How Do You Market My Property?
- The property is immediately added to the list of available rentals on our web site, and simultaneously entered into our cloud based property management system, which posts it on Trulia, Zillow, Craigslist, ForRent.com and scores of other internet listing sites. Cash Cow also uses the Intermountain MLS, and offers cooperating brokers 30% of the first month’s rent as commission or a signed, one year lease. A sign is placed on the property, and marketing photos are taken within 48 hours.
How Do You Determine The Rent?
- The competitive market determines the rental amount. If a property is priced too high, it will be vacant much longer, and over the long term will actually generate a lower return than a more effectively priced rental that has a very low vacancy rate. We recommend that when possible, property owners go online and familiarize themselves with local rental listings of similar properties, so they will have an idea of where the price points are in their area.
How Long Will It Take To Rent My Property?
- Vacancy periods are market driven, and there is also some luck involved in the right person looking at the right time. Because of the recent economic downturn, the current market is under built and vacancy rates are low, so units are renting fairly quickly. Properties do rent more slowly between Thanksgiving and New Years, and location and price can also impact the vacancy periods for rental property.
What Needs To Be Done To Prepare A Property For Rent?
- The property should be in the best possible condition to attract a quality resident, in other words, “Dress for the job you want”—or tenant, in this case. Paint should be new or in good shape with no marred or dirty areas. Neutral colors for walls and floors are best, and blinds or shades are ideal window coverings. The property should be sparkling clean, and the yard in excellent shape.
How Do You Screen Prospective Tenants?
- All applicants are required to provide proof of employment, a current credit report and undergo a criminal background check. We also call former landlords to verify the applicants’ rental history.
Is The First And Last Month’s Rent, As Well As A Security Deposit, Collected Up Front?
- If a resident has good credit, it is common practice to collect the first month’s rent and a security deposit up front. A security deposit can be used to cover any owner costs, while a last month’s rent can only be used for rent, plus it limits the number of prospective tenants if too much ‘up front’ money is required. All of Cash Cow’s Security deposits are held in a separate trust account.
What Happens If The Rent Is Late?
- The rent is due on the first of each month and late after the fifth. If the rent is not paid by the 7th, we take the first step in the eviction process and send out a 3-day notice to pay rent or vacate. If the resident has not paid by the 10th of the month, the owner is notified and eviction papers are filed at the courthouse. Most evictions are the result of loss of employment, and in selected cases where the tenant has a good rental history, we endeavor to come up with a ‘work out’ plan, beneficial to all parties. When eviction is unavoidable, we use an attorney to ensure that there are no liability issues.
When Are Monthly Funds Distributed?
- The payments to owners along with statements are processed on the 15th, and mailed on the 16th of the month. This allows time for the rent payments to clear, and to process any repair invoices that need to be included in the owner statements.
What Are the Policies Regarding Pets?
- Statistics indicate that 75% of renters own pets, so restricting pets reduces the number of available qualified residents. Pets are personally screened, and pet references checked out. In general, a well-behaved cat or dog causes less wear and tear on a home and yard than a young child. Our recommendation is a pet that weighs less than 45 lbs., with a $250 non-refundable pet fee.
What Are Your Policies Regarding Smokers?
- It is common to restrict smoking inside the property. This does not significantly reduce the marketability of the property.
Is It Possible To Refuse To Rent To Families With Children?
- In federal, state, and local Fair Housing Regulations, children are covered by the protective class of “Familial Status”. It is unlawful to discriminate against children in any way, and all of Cash Cow Property Management’s associates are required to undergo FHA approved training in the Federal Fair Housing Laws.
What Is The Length Of The Lease?
- We require all of our rental agreements to be for one year. At the end of the lease term, the owner can decide whether to renew with the resident (if the resident wishes to remain), vacate the resident, or allow the resident to remain month-to-month in order to possibly market the property for sale. If the market has changed the owner can also raise the rent at lease end.
How Are Repairs Handled?
- The property manager is responsible for approving all maintenance requests. It is our policy to notify owners of all maintenance requests, and if funds are available, the expense will be deducted from the next month’s accounting statement. If funds are not available, the property manager will contact the owner for payment arrangements. Sometimes a request falls into the category of a maintenance emergency. Emergencies are required by law, to be handled immediately, and the owner is notified at the first possible opportunity.
What Happens If The Resident Leaves Before The End Of The Lease?
- The resident is responsible for the rent for the entire term of the lease, or until the property is re-rented, whichever happens sooner. If residents leave before the termination, date they will forfeit their security deposit, and owe one additional month’s rent as a lease break fee. In the event of a tenant vacating early, without notice, Cash Cow will do everything possible to re-rent the property, and the owner is not charged any fees for advertising or re-leasing the property.
How Is The Owner Protected If The Resident Damages The Property?
- A refundable security deposit taken at move-in is usually sufficient to handle the minor damage caused by residents. Residents with excellent credit and references seldom cause significant damage. If the resident leaves the property owing money for rent and/or damages they will be billed. If they do not pay, we will file a civil suit and obtain a judgment against the resident. The judgment can either be turned over to an attorney or a collection agency. A judgment remains on the person’s records for up to 10 years in Idaho, or until satisfied.