Real Estate & Property Management Agency in Orange and Los Angeles Counties

FAQ’S (FREQUENTLY ASKED QUESTIONS)

Is there a set up fee and if so, what is it for?

Yes, for each new property management account we charge a set up fee of $100 per unit. This fee helps to defray our costs in setting up your account’s physical files, directories and data files, taking digital photos of your property as well as setting your property up in our property management software to ensure that you will receive your itemized monthly statements.

What will you do to make sure that my property rents?
First, we will conduct a market survey of other properties similar to yours in the same general location, what they are renting for and, how many properties are on the market at this time. This will help us to give you good council as to what your asking price should be.

Next, once we have decided on the rental price, we will list your property on the local Board of Realtors Multiple Listing Service (MLS), place ads in local newspapers and post photos and information on our web site under the “Rentals” tab. All of these things to ensure that your property gets maximum exposure. Remember, we do not charge you a management fee UNTIL your property is rented. We are motivated to get it leased!

What if you do all these things and my property still doesn’t rent?

Typically, this is an indication that the rental price is too high for the market or that the market has changed. We will conduct a market survey again, to see what changes there may have been and revisit the rental price with you.

How long will it take to rent my property?

Every property is unique and the time to rent it will vary because of things like: the market, time of year, condition of your property and the asking price. The market is how many other similar properties are on the market for rent, how are we priced in relation to the other properties on the market. It boils down to competition. The condition of your property relates to how well the property shows to prospective tenants, if it is older and has not been updated or the paint is “tired”, then other properties on the market which are in better condition will have a more positive impact on a prospective tenant. Time of year can be a large factor, too. Traditionally, the time between November and January is very slow.

What happens when a tenant is late paying their rent?

We are very “fair but tough” in this area. Rents ore due on the 1st of each month and late of the 5th. If we have not received a full rent payment by the 6th of the month (this includes partial payments) a late fee of 5% will be charged and, most importantly, we will deliver a 3-Day Notice to Pay or Quit to the property THAT DAY and mail a copy of the same notice to the tenant via registered mail. If the delinquent account is not brought current by at the end of the three business day period, the account will be turned over to our attorneys to start eviction proceedings and the owner will be notified. A full eviction process takes 4 – 6 weeks and will cost around $500.

Will the late fee be added into my account?

The late fee is retained by AKSOY  Real Estate Services to defray the administrative costs of issuing and following up on the 3-day notices and contacting the attorney (if needed).

May I contact the tenants myself?

The general idea of using a property management company is to keep at arm’s length from your tenants and avoid getting involved personally. We have developed a good working relationship with the tenant and your personal involvement with the tenant could serve to undermine that relationship.

May I just stop by the property to check on it at any time?
The lease agreement which we have entered into with the tenant is a legal and binding contract. Under the terms of that lease, the tenant is entitled to the private use and enjoyment of the property and an un announced visit by the owner or property manager would violate that. The lease does provide for periodic inspections and if you would like to inspect your property, we will give the tenant the required 24 hour notice and a representative of  AKSOY R.E.S. will accompany you to inspect the property.

What do I need to do to get my property ready to rent?
The amount of work required to get your property ready to rent depends on the property and it’s history. When we meet to discuss our services, we can give you more specific input at that time. As a general rule, we recommend:
• The inside of the property be freshly painted (typically a neutral or off-white tone works best).
• Carpet should be professionally cleaned , as a minimum.
• All windows should have window coverings, at least one smoke alarm in the hallway outside of the bedrooms (Bedrooms with taller ceiling s may require more).
• Water Heater should be earthquake strapped with double straps.
• Property should be in good working order and CLEAN

• If the property is older and has not been updated, this may be something you will want to consider to maximize your rent.

Does AKSOY Real Estate Services do repairs also?

NO

Can you call me before doing any repairs?

