Owner’s FAQ

SERVICES & FEES:

 

1. What types of fees do you charge?
Lease up is one month rent. Property management is $99 per month

 

2. Do you handle tenant placement, maintenance requests and taxes?
Yes,but for clarification at the end of the year we send you a statement for the whole year and a 1099 (we do not pay taxes)

 

3. When and how will the property manager be paid?
Out of the property management account once a month you will see the payment on your monthly owner statement

 

4. When and how will I receive my money? What specific day of the month will I be paid? By direct deposit or by check?
We deposit direct into your bank between the 10th and the 15th of the month.

 

5. Where do you keep tenants’ security deposits? How much of a security deposit do you require?
We keep them in a trust account at US Bank. Security deposits are equal to one months rent

 

6. What are your practices for returning security deposits? What do you consider to be damages and what is the corresponding amount they would keep?
Our practices are based on the Landlord Tenant act. Damages are things that are not normal wear and tear.  Landlords should not consider security deposits a potential source of income, and tenants need to adhere to the lease agreement including the condition of the property upon move out in order to get their security deposit back.

 

7. Will I receive monthly income and expense reports?
Yes online

 

8. Is your $99/month fee applicable for the entire multi unit property or would it be $99/unit/month?
Cost for property management would be $99 per door or 8% of total rent, whichever is less.

 

9. Do you have a list of the cost of the individual Al a Carte items?
A La Carte is generally only used for clients who only need: Screening, lease sign and move-in inspection. We charge $750 for this package.

 

10. Do you do a free consultation for the property before signing a management agreement with your company?
All consultations are free, and usually done over the phone or via email. We normally don’t drive to properties until we have a contract signed.

 

MAINTENANCE:

 

1. Do you perform preventative maintenance/property inspections? What kind and how often?
Since our property management is such a bargain, we conduct inspections upon the owners request at $99 per inspection. 

 

2. What is your standard practice for dealing with maintenance issues? Is there a certain amount of money I must provide up front to put into a maintenance/repair fund? Will you call me for all maintenance requests? Will you only call for maintenance requests over a certain amount?
We hold $300 for reserves for emergencies and any maintenance item over $300 will be approved by you first.

 

3. Do you provide an itemized list of all expenses?
Yes

 

4. Do you have free range to make repairs in the event of an emergency? What constitutes an emergency? 
In almost every case we can discuss the emergency with the owner prior to repairs. Emergencies are things like hot water tanks going out, flooding, sewer back ups, electrical issues that are close to starting fires (we want to keep damage to your property to a minimum) If the owner is unavailable at the repair required is needed to be in compliance with the Landlord Tenant act we will proceed with the repair ie no water.

 

5. How long does it take you to respond to tenant complaints/repair requests?
We have an online system and try to contact the tenant within 24 hours unless it is an emergency.

 

6. What types of resources do you have in terms of contractors or other repairmen? Are they on call to handle emergencies? Do you rely solely on this group or do you get other estimates as well?
We have a list of vendors and are adding to it all  the time. We also have some properties where the owners have vendors they want to use, it is flexible.

 

7. What is your up charge for buying materials for repairs? (ie: air filters, replacement toilet handles, etc).
We gets bids from vendors for work needed. Materials are part of the bid.

 

8. When a tenant moves out, how many bids do you usually get before rent readying a unit?
We don’t get bids. We expect tenant to leave unit as they found it (rent ready). If they don’t, we get our vendors to do the needed work to get it rent ready and take the cost out of tenant’s deposit.

 

9. Are all of the contractors that you use licensed and bonded?
All of our vendors are licensed and bonded.

 

EXPERIENCE:

 

1. How long have you been a property manager/management company?
Kass the owner has been leasing for 8 years, I have been in property management since 1990, ZadPad became it’s own separate Real Estate firm (we list and sell homes as well) almost 3 years ago.

