Answers to your common questions
If Sandpoint Property management Inc. manages my investment will it save me money?
Yes. In most cases we have found that our fees are more than offset by our ability to obtain higher rents, less delinquency, and faster turnaround of vacating tenants. We also maintain a pool of qualified repair contractors who offer us the best price available due to the large volume of business we can offer them.
Do I lose control of my property once you start to manage it?
No. We work for you and you set the parameters not defined by law. Our goal is to help you reach your investment goals.
Do you manage only residential property?
No. We are specialists in the management of residential and commercial properties. Our portfolio contains single family, duplex, tri and 4-plex and small multifamily properties not requiring a resident manager. We also manage commercial office & medical buildings, mini-storage units and warehouse space.
Do you charge the tenant a security deposit? What about a pet fee?
Yes. Our standard policy is that the security deposit is 100% of one month's rent. Pets are not allowed without owner permission. When pets are permitted, an additional Refundable Pet Security Deposit of $250 per animal is required prior to the pet being on the property.
What happens to the tenant's security deposit? Do you send it to me?
Yes, per our management agreement, the owner holds the security deposit. At move out, we complete a thorough digital inspection and document the condition of the property. After comparison of the property condition report prior to move in and move out we will prepare a security deposit disposition. 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 tenant within 30 days of move out, based on the lease agreement.
The new legislation is confusing. Do you keep up with all the changing rules and regulations?
Yes. We are members of the National Association of Residential Property Managers (NARPM), The Institute of Real Estate Management, Certified Community Associate Managers. These organizations are constantly monitoring industry changes and legislation.
Do you insure my property when you manage it?
No. You maintain your own insurance coverage. We request to be listed as an additional insured on your insurance policy. We will gladly offer a recommendation of insurance companies interested in writing insurance on your property.
Will I know what is going on with my property?
Yes. We will communicate with you to discuss repairs, move out notices, and routine maintenance. Plus, throughout the contract, we will keep you aware of other issues that may arise.
Do you qualify all applicants that want to rent my property?
Yes. Our application is designed to generate complete information from each prospective tenant. We process all applications and verify information on each application. In general, an applicant must have good rental history (not from friends or relatives), have three (3) times the rent rate in verifiable household income, and possess an acceptable credit history.
Will you help me find a qualified tenant without having me sign a full management contract?
Yes. Many Owners have the time and ability to manage the day-to-day operation of their rental property but lack the resources to attract and screen qualified tenants. We will assess and market the property, screen the tenant, sign the lease, document the move in, collect security deposit and the first month's rent, or select items mentioned above, and then we will step aside and allow daily management by you. Our nominal fee for this is equal to one month's rent.
Do you advertise vacancies?
Yes. We start marketing the vacancy as soon as we receive notice from the tenant of their intention to move. We install a sign on the property to attract drive-by traffic, as well as, we advertise the property on various internet sites. We also receive referrals from current and former tenants and owners and from other Realtors with whom we network.
Can I still use my favorite plumber, AC Company or handyman?
Yes. We will gladly 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 and respond in a timely manner.
Do you handle problems late at night?
Yes. Tenants are given our emergency on-call number for those unforeseen emergencies. We will talk with the tenant to determine the nature of the emergency and decide on the most effective course of action. Many times we can solve the problem over the phone.
Do you pay the bills for me?
Yes. We will gladly pay expenses and repairs for you. There must, of course, be a sufficient reserve and if necessary sufficient cash flow from the property to cover such expenses. In some circumstances we will ask for a payment to be sent prior to beginning a repair or upgrade.
Do you mail my monthly statement and check as soon as the tenant pays the rent?
No. Even though rents are due on the 1st, many times tenants pay late. To allow all tenants' rent payments to clear the bank and process any property expenses, owners' monthly statements and checks are mailed or direct deposited on or around the 25th of each month.
Are your management fees competitive?
Yes. The old saying, "You get what you pay for," is always true. There are other companies that charge less than we do, as well as there are other companies that charge more. Our full service management fees for residential properties are typically 10% of the gross collected rent each month. All repairs, routine maintenance and advertising costs are owner expenses. We feel we offer a very comprehensive service package and our rates are very competitive.