We will always contact you via e-mail or voice mail and let you know about repairs needing to be done and the expected cost. In the case of emergency repairs (leaking water heater, backed up toilet, flood) we are required by law to make those repairs immediately. If we are unable to speak with you personally we will definitely leave you a message as to the nature of the repair and the estimated cost. On more elective type work to be done, we will definitely have the opportunity to discuss costs and alternatives.

What if I want to do all of my own repairs?
While this is not something that we recommend we can definitely work with you on this. One thing that you will want to keep in mind is timeliness and the tenant’s right to the private enjoyment of their property.

What if I have a home warranty?
Not a problem, we are very well versed at working with home warranty companies and making sure that you get all of the benefits you are entitled to under that warranty.

Will I receive Receipts for all work that is done on my property?
Each month you will receive an itemized statement of the property’s income and all expenses. In your monthly statement package you WILL receive copies of receipts for all work done during the period.

Should I allow people to have pets in my rental property?
This is not something that AKSOY R.E.S. recommends but this is your property and you may set this policy yourself. Some things you may want to consider are size and number of pets, type of pets, increased maintenance expenses (lawn re-sodding, carpet cleaning) how large of a pet deposit you will require. If your property is a 2nd floor condo you may not want to allow a 150 pound mastiff to live there. We have a lot of experience in this area and can help guide you along the way if this is something you want to do.

What if my property is leased and I want or need to sell it?
If you are planning on selling the property AND the existing lease to another investor this is the easiest scenario. If you are planning on selling the property to an “owner-occupant” at the end of the lease this is not a problem. First, we will need to give the tenants written notice of your intent not to renew the lease. Many times, we are able to work with the tenants to make positive arrangements to show the property while they are living there.

If you are early on in the lease and your plans are to sell the property to someone who intends to occupy the property (as opposed to leasing it out) remember, the lease that we have entered into is a legal and binding contract and this scenario could bring up some potentially, very contentious legal issues. You would definitely want to consult legal council before moving in this direction.

How do you show the property?
Our professional leasing department schedules showings 7 days a week. They coordinate showings with the busiest schedules to provide access to all of our properties.

How do you make sure the tenant is taking good care of my home while renting?
There are several ways we have of knowing this. Above all careful tenant selection from the outset protects your property from being rented to irresponsible people. During the lease term, we may have occasion to enter the property for repair or maintenance and will use the opportunity to have a look. If we are fortunate enough not to have any maintenance or repairs over an extended period of time, we will schedule a preventative maintenance walk-through/inspection to make sure that there are not any unreported problems at the property.

Do you hold some of my money for repairs? How much?
We will hold back $300 per unit in your account so that we always have funds to pay our vendors quickly.
How much do you charge the tenant for security deposit? And who holds the security deposit?
We typically charge a tenant 100% of one full months’ rent. This is what will be asked by most property owners and managers. We do not hold on to security deposits. Once we receive them they will be mailed to you. You will then be advised on how hold them.

What is the term of the management agreement?
The term is one year.

How much are your management fees and what services do they include?
Our management fees are max 10% of rents collected. Please, check fee schedule. If your property is vacant, we do not collect a management fee. If your tenant is late; we do not collect a management fee UNTIL they pay; therefore we make sure we collect rent. If you have multiple units you are considering having us manage, our management fees can be negotiated.

How often do you inspect properties inside and out?
We conduct drive-bys on all of our properties. These drive-bys allow us to evaluate the outside condition of the property; check for missing shingles, overgrown trees, overall yard condition, junk/garbage in the yard, etc. If we see anything that needs attention, letters are sent out the following day notifying the tenants of our findings and the need for them to be remedied immediately.

Twice a year we conduct “Smoke Detector Checks”, which allows us access to the inside of the property. Not only do we check/replace the batteries, we also examine the inside and look for any damage or anything else that should be brought to the owners attention.

Let the Experience and knowledge work for you.  CALL NOW !   (949) 33 88 0 44

Address

Heritage Plaza

14200 Culver Dr. Suite 265
Irvine, California 92604

Phone: (949) 338-8044