Frequenty Asked Questions - Chico Property Owners
As part of the transition to Appfolio we are working on updating specific information on this page.
For assistance with Appfolio they provide a generous help page via your owner login.
Over the years we have collected all the questions we get asked, over and over, and put them here, so you can read at your own leisure.
Owner Help & Support
Login to your owner portal and go to the reports section, there is a "Rent Paid" report. Expand this section for detailed instructions.
Read below, or Click here to generate your Rent Paid report.
1. Login and Click Reports
2. Click Rent Paid
3. Change the date range to say "Current Month" or another date range if you'd like.
4. Open PDF report in your browser or Adobe Acrobat.
It will generate a PDF report with a breakdown of who paid and what their balance was prior. If the balance due is zero, that means they are paid up, if it's negative that means they paid in advance (have a credit). In some cases tenants pay in advance at the end of the month, for the upcoming month, which in this case would give them a rental credit on this report.
1. Log in to Buildium. Instructions here.
2. Go to the Reports menu in the upper right.
3. Click the Rent paid link under Rental reports.
4. Under Date range, select Current Month.
5. Click Download report at the bottom of the form.
Great question. Your disbursement is your budgeted monthly draw (cashflow), so expect that each month.
The easiest way to think of it is that the net income (on the financials tab) is the amount that is added (or removed) from your pool of funds in a month, and the dispursement/draw is the amount that is removed from the pool of funds that month. Some months (good ones) you'll net more than your draw, and others you'll net less. But you can expect the same draw each month. Down the road, if you end up with extra money, we can adjust your budget, or send a lump sum.
If you generate a rental owner statement under the reports, it will give you a better breakdown than the financials tab.
All invoices are available in real time to view in the portal.
Prospective Owners/Investors
We hope these aren't your first two questions. The contract is for 1 year, which renews each year after. And yes you can cancel, in some cases, with just 60 days notice. We'd be happy to discuss these details with you.
Once you turn in your start up documents, we go to work. Learn more about what to expect once you start service.
We do it all! After you have terminated your contract with your existing manager, you will have a transfer date (the date they stop managing the property). If you request you might be able to terminate your contract immediately by paying 1 month of management fees.
Before the transfer date, we'll setup your files, and send a request for documents from your manager. They will prepare these documents (leases, keys etc) and on the date of transfer will be will arrange to pickup. At this time will will be able to update your portal with leases, dates and tenant information. Learn more about what to expect once you start service.
We have in the past, but we no longer do. We found that while locating tenants, signing leases and moving them in, that we built a relationship. And it was hard on our tenants to suddenly deal with the owner after the first month.
In fact many tenants felt betrayed, frustrated and angry once they started dealing directly with the owner. Naturally, they'd call us to express their frustration. Let's just say, not all owners have the same sense of customer service that we do. So after much reflection, we have decided only to provide service that we can control, start to finish. This ensures thats everyone is happy. Our reputation is worth more than the fees we could generate doing lease-up only services. Plus it's expensive as an owner! Many companies charge 50% of the first month's rent. Ouch..
No! We feel strongly that it's our job to keep your places full. And if a place is empty, it's our job to fill it. So no there aren't any other fees charged by us when your property is turned over or vacant. You already don't have income, it would be downright mean-spirited to charge an extra fee.
Afterall, if we are doing our job, your place should be leased, and stay leased with a maximum of 15 days vacancy for many years to come!
No! We do not collect our fee until your home is leased! So, during the leasing process, we don't get paid unless you do! However, you will still be charged a flat $85/month minimum fee for any months vacant once your property is leased.
Once your place is leased, you'll see these charges show up (retroactive from your transfer date) Read more about our property management polices.
As much or as little as you want. Take for example maintenance decisions. Most owners place about $250 in their account to be used in case of minor repairs. They don't want to be notified every time a faucet leaks. However, if there is a more expensive repair, they do want to be contacted and involved in evaluating the bids and choosing the vendor.
We will work out an understanding with you about the degree to which you want to be involved in tenant selection, maintenance and repair issues, setting rental rates, etc. However most owners hire use because they don't want to bother with the day to day decisions.