 

2. What types of properties have you managed?
Everything from single family to multi family

 

3. Have you had experience dealing with single families?
We have over 300 single family homes we manage

 

4. How many properties are you currently managing?
300+

 

5. Do you have the time and resources to successfully add my property to your workload?
We add 10-15 properties a month.  We are very tech friendly and can perform at higher levels than other property management companies

 

6. Do you have your real estate broker’s or property management license?
Yes we are a real estate office licensed with the State of Washington

 

7. Do you have any type of certification?
NARPM and Women Owned Business

 

8. Do you understand the city, state and federal laws for property management and dealing with tenants?
Yes

 

9. Do you understand fair housing laws?
Yes

 

10. Do you know how to properly evict a tenant?
Yes

 

11. Do you know the safety codes for my type of property? like how many smoke detectors are needed? Do they have to be wired?
Yes we know requirements and you need Carbon monoxide detectors as well, they can be battery operated

 

12. Do you know the proper way to collect and store security deposits?
Yes

 

13. Do you know what to include in a pet policy and the list of dangerous dog breeds?
We let owners make the decision on pets, some insurance policies will not allow certain breeds

 

14. Do you know how to terminate a lease?
Yes

 

15. How long does it take you to fill a vacancy?
Depends on the property most are less than 30 days

 

16. Are you available to show the home 7 days a week? At what times? Where do you advertise to find tenants?
We have the ability to show 24/7 (we are innovative)  We advertise on several websites and Craigslist all done electronically through our software

 

17. What is the average length of tenancy?
Depends on the property a majority of tenants renew

 

18. How many tenants have you evicted over the past year?
4

 

19. What is your process for screening tenants?
Full credit, criminal, employment and landlord background checks

 

20. How do you set the right rent for the property? How many comparable properties do you look at? How often do you adjust rent?
We have an exclusive software program that analyzes the rent for a particular property. Leases are for one year each year we re-analyze the rent rate and give the owners a choice in raising the rents

 

21. How do you collect rent each month?
90% of Tenants pay online, the rest send their payments to us, a couple use our service that allows them to pay rent at 7-11.

 

22. Do you allow tenants to use direct deposit?
No they can pay online.

 

23. Do you only accept money orders or certified checks?
For first months rent and security deposits

 

24. Is there a set day each month?
Due on the 4th late on the 5th

 

25. Is there a grace period? Do you enforce late fees?
Yes

 

26. What are IDX Listings?
IDX stands for Internet Data Exchange. It is how the MLS (Multiple Listing Service) integrates with agents websites so that we can have clients search listings on our site.

 

27. How often will the property management company inspect my property outside/inside? How will you keep up with general maintenance such as changing out air filters, lawn maintenance, etc?
We do not drive or inspect properties unless requested by owner. We charge $99 for a periodic inspection. An owner can do a periodic inspection as often as they wish (within reason). We can assign a vendor to do lawn maintenance for the tri-plex, and RentLucky can pay the landscaper’s bill each month. Regarding general maintenance, RentLucky has seasonal ‘packages’ we can offer to owners to handle things like gutter cleaning, furnace filters, winterizing, etc. We would have to get our maintenance supervisor to quote a bid for these items for your specific property.

 

MANAGEMENT:

 

1. Is it possible to get help with renting my property without meeting in-person?
No in-person meeting is required, as long as we have contracts signed and we have all the information we need from you.

 

2. What is the leasing package and how much does it cost?
The services provided by the leasing package is finding the right tenant for your property. The cost of the service is one month’s rent.

 

3. What is the $99 P. M. package and how much does it cost?
The services provided by the $99 P. M. package is the management of your property. The cost of the service is $99 per month starting after the tenant moves in.

 

4. Are there any hidden fees?
No other fees. We do hold back $300 for a small escrow fund for to keep on-hand for maintenance, if needed. This is still your money, but we hold it in a special account for maintenance.

 

5. When will you begin marketing my property?
We find that marketing a property about 30 days before it is available is the best formula. If you market too soon before the vacancy, we find it is counter-productive.

