Ongoing Property Management
After the tenant moves in, here’s what to expect as we manage your property.
Receiving your rent payment
The rent is due on or before the 1st of each month. Once the tenant’s rent check clears then our accounting department will pay your management fee and deduct any bills from your rent, like lawncare, HOA bills, maintenance bills, etc.
The remainder of the rent is your “owner draw”, this payment will be direct deposited into your bank account between the 11th and 15th calendar day of every month providing your tenant has paid on time. You will receive the first rent payment approximately 2 weeks after the tenant moves in. Give us a call if you have any questions or concerns regarding your rent payment.
The Tenant is your customer
You can’t give the tenant everything they ask for, but please remember that the tenant is your customer. Treating them fairly will decrease vacancy and improve how the tenant treats your property. We highly suggest you do not communicate directly with the tenant; let us do the work. This buffer allows us to eliminate the headaches and problems of being a landlord.
Your statement will show all rental income received and details on any expenses for the property. Maintenance costs and management fees will be deducted from the rental income. Statements are available on the first business day of the month for the prior month’s activity. You will not receive a paper statement in the mail. The statements are located online in your owner portal. Each January we will provide a summary statement covering the entire year.
1099’s are sent annually for tax purposes each January. The social security number or tax ID to whom the payment is made will receive the 1099 and will thus be responsible for all tax implications associated with the filing of that 1099. Please make sure that the appropriate name and SSN/Tax ID are associated with your disbursement.
Out of state/country property owner
If you live outside of California, the State requires that the management company withhold 7% of rents. You may qualify for a waiver or reduced withholding amount (property owners that have filed tax returns in California within the last two years often qualify for a waiver). Please let us know if you live outside of the State and we can explain how it works.
Online Owner Portal
You can view your statements using the online Owner Portal. The Owner Portal is your private online login where you can view lease agreements, documents, and view your monthly statement. You can also change your direct deposit banking information and make owner contributions.
You should have already received an email with login instructions. This email will have your username and password to login into the Owner Portal. You can also access the portal from our website. Each time a statement is published to your Owner Portal, you will receive a notification email. If you have trouble logging in or viewing your statement, please call the office and we will assist you.