Below are some of the most frequently asked questions from our property owner clients. The information contained here is brief, at any time you require additional explanation you may contact our Client Services department. (Please visit About Us page to learn more about My Management Company and how we can help you.)
Getting On Board
1. How are my properties set up in the My Management Company system?
You begin by signing our Management Agreement which contains a list of your property addresses. We will create an owner portal for you on the My Management Company website where you will receive all communication and documentation. A user guide will be uploaded immediately so you can begin to use the portal right away (click here to view the Owner Portal login screen).
2. Once my property is in the system what can I expect?
If your property is vacant, we will have our Maintenance department do an evaluation to determine its readiness for leasing. If repair work is required you will be notified and receive a quote for your approval prior to any work being done. If the property is occupied we will contact the tenant immediately to make arrangements to collect the rent and make the management transition.
For more information about vacant property policies and procedures, please see the “Maintenance” and “More About Vacant Properties” sections below.
3. Who do I contact if I have questions or concerns?
My Management Company has a dedicated Client Services department for your convenience. You may contact Client Services during normal business hours (10AM to 5PM MST Monday through Friday) via the Comment area in the Owner Portal, or by phone at 208-734-7700.
1. How is the rent rate set?
Target rent is set using a current market analysis and internal statistics.
2. How do you get a tenant for my property?
We maintain a staff of full-time Leasing Agents along with a dedicated Leasing department to market our managed properties. In addition we advertise the property on the My Managment Company website (click here to view the For Rent section of our website) as well as many others like Craigslist, Zillow, Trulia, Hot Pads, etc.
When a prospective tenant completes an application to lease the property we put them through an extensive qualification process including, credit check, rental history check, criminal background check, income and identification verification. The time it takes to get the property leased will vary. You will receive updates in your owner portal.
3. How long does the tenant stay in the property?
Typically, we write our leases for one 12-month period. However, we may write a longer lease with your permission. When a tenant wishes to renew at the end of their term, we will renew the lease for another 12-month period if they have performed according to the conditions of the original lease and you allow them to stay. Sometimes a tenant may remain in the property on a Month-to-Month basis. We require a 30-day notice for all move outs.
4. What happens if the tenant does not pay the rent?
You will receive monthly updates on rent payments received. Rent is due on the 1st of the month and considered late on the 6th day of the month. Late fees are retained by My Management Company to cover the cost of collections.
If the rent goes unpaid after the 17th day of the month in which it is due, our Payments & Collections department will send you notice of pending legal action (FED). Charges to cover the court cost and collection fees start around $250. My Management Company has never lost an eviction case. Our staff are experts in completing the eviction process quickly and effectively. The eviction process usually takes 15-20 days plus some additional time to remove the tenant and prepare the property for a new tenant. There may be additional charges related to your case as well as securing the vacant property.
For more detail on the eviction process, please see the “More About the Legal Process” section below.
5. How often do properties go vacant?
According to current statistics vacancy rate is less than 5%. Once a vacant property is refurbished, properties are usually re-leased within 15 to 30 days. We will do a weekly check of all vacant properties at no charge.
6. What happens to the security deposit when a tenant moves out?
Security deposits are held in an escrow account.
When a tenant moves out, the security deposit is returned to them unless any of the following conditions exist:
-They are past due on the rent.
-They have unpaid fees.
-They have not given proper notice as required.
-They have left the property in unsatisfactory condition.
Security deposits that are not returned to the tenant will first be applied any outstanding balance, and then distributed according to the provisions of their lease.
7. Will I have to deal with complaints from tenants?
No, we attempt to satisfy tenants at the departmental level. When needed, we involve managers and the Principal Owner of My Management Company. Only after exhausting all avenues without resolution will we ask for your direct involvement.
1. What happens when work needs to be done on my property?
We handle all small repairs (under $500) as needed. You will be notified by email and your Owner’s Portal whenever a work order is opened for maintenance. If the repair is in excess of $500 we will notify you and ask for your permission to proceed. You will receive a written quote of the work to be done as well as itemized charges. Once the work order is completed you will see the bill in your owner portal and the bill will appear on your monthly Owners Statement. You do have the option to secure additional estimates from outside contractors on your own if you wish to do so.
2. What is the average cost of a repair?
Between $60 – $125 on average.
3. Do I need to schedule lawn care if my property becomes vacant?
No, when properties become vacant we put them into our bi-weekly rotation for grass cutting. The charge for this service varies by the size of the lawn. As a property owner you are responsible to meet city code enforcement standards related to the condition of the lawn – charges from the City can be over $100 for violations.
