PROPERTY MANAGEMENT DONE RIGHT

Find the perfect situation for your property.

PROPERTY MANAGEMENT DONE RIGHT.

Find the perfect situation for your property.

OWNER TOOLS

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Property Owners in

Marin and the S.F. North Bay

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Marin and the S.F. North Bay

FREQUENTLY ASKED QUESTIONS

Providing you with tools to make it easier on your day.

Why Choose Prudent Property Management?

