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Will you be able to create more cash flow for my investment?
Yes. In most cases we have found that our fees are more than offset by our ability to obtain higher rents, less delinquency, lower vacancy rates, lower repair costs, and a faster turn around of vacating units. In short, your cash flow will be better than if you try to manage all of the day-to-day burdens yourself. The Owner can also usually write off these management expenses and get a schedule E tax deduction for these services. Our services help to PROTECT your investment, ENHANCE your cash flow, and SAVE your valuable time. You will be better off with Professional Property Management.
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Do I lose control of my property once you start to manage it?
Of course not. We work for you and with you throughout the entire process of managing your property. It is up to you on how involved you want to be.
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What type of properties do you manage?
We are specialists in the management of all aspects of commercial and single family residential properties.
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Do you use a separate trust account for each property?
We have separate trust accounts for each property we manage. You will get peace of mind knowing that our bank reconciliation page within the financial report matches 100% to the bank statement.
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How much do you charge the tenant for a security deposit? What about a pet fee?
Our policy is that the security deposit is typically one month's rent for both residential and commercial. However, if a commercial tenants credit history is not up to par additional deposits could be required.
Pets are allowed only with your permission. When pets are allowed, an additional pet fee of typically $500 is required for each cat, dog or other animal. Any damage above and beyond the pet deposit remain the tenants responsibility. The pet deposit is used to offset the costs of a mandatory steam cleaning that is done on your carpet after the Residents vacate.
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What happens to the tenant's security deposit? Do you send it to me?
We hold security deposits in your trust account during the tenancy, and credit interest to the tenant at move-out. The move out checklist documents the condition of your property at Lease termination. Any damage expenses beyond normal wear are deducted from the security deposit along with any other money owned by the tenant. The balance is returned to the residential tenant within 21 days of move out and 30 days for commercial tenants.
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Do you insure my property when you manage it?
You maintain your own personal Property insurance coverage. We recommend that you obtain loss of use coverage in the event the home is damaged and becomes uninhabitable while being repaired or rebuilt in the event of damage. This will protect you from lost rental income. You should also insure personal property not part of the dwelling (refrigerator, washer, dryer, etc.), and should also obtain, at a minimum, a $500K umbrella liability coverage in the event of physical injury on your property while the home is rented. We require that we are named as an additional insured under your rental property policy. You should also check to see that you have coverage during extended vacancies as some rental insurance policies only cover 60 day vacancies. Contact your insurance professional for more information on rental property coverage to ensure that you are fully covered for all of the risks and issues facing rental property owners. We will gladly recommend insurance companies interested in writing insurance on your property. We stipulate in our Lease that the Tenant is required to obtain renters insurance to cover only their possessions in the event of damage.
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Will I know what is going on with my property?
We will communicate with you throughout our contract. We will contact you at reasonable times to discuss repairs and notify you of any tenant requests to vacate. Plus, throughout the contract, we will keep you aware of other issues that may arise. We summarize all activities occurring with your rental property each month. Ultimately it is up to you on how much you want to be involved.
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Do you inspect the property during the tenancy?
During residential tenancies, we will perform periodic irregular external property surveys (drive-bys) to identify exterior tenant damage other lease violations. We may also schedule an interior inspection/survey of the property if there is cause to believe that their may be tenant damage occurring inside the home (i.e. visible exterior damage, neighbor or Association noise or other complaints, late rent, or lease violations, etc.).
For commercial properties, we will perform weekly property inspections to identify any issues with the property. We also have regular communication with the tenants to make sure all property needs are being met.
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Do you qualify all applicants that want to rent my property?
Our application is designed to generate complete information from each prospective tenant. We process all applications and verify criminal background, rental history, employment history and income verification, and credit history. We have specific HYPERLINK "http://www.33rdcompany.com/Documents/Guidlines.pdf" \t "_new" Guidelines for tenant screening that are consistently and fairly applied to all applicants. In general, an applicant must have good rental history (not from friends or relatives), have 2.5 times the rent rate in verifiable household income, possess an acceptable credit history, and have no criminal background to qualify.
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Do you guarantee the tenants that you place in my rental property?
We do everything legally possible to thoroughly screen each applicant to make sure that they will be good, responsible tenants. We also closely manage properties during tenancy including periodic exterior property inspections, sending regular maintenance reminders, and providing quick follow-up on delinquencies. However, it is impossible to guarantee that at some point there may not be a problem. Things change in people's lives. Their business may be suffering, they may lose their job, get a divorce, or have a death in the family. If there is a problem, we stay on top of it to make sure that any issues are handled quickly and effectively to preserve your cash flow.
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Do you advertise vacancies?
For residential properties we start marketing the vacancy as soon as we receive notice from the tenant of their intention to move. We know where to advertise most effectively to find the best tenants, quickly. We will produce better prospects sooner, and will minimize vacancies, which is likely your biggest expense. We know the rent values, vacancy factors, and time on the market in your area. We will sometimes place a sign on the property if allowed. We then advertise in the local community and web-based resources. For residential properties advertising costs are part of our management fee.