4. What about air filters and yearly inspections?
We provide a bi-annual 22-point Inspection and Maintenance service. The following areas are covered.
-HVAC system inspection and filter change
-Exterior walls inspection
-Interior inspection including cleanliness, electrical outlets, sink faucets, toilets, lights and fans, and signs of water damage to cabinets or ceilings
Change smoke detector batteries.
The charge for this service is $50 per visit (Spring and Fall).
Please watch our 3 Ways to Save Money on Maintenance video to learn more about reducing maintenance costs.
1. When do I receive my Owner Statements?
You will receive an email notice that your statement is available to view on your owner portal for the previous months activity between the 10th and 15th of the following month.
2. When do I receive my money?
You will receive an email notice that a payment to your account is pending. Echecks are cut and deposited directly into your account the same day your Owners Statement is completed. Typically between the 10th and 15th of each month. (your bank may take 48-72hrs to post the direct deposit).
On newly leased properties, there are two possible scenarios may apply.
Month #1 there will be leasing expenses of $250 and your monthly management fee. Your payment will be reduced by these amounts.
Month #2 if the Tenant’s move in date was after the first of the month they will pay a prorated rent and this will affect the total payment you receive.
You will be charged an on-going monthly management fee based on your Management Agreement.
3. What happens if my Statement shows a negative balance?
You may experience a month when expenses are greater than the income received. If this happens you can go to your owner portal and make a contribution to your account or mail a check to My Management Company to cover the negative balance. We do not accept credit card payments at this time.
More About Vacant Properties
For 99% of our customers when a property becomes vacant our cleaning staff and maintenance personnel quickly prepare the property for immediate re-renting by cleaning and repairing all necessary elements of the property. This typically all happens on day 1-2 of the property becoming vacant. Most often, due to our move-out evaluation with the current tenant, we are aware of any repairs needed prior to them leaving the property so these repairs are made without a single days lost rent.
If significant repairs are needed that exceed $500, our goal is provide you the owner with a scope of work and a quote within 5 days or less. Most owners reply to the quote within 24 hours with either questions or approvals.
After approval, we schedule the work to be completed as quickly as possible. A work order will be created and the final quote along with pictures will be uploaded to your owner portal when the work is complete. For jobs under $3000, we inspect the job after the contractor has told us that he has completed the work.
For jobs over $3,000, we inspect the job 1-2 times during the rehab to ensure the contractors are following our scope of work and that the quality of work meets our standards.
After a job is complete, our Final Inspection Supervisor inspects the house, compares the work completed to what was scoped and then provides the contractor with a punch list to complete. While at the house inspecting the property, the Final Inspection Supervisor takes Marketing Pictures to update our system.
Once pictures are taken and the system is updated, our Marketing person uploads the pictures to the website and places the house for rent on dozen of the top real estate websites like Zillow, Truilia, Craigslist, Hotpads etc.
Agents have the applicant fill out an application online and if approved they show the house.
All Applications received go through a vigorous screening process including a Background check, a credit check, criminal history, rental history and job history. Each applicants budget is reviewed to determine their debt to income ratio (DTI). The DTI ratio is used to determine if the property is within their budget and the statistical likelihood of them failing to pay rent or paying late.
If Approved, the Applicant is notified immediately and requested to come the the office to sign lease and pay their deposit and 1st months rent. They are notified that the property is still on the market until their lease is signed and money received.
More About the Legal Process
Once it is determined that a tenant is to be evicted they are served a “3 Day Notice to Pay Rent or Quit.” If the tenant fails to bring their account to a zero balance within the 3 days, a formal “Expedited Eviction Claim,”and “Small Claims” case is filed with the court, an eviction court date is set, typically 10-14 days from the date of filing, and the tenant is served for both claims.
At Eviction Court, if the tenant appears, My Management Company will present the evidence of non-payment to the Judge on your behalf. Upon completion of the case a judgment will be entered for the amount of the filing and service fees as well as an order for restitution of the premises. At that time the tenant is no longer allowed on the property. You do not receive a judgment for the entire amount of past due rent. That action takes place in small claims court on another date. If the tenant does not appear at Court, My Management Company simply petitions for a default judgment and possession of the property. That is immediately granted by the Judge.
For better or worse, most of the requirements as to service and court dates are set by Court rules or by the governing statute. We attempt to expedite the process by processing and filing the evictions the day they are received. Additionally, we file the evictions and small claims online which allows them to be processed more quickly.
If the tenant files bankruptcy, the eviction process is exactly the same as stated in the “More About the Legal Process” section of this document.
Please view About Us page to learn more about My Management Company and how we can help you.