Owner FAQs

Answers to your frequently asked questions

• What type of properties do you manage?

  We currently manage One-to-four family residential properties.

• How long will it take to rent out my property?

  We understand the importance of renting out your home as quickly as possible to avoid any additional monthly expenses. When your home is priced competitively and in good condition it should be leased in about 3 weeks or less. If your rental is on the market for over 30 days the rental rate may not be in line with market rents, in which case we’d recommend an adjustment in rental rate.

• Do I have to pay for utilities?

  We request that you maintain the utilities (such as electricity/gas, water) in your name until we have the unit rented out. This will allow us to effectively show your home and take care of any cleaning or maintenance, if necessary. Once a tenant has been selected, we request that they transfer any utilities in which they will be responsible for paying, upon move-in.

• Do I have to accept pets?

  There are some benefits to allowing pets in your rental such as, having a larger pool of applicants and increased rental income in some cases. However, allowing pets can also come with some potential risks such as damage to floors and surfaces, or they may be a disturbance to other neighbors, etc. In either case, we utilize a pet screening service that can help you decide whether or not an applicant’s pet is a good fit for the property. If your home has an HOA it may also restrict certain breeds, have weight limits on dogs, and restrict certain types of animals. *An additional deposit would also be charged to the tenant if a pet is accepted and you could charge an additional “pet rent” if desired. ***It is important to note that California Law does not consider service animals and emotional support animals (ESAs) as pets. If an applicant states they have a service or ESA animal, legally we cannot deny their application, nor can a “pet deposit” or “pet rent” be collected. For more information on this topic visit: https://www.dor.ca.gov/Home/ServiceAnimals

• What are the initial costs?

  Place Property Management does not have any upfront leasing fees or renewal fees. We collect a percentage of the monthly rent and a tenant placement fee once the home is leased to a new tenant. We do though, request that you have the property “rent ready” by having the home and carpets professionally cleaned, having any deferred maintenance (such as painting, lawn care, air filter replacements, light bulbs replaced, etc.) be taken care of, and any inoperable items repaired or replaced prior to making the home available for rent. The owner is responsible for any “rent ready” costs.

• How and when will I receive my rent?

  We pay all of our owners via ACH Direct Deposit by the 10th of each month. Please allow 2-4 business days from this date for payments to post to your account. You can sign up for Direct Deposit directly though your Owner's P ortal. (Please note: late payments by tenants can affect this payout date)

• Which bills am I responsible for paying for?

  You are still responsible for paying your mortgage, property taxes, insurance, and any HOA or condo fees. Currently the only bills we pay on your behalf are to vendors for any maintenance requests received from tenants for repairs.

• Will you send me a monthly statement with my income and expenses?

  Yes. You will have access to an “owner’s portal” in which you can view deposits and expenses, and download statements.

• Do you handle eviction services?

  We do not handle eviction services.

• Do you offer any protection against loss of rent or evictions?

  YES! If you select our Premium Service Management Plan we offer Scheer Landlord Protection Insurance via Surevestor that includes a Loss of Rents coverage guarantee, an Eviction Expense coverage guarantee, and a Tenant Damage coverage guarantee. (Conditions apply)

• Do you hold onto the deposit?

  We transfer the tenant’s deposit directly to you. It is important that you hold these funds in a separate account from your own personal funds.

• Can I sell my home with a tenant?

  The short answer is, yes. However, as a landlord you must honor your tenant’s lease term. If you do decide it is time to sell, please let us know and we can work together to come up with a plan and timeline that works best for all parties.

• Do I need to modify my insurance Policy or Carry any additional insurance?

  Yes. You will need to change the policy to a Landlord Home Insurance policy (a lot of people forget to complete this step - and a standard homeowners insurance will not provide any coverage if there is tenant occupancy). You will also need to add Place Property Management as an “additional insured”.

• How long of a lease do you sign?

  All of our leases are a minimum of 12 month lease agreements.

• Are you licensed?

  Yes. CA law requires a real estate broker's license when operating as a property management company in California. Our CA DRE# is 02205422.

• I am an out-of-state owner, are there additional fees?

  Per the CA Franchise Tax Board:
  Property managers are required to withhold 7% of the gross rent or lease payments in excess of $1,500 per calendar year, and remit those payments to us if they both:

  • Manage real property
  • Collect rent or lease payments for California property owners that reside outside of California (nonresident

  California residents or corporations, partnerships, and limited liability companies with a permanent place of business in California, use Form 590, Withholding Exemption Certificate, to certify an exemption from withholding. When a Form 590 exemption is certified, no withholding is required.

  California nonresident property owners or property managers may qualify for a waiver or reduced withholding. To request a waiver from withholding: Submit Form 588, Nonresident Withholding Waiver Request (to the FTB) To request reduced withholding: Submit Form 589, Nonresident Reduced Withholding Request (to the FTB)

  You can find the required forms here and more information on this subject on the California FTB website at:

  https://www.ftb.ca.gov/about-ftb/newsroom/tax-news/august-2020/property-managers-and-california-withholding.html

  ***If you have any questions on this topic, we advise you to speak with your tax advisor as we cannot give you tax advice.