 

6. Would you need access to the unit before the tenant moves out to take pictures or measurements or for any reason?
If you already have photos, you can send them to us to use for marketing. Otherwise, I can make arrangements with tenant to get photos, if needed. Also, we would need to make arrangements with the tenant for showings, obviously. We don’t need measurements.

 

7. Would you inspect the unit and recommend a list of repairs and contract the work?
We can make a list of items that need attention, but we do not do ‘make-ready.’ We can recommend vendors, if needed, but you would have to be in direct contact with the vendor. You can normally pay with a credit card for most vendors.

 

8. Will you get our property rent-ready for us?
RentLucky will do all marketing, showings, phone calls, emails, screening, move-in, etc. We do not make properties rent-ready. Getting the homes rent ready initially is the responsibility of the owner.

 

However, once we are managing your property and it comes time for a tenant to move out, we will handle all the turn-over details. We make sure the prior tenant leaves your property in the same condition as it was at move-in (clean, carpets professionally cleaned, etc.). If tenant has NOT left home in same condition as it was at move-in, RentLucky will complete the items needed and charge tenant according to Washington State law.

 

9. Is there a routine inspection of the unit? Just to check to see if there are any problems with the unit that need repairs and the tenant hasn’t reported or major damages caused.
We can do this anytime you want, with proper notice to the tenants. The fee is only $99.

 

10. How are evictions handled? If a tenant refuses to vacate or pay rent or property damages?
If eviction is needed, we turn the process over to an attorney who specialized in evictions. Evictions are extremely rare. The company we use is called Landlord Solutions.

 

11. How are repairs handled and billed?
Anything under $300 we handle for you with one of our trusted vendors. If over $300, we get owner approval before starting work. The charges are normally taken out of the rent.

 

12. How will the fees be billed and rent payed to us? Will we receive the rent and billed the same month it’s due or the following month?
We send owner’s statements and pay owners each month between the 10th and 15th of the month (the same month). We deposit a physical check directly into your bank account. You will need to have a local bank.

 

13. What is your termination clause?
You can cancel with RentLucky anytime after 90 days with 30 days notice with no termination fee. If you cancel within 90 days, there is a $500 termination fee.

 

14. The non-payment of rent notice I served on the tenant has expired. The tenant is now trying to pay the rent, but I do not want to accept payment and would like to return it. How can I return their payment?
You can return the tenant’s payment by personal delivery or sending it by regular mail. You are not required to send it by certified mail. It is important to return the payment as soon as possible.

 

15. I have an ongoing unlawful detainer against one of my tenant’s but he/she is continuing to create a disturbance at the property. Is there any way that the unlawful detainer can be expedited?
Unfortunately, no. However, a restraining order may be available in extreme cases. If the tenant is engaging in a serious or criminal disturbance, call the police.

 

16. My tenant was just evicted and the majority of his/her items are still in the unit. Do I need to give him/her another notice to retrieve their belongings?
If you went through the court eviction process and the Sheriff conducted a lockout, the Sheriff would have notified your tenant of their rights to their personal property.

 

17. One of my tenants attempted to tape record our conversation explaining that they have a right to do this for legal purposes. Is that true?
Your tenant has no legal right to tape record you without your express consent in places that you have an expectation of privacy, such as your business office. Further, surreptitious tape recording – tape recordings without your knowledge – is a misdemeanor under California state law. Contact your attorney if you learn that you have been surreptitiously recorded.

 

18. How do you guys handle tenant damages, ie: tenant clogs the toilet, will you be passing the cost to the tenant for the damage? Or will that cost come back to the landlord?
Generally, cost for all maintenance/repairs is paid for by owner, unless we have evidence of an issue that is due to tenant’s mis-use or abuse. In the case of clogged drains or toilets, per the lease, this cost gets passed on to tenants. There are exceptions to this. For example, if the plumber goes to clear the drain and it’s full of debris that had nothing to do with tenant.

 

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Rent Lucky

Call RentLucky Today

206.414.7203

RentLucky
202 S 348th St Suite #1 Federal Way, WA 98003
Phone: (206) 414-7203