What reports will I receive and how often?
We send out monthly statements to owners via email or mail, which includes a monthly and year-to-date Cash Flow Statement, updated Balance Sheets, updated Rent Roll if multi-family, and written summary of activity for the month. Additional reports are also available at your request
Who collects the rent?
We collect rent from your tenants on your behalf, deposit the funds in your designated Operating Account, and use these funds to manage the property. Additionally, we bill and collect all additional fees from your tenants on your behalf (including security deposits, late payment fees, rental increases, etc.)
What happens to the tenant’s security deposit?
Security deposits are placed into a separate Escrow Account where they remain until the tenant moves out. Deposits are refunded to the tenant within 14 days of the end of their tenancy less any damage noted on their Move Out Report, as required by California State Law.
What happens if a tenant doesn’t pay rent?
We will take all necessary actions per the terms of your lease and California State Law to collect funds on your behalf. This includes charging any additional fees to tenant’s account, issuing written 3-day and 10-day Notices to comply with and coordinate the eviction process for you, if needed. If former tenants leave with a balance owing on their account, we also take action to collect the outstanding balance. If the account is overdue by 90 days, we send the former tenant to collections.
When will I receive disbursement checks?
Disbursement checks are issued to owners at the end of the month along with the monthly reports.
Who pays the monthly bills?
We will pay all monthly bills from the designated Operating Account using the rent checks received at the beginning of the month.
How often is my property inspected?
Each home is thoroughly inspected upon tenant move-ins and tenant move-outs. Additionally, our agents will visit your property monthly (at a minimum) to inspect general exterior and interior common area maintenance. Thorough annual inspections are done in each home to ensure tenants are reporting all necessary maintenance issues and properly maintaining their home per the terms of their lease. Monthly written Status Inspection Reports are provided along with the monthly reports per our management contracts.
Am I informed of all repairs you make on my property?
Our standard management agreements include emergency service consent as well as authorization for non-emergency repairs up to a pre-set dollar amount agreed upon at contract signing. For non-emergency repairs estimated to exceed the pre-set threshold, no work is initiated without your approval. At the end of the month, a written summary of repairs is sent to you along with any recommendations for repairs needing your approval.
What happens if there is an emergency?
Tenants have access to our 24-hour maintenance pager number in case of an emergency after hours. Emergencies are taken care of immediately. You are notified of the incident and the action taken by Elite Real Estate Management on your behalf.