A separate leasing agreement is needed for commercial properties. If one is in place then we will start marketing the vacancy as soon as we receive notice from the tenant that they are vacating the premises. We work with a network of real estate professionals in order to maximize the probability of filling the vacancy.
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Do you handle problems after hours?
Both residential and commercial tenants are given our number when they move in and in the case of an emergency they are directed to call us 24/7. We will talk with the tenant to determine how best to proceed. Many times we can solve minor problem over the phone, and initiate a scheduled non-emergency repair.
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Can I still use my maintenance company or contractor?
We will be happy to contact the companies or individual's you specify as long as they are actually licensed, insured and in the business of performing the required work. Owner preferred vendors must be communicated to us prior to any maintenance or repair event and all vendors must complete a vendor application packet, and provide license and insurance information before we will use them for any work.
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When do I get my monthly financial statement and owner draw?
To ensure that all tenants' rent payments and paid bills clear the bank, owners' monthly statements are typically completed and emailed by the 10th of each month, or next business day if this date falls on a weekend or holiday. ACH/EFT distributions to owners are subsequently posted typically on the 5th of each month, or next business day. We will perform an ACH direct deposit into your bank account with the proceeds from your rental payment, less maintenance, repair, and management fees. As required by Internal Revenue Service regulations, we will prepare and submit a 1099-MISC form showing the total gross rent income that we collected on your behalf during the year. We also summarize all of your annual repair, improvement, cleaning, and other rental costs as required so you can quickly and easily file your tax return.
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Who do I contact if I have a question on my monthly statement?
Please contact our controller via email info@m2mproperties.net or via phone (916) 721-9525 or your individual property manager.
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Are your management fees competitive?
Our Full Service Management fees for residential properties are 7.00% of the gross collected receipts each month, and 40% of the first months rent for new Leases. We do not charge set-up fees, or fees for lease renewals with existing tenants. We feel we offer some of the lowest fees and the best service available in the Sacramento area. We do not charge a management fee while your property is vacant.
Our management fees for commercial properties are negotiable and depends on the type of service requested. Please inquire within for further information.
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Does your management agreement give you exclusive right to sell my property?
We can sell your property if you would like us to, but it is not a requirement of our management contract. We will provide facilitation services for you and your tenant in the event that an agreement to buy the property is arranged by us. We charge a nominal sales commission for arranging this type of sale.
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Are you properly licensed?
Our Property Managers and Real Estate Agents are licensed by the California Department of Real Estate.
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Can you start managing my properties today?
We can start the process immediately. Contact us today to set up a no obligation consultation to discuss your property in detail.
If you have a question that was not answered here or require further information about our services, please feel free to contact us at (916) 721-9525 or by e-mail at: info@m2mproperties.net and we will gladly respond within 24 hours.
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I have insurance through my HOA, why do I need a separate policy?
The HOA’s insurance covers items in your associations documents (Roof, exterior walls etc.) Each HOA is different with what it covers. A private Home Owner’s policy covers the interior contents of the property (cabinets, appliances etc.). A Landlord policy covers owners for many different issues including liability issues. The same goes for commercial properties as well.
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How does M2M Properties handle repairs to my property?
M2M Properties is also a general contractor (M2M Construction) and can handle most maintenance and construction. By being able to do most if not all maintenance and repairs in house M2M can save you money. Some services are outsourced to other vendors such as plumbing and cleaning. When you sign on with M2M Properties, your manager will discuss your specific maintenance needs and instructions.
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What is a reserve? How is it funded and what is it used for?
Your account reserve is an amount of money that is held in M2M Properties trust account for issues that might arise on your property. The reserve account is typically funded by the initial owner funding or first payment made by the tenant. The reserve is kept so that owners don’t have to send emergency money to fund repairs or other issues on their property.
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How do you determine what my property should rent for?
M2M Properties initially inspects your property to evaluate how much you property should rent for and what needs to be done to get the desired rent. We have leasing experience in Sacramento and most surrounding areas.
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I am interested in selling my house can Utopia Management help me with the sale?
M2M Properties is a full service Real Estate company and can help will the valuation and sale of your property as well as property management.
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Can you help refinance my property?
Unfortunately we cannot help you with your refinance. We can however recommend a number of mortgage companies to help you through the process.
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How long will it take my manager to call me back?
All calls are returned within 24 hours or by the next business day.
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What documentation will I need to provide my manager?
If your property is located in a HOA, you will need to provide copies of the Rules and Regulations, a blank tenant registration form (if tenants are required to register.) The names of your HOA Manager, Management Company and telephone number. If you have and vendors that work at the property we will need a list of any and all contractual service items and/or vendors, including their representatives names and telephone numbers (e.g. insurance, mortgage info, waste service provider, landscaper, pest control service contractor, Home Warranty or appliance warranty provider (s) etc.) If your property is currently rented we will need a copy of all current rental agreements as well as any other relevant and pertinent documentation such as credit applications, correspondence, notices sent to tenants etc. |
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