Property Owner FAQs
Why should I hire a property management company?
Hiring a professional property management company makes owning an investment property less stressful and worry free. Your investment property will be taken care of as if it were our own and we are very meticulous.
We handle all tenant issues, turnover, rent collections, repair, and maintenance issues. We provide online statements, copies of all invoices, and disburse owner funds electronically direct into your bank account.
What do I need to do to my home to make it ready for showings?
Our contractors are happy to assist our clients with any make-ready needs. We recommend that our clients (1) have the home professionally cleaned (2) have the carpets professionally cleaned (3) have the yard manicured (4) de-clutter your home (5) make sure you remove any valuables (6) touch up or fully paint walls depending on their color and condition (7) address any deferred maintenance (8) use pest control service (9) make sure pool is well maintained and (10) do not be present at the home when a potential renter comes to see the house.
How will you advertise my house for lease?
Your home will be listed on the California Regional MLS. In addition to, your home will be listed on additional sites such as:
www.realtor.com
www.homes.com
www.apartments.com
www.forrent.com
www.hotpads.com
www.realestate.com
and more. If you would like a sign in your yard, we have attractive “For Lease” signage.
How much will my home will rent for?
Click here for a Free Rental Price Report. We use recent historical data taken from the local MLS database, among other things, to determine what your home will rent for.
How do I evict a tenant?
Our resident screening helps avoid most eviction scenarios. If eviction is necessary, we’ll walk you through the legal ins and outs of the process. After, we’ll find a new tenant for your property.
What do you charge to evict an existing tenant?
We charge $499 plus court costs to coordinate the eviction process. Please note that we are not attorneys. As such, legal fees are not included.
How do you reduce the risk of a tenant not paying rent or damaging the property?
We reduce these risks by using a conservative tenant screening approach. We do not assume an application is truthful until we verify the information with credible evidence. We look at the tenant’s credit, employment history, rental history, and criminal background to identify any potential red flags.
We expect that our tenants pay rent in accordance with their lease agreement. We charge late fees, send notices to vacate, and assist with the eviction process if a tenant is in default of their lease agreement. That said, however, whether to accept or a reject a rental application is solely the property owner’s decision to make.
We also offer inspection services while the tenants are occupying the residence to reduce the risk of damage to the home.
What do you do if a tenant needs to break a lease?
When a tenant needs to break a lease, we inform them that they are responsible for all costs that our owner would not have otherwise incurred if the tenant did not break the lease. This means that the current tenant will be responsible for including rental payments through the Lease term, lawn care, and utilities until the day the new tenant moves in. The tenant is also responsible for all costs incurred to get the home ready for the new tenant and the cost of rekeying the home. If the tenant pays all of these costs, and upon approval of the property owner, we will release them from the lease contract.
Should I buy a home warranty?
Monarch Boast Property Management does not recommend having a home warranty company.
- Common problems we experience with home warranty companies include: (1) long hold times to file a claim, (2) home warranty contractors often contact the owner instead of the tenant to schedule an appointments even after being instructed no to do so, (3) home warranty contractors find any excuse not to cover a repair, (4) home warranty contractors often miss appointments, (5) home warranty contractors often choose the cheapest fix instead of fixing the problem correctly which leads to recurring problems, (6) it often takes extended periods of time for home warranty contractors to order parts, (7) and more.
- From our experience, we believe that the use of a Home Warranty Company is a detriment to the relationship between a Landlord and Tenant and can lead to increased turnover rates and make ready costs.
- It can take between 3 – 10 business days for a home warranty company to fix HVAC problems. The delays are usually a result of a warranty company going to the home within 2-3 business days to diagnose the issue and then having to order additional parts to fix the HVAC system which adds additional delays. We have also experienced these types of delays with other repairs.
- These delays frustrate the tenant and can lead to tenant’s not wanting to renew a lease if they feel significant issues are not going to be addressed in a timely manner.
- We recommend that if you do purchase a Home Warranty for your rental property, you should use a separate contractor to handle time sensitive issues such as HVAC break downs and other repairs that the warranty company is not able to address in a timely manner.
- A happy tenant can save you money in the long run. You may think you are saving money by always using the home warranty company, but if the tenant does not renew their lease because of home warranty company delays, you will end up spending more money to make your rental property ready to rent again as well as additional leasing and vacancy costs.
- Monarch Coast Property Management has preferred relationships with a wide range of vendors. Our AC Techs are usually able to be at the home within 24 hours of the repair request and are usually able to resolve the issues in that same time frame, including picking up replacement parts or switching out an entire HVAC system.
Why name Monarch Coast Property Management as an Additionally Insured on my Landlord Insurance Policy?
This simply means that we are interested to know that you are maintaining an active landlord property insurance policy with public liability coverage. This does NOT mean that we have any type of insurable interest in your home.
When will I receive a distribution each month?
We submit an ACH file to our bank on the 10th of every month with rent distributions, assuming the 10th does not fall on a weekend or holiday. It takes most banks 1-2 business days to process the distribution into your account after we have submitted the ACH file to the bank.
What kind of accounting statement will I receive each month?
Every month you will receive an electronic accounting statement that includes all income and expenses for the reporting period. We also provide electronic copies of any invoices incurred during the reporting period.
Are your repair and maintenance personnel employees or contractors?
The majority of our repair & maintenance personnel are contractors NOT employees. You are not required to use our contractors if you have established relationships with contractors you would like us to use.