market at this time.  This will help us to give you good council as to what your asking price should be. 

Next, once we have decided on the rental price, Irvine Property Management will list your property on the local Board of Realtors Multiple Listing Service (MLS), place ads in local newspapers and post photos and information on our web site under the “Rentals” tab . . .  all of these things to ensure that your property gets maximum exposure.  Remember, we do not charge you a management fee UNTIL your property is rented . . . .we are motivated to get it leased!

What if you do all these things and my property still doesn’t rent?

Typically, this is an indication that the rental price is too high for the market or that the market has changed.  We will conduct a market survey again, to see what changes there may have been and revisit the rental price with you.

How long will it take to rent my property?

Every property is unique and the time to rent it will vary because of things like: the market, time of year, condition of your property and the asking price. The market is how many other similar properties are on the market for rent, how are we priced in relation to the other properties on the market . . . it boils down to competition.  The condition of your property relates to how well the property shows to prospective tenants, if it is older and has not been updated or the paint is “tired”, then other properties on the market which are in better condition will have a more positive impact on a prospective tenant.  Time of year can be a large factor . . . traditionally, the time between November and January is very slow.

What happens when a tenant is late paying their rent?

We are very “fair but tough” in this area.  Rents ore due on the 1st of each month and late of the 5th. If we have not received a full rent payment by the 6^th of the month (this includes partial payments) a late fee of  5% will be charged and, most importantly, we will deliver a 3-Day Notice to Pay or Quit to the property THAT DAY and mail a copy of the same notice to the tenant via registered mail.  If the delinquent account is not brought current by at the end of the three business day period, the account will be turned over to our attorneys to start eviction proceedings and the owner will be notified.  A full eviction process takes 4 – 6 weeks and will cost around $500.  In our 26 year history, we have had to evict only a very small number of our tenants . . . about 1 per year on the average.

Will the late fee be added into my account?

The late fee is retained by Irvine Property Management to defray the administrative costs of issuing and following up on  the 3-day notices and contacting the attorney (if needed).

May I contact the tenants myself?

The general idea of using a property management company is to keep at arm’s length from your tenants and avoid getting involved personally.  We at IPM have developed a good working relationship with the tenant and your personal involvement with the tenant could serve to undermine that relationship.

May I just stop by the property to check on it at any time?

The lease agreement which we have entered into with the tenant is a legal and binding contract.  Under the terms of that lease, the tenant is entitled to the private use and enjoyment of the property and an un announced visit by the owner or property manager would violate that.  The lease does provide for periodic inspections and if you would like to inspect your property, we will give the tenant the required 24 hour notice and a representative of IPM will accompany you to inspect the property.

What do I need to do to get my property ready to rent?

The amount of work required to get your property ready to rent depends on the property and it’s history.  When we meet to discuss our services, we can give you more specific input at that time.  As a general rule, we recommend:

• The inside of the property be freshly painted (typically a neutral or off-white tone works best). 
• Carpet should be professionally cleaned , as a minimum.
• All windows should have window coverings, at least one smoke alarm in the hallway outside of the bedrooms (Bedrooms with taller ceiling s may require more).
• Water Heater should be earthquake strapped with double straps.
• Property should be in good working order and CLEAN
• If the property is older and has not been updated, this may be something you will want to consider to maximize your rent.

Does Irvine Property Management do repairs also?

Yes, we maintain a group of tradesmen who can do fine work on your property at very reasonable prices.

Can you call me before doing any repairs?

We will always contact you via e-mail or voice mail and let you know about repairs needing to be done and the expected cost.  In the case of emergency repairs (leaking water heater, backed up toilet, flood) we are required by law to make those repairs immediately.  If we are unable to speak with you personally we will definitely leave you a message as to the nature of the repair and the estimated cost.  On more elective type work to be done, we will definitely have the opportunity to discuss costs and alternatives.

What if I want to do all of my own repairs?

While this is not something that we recommend we can definitely work with you on this.  One thing that you will want to keep in mind is timeliness and the tenant’s right to the private enjoyment of their property.

What if I have a home warranty?

Not a problem, we are very well versed at working with home warranty companies and making sure that you get all of the benefits you are entitled to under that warranty.

Will I receive Receipts for all work that is done on my property?

Each month you will receive an itemized statement of the property’s income and all expenses.  In your monthly statement package you WILL receive copies of receipts for all work done during the period.

Should I allow people to have pets in my rental property?

This is not something that IPM recommends but this is your property and you may set this policy yourself.  Some things you may want to consider are size and number of pets, type of pets, increased maintenance expenses (lawn re-sodding, carpet cleaning) how large of a pet deposit you will require.  If your property is a 2^nd floor condo you may not want to allow a 150 pound mastiff to live there.  We have a lot of experience in this area and can help guide you along the way if this is something you want to do.

What if my property is leased and I want or need to sell it?

If you  are planning on selling the property AND the existing lease to another investor this is the easiest scenario.  If you are planning on selling the property to an “owner-occupant” at the end of the lease this is not a problem.  First, we will need to give the tenants written notice of your intent not to renew the lease.  Many times, we are able to work with the tenants to make positive arrangements to show the property while they are living there.

If you are early on in the lease and your plans are to sell the property to someone who intends to occupy the property (as opposed to leasing it out) remember, the lease that we have entered into is a legal and binding contract and this scenario could bring up some potentially, very contentious legal issues.  You would definitely want to consult legal council before moving in this direction.