How do you collect the rent on time?
We include a late fee that is equal to six percent of the rent in every rental or lease agreement that we write. We aggressively enforce the imposition of those late fees if the rent is not received by the third of the month. When the late fee is received, it is deposited into the owner,s account as income.
What if my rental agreements do not include a late fee?
If we assume the management duties of a property where the rental agreements do not contain a late fee, or if the late fee in the rental agreement is not legal under the current statutes, we give all the tenants a change of terms that modifies their agreement and adds an enforceable late fee.
How can you tell a “good” tenant, from a “not so good” tenant?
Every applicant is personally interviewed by a member of the management staff at Pacific City Properties. In addition to the interview, a credit report is run on every applicant along with a search for any unlawful detainers that have been filed against the applicant as well as a complete review of the tenant’s employment history. We have very strict requirements in regard to a tenant’s credit score. A person’s credit score reveals a great deal about his or her character and willingness to pay their bills and rent in a timely manner.
When do I get my check?
Property Income and Expense reports are prepared at the end of each month and the check for the owner’s proceeds will be sent on the last business day of the month. We also offer the option to receive reports via email and/or have your monthly disburment deposited directly into your bank account.
Do you set occupancy limits on each unit?
Yes, we determine the maximum number of occupants that we will allowed for each residence. The more people that live in a unit, the more wear and tear takes place. In our search for the best possible tenants to place in a unit, we will never exceed our occupancy limit; if it comes down to two equally qualified tenants, we will put in the smallest group.
Do you allow a tenant to add a roommate after they have moved in?
If a current tenant requests to add a roommate, we will go through our standard qualifying process for that additional tenant. If the roommate’s credit scores do not fall into our acceptable range, then that roommate will not be allowed to move in.
What do you do if a tenant moves in a roommate without your approval?
As soon as we have determined that a tenant has moved in a roommate without our approval, we require the roommate to complete a tenant application. When the application is received, credit is checked and their employment history is verified. If the information received falls into our acceptable category and the number of tenants in the unit does not exceed our occupancy standards, we then add the tenant to the lease or rental agreement. If the tenant’s credit or employment history is not acceptable, we require the roommate be removed from the premises.
Can you pay my property taxes?
Yes, we can handle as many facets of your property as you would like, and pay as many or as few bills as you would like, as long as your cash flow will allow.
Do you allow tenants to have pets?
No, we do not allow a tenant to have pets at the property. We will, however, allow a tenant to have a fish tank or keep a small bird.
What do you do if a tenant moves in a pet?
If a tenant brings in a pet without the approval of the owner or the property manager, the tenant is served with a Three Day Cure Or Quit notice, this usually takes care of the problem. If the notice is ignored, we explain to the tenant that if an eviction is initiated, that they (the tenant) will be liable for any and all legal fees incurred in the eviction process. If the tenant is on a lease, we let the tenant know that in addition to the legal fees, they will also be liable for the cost of re-renting the unit. If this still does not remove the animals, we evict them and make them pay the legal fees for the eviction.
Do you keep all of the tenants security deposits in your trust account?
Most of the time the answer is no, we do not hold all of the tenants security deposits in our trust account. We forward most tenants’ deposits to the owner of the property. We do however keep a cash reserve for each property that is enough to cover the day to day operation of the property as well as the return of a security deposit to the tenant should the tenant vacate.
How much of my money do you keep in reserve?
The amount varies from property to property depending on the size and requirements of the property and the number of locations we manage for that owner. The average four-plex would normally have about $3,000 of the owners money held in reserve.
Do you allow satellite dishes on the property?
We don’t like it, but in California the satellite television industry has very good lobbyists. We cannot prevent a tenant from having a satellite dish installed. What we can do is determine where and in what manner the dish will be installed. We make sure the dish is installed by a licensed professional and in a location of our choosing that will be safe and not detract from the aesthetics of the property. The tenant is responsible for all the costs of installing and removing of the dish.
How do you get rid of a “bad” tenant?
First, we try to turn a “bad” tenant into a “good” tenant. It is much more cost effective to the owner of the property to have a re-educated tenant, than to remove the tenant with all the inherent costs. If we take over a building that has less than desirable tenants, the first thing we do is re-establish the owners rights, provide the tenant with a change of terms that will include our expected standard of behavior and institute late and bad check fees. In most cases this will do the trick. As a last resort, we will evict the tenant.
What do you do if a tenant damages the property?
If minor damage is done to the property during a tenancy, we determine whether or not the cause of the damage is from normal wear and tear, or if the property has been abused by the tenant. If we find that it is abuse caused by the tenant, we have the unit repaired and bill the tenant for the repair. If the tenant does not pay for the damage, the amount is withdrawn from the tenants security deposit and the tenant is then given a 3 Day Cure Or Quit to replace the funds that have been deducted from their deposit.