We recommend leasing your property for 1 year at a time. However if we are leasing your property in any month besides May, June or July, we will recommend a slightly shorter lease. For example we aim to have all units turn over between the months of June, July and August.
These are historically the best months for filling vacancies and finding good tenants. So to make sure your property is on this cycle, we may recommend a 8 month lease or something else, so we can get your property back on the cycle. Another reasons to be on the cycle, is so that we can pre-lease your units. If we know your vacancy is coming, we will serve the tenants a stay or leave notice and find out their intentions. At this point we can start to fill your upcoming vacancy long before it's availble. We have found preleasing is the best way to avoid vacancy.
There are multiple factors that have to be taken into consideration to answer this question. Here are some general guidelines, however, keep in mind that amenities, pricing, and location are important factors in predicting success. It is important to know that the time required to rent a property is region specific with some areas renting relatively quick and others continuing to be a challenge.
It is important to know that the time required to rent a property is region specific with some areas renting relatively quick and others continuing to be a challenge. Several management companies are now advertising "no Deposit", "bad credit OK", lease option with no qualifying", "no rent payment for 30 days", etc. We believe that renting to an unqualified tenant is nearly always a big mistake and that you may pay dearly for that mistake in the very near future. We encourage high qualifying standards for tenants with the price set to rent the property within 30 days. Because of the uniqueness of each home, we will work up a rental market analysis for you at no charge.
IPM specializes in residential property management and leasing which includes single family homes, duplexes, quads, townhomes and condominiums. We also manage select apartment complexes and commercial properties.
The monthly rent will be determined by the owner and our broker. Together, we'll come up with the best strategy for cashflow, vacancy and profit.
Take a look at our Ready to Get Started page and you will see all the information we need from the owner.
A great property, in top notch condition with a good price is the best advertising. But to peak interest we utilize several FREE advertising avenues to market your home including internet ads, newspaper ads and a For Rent Sign on your property.
Zillow, Hotpads, ApartmentList, Trulie, Postlets, Craigslist, ChicoRentalListing.com, CSUCHousing.com are just a few.
Tenants
Very carefully. Getting good people in your property is the main success factor to having a profitable and rewarding experience. Qualified tenants are selected through our thorough application process. Employment and income are verified, prior landlords and personal references are contacted, and current credit reports are reviewed to determine the qualifications of each applicant.
We check backgrounds. We have large security deposits and application fees to limit the un-motivated applicants.
We drive by and do an exterior report on every property, throughout the year. In addition our maintenance crew and vendors inform us of anything needing repair. And lastly, we do our own annual maintenance inspection to make sure all looks good and is working.
Each tenant gets a statement prior to the start of a month showing how much is due. They automatically get a late fee and email on the 6th of each month. On the 10th we serve 3 day notices and start the evicition process. We have a zero tolerance policy, tenants should pay on time or they should live elsewhere. We also have most tenants setup with monthly automatic EFT debits, so we get your rent payment like clockwork. We have very little problems with late payments.
Maintenance
Most tenants report maintenance directly to our project management system via their portal. We send out a vendor, staff or techinician to fix the problem. You will be contacted if the repair estimate is over $250, or another specified authorization amount. If it's under this amount you will not be contacted. If it is you will be asked for approval with an explanation of the problem. We have a very thorough task and project system that tracks all open items, bids, and progress so no maintenance item goes unresolved. Tentants can also place maintenance requests online 24 hours a day and emergencies via telephone.
Well of course the owner does! But we do a great job getting jobs done for less, by bulk pricing, fast vendors and quality work. You may want to consider a home warranty if you are concerned with costs of repairs. Many times a home warranty will help mitigate some of your repair cost.
It is possible, we're happy to discuss any monthly expenses that need to be paid.
Yes, we are a hands-on company that likes to be proactive in keeping units in great condition. We schedule regular property inspection reports to pinpoint and address any areas that need attention. We also complete annual maintenance inspections, which verify that the interior and exterior of the units are well-kept.
Fees & Policies
Here are details on our property management fees
We have a thorough process for collecting information and setting up an account for you. You can find all documentation and forms on our Ready to Get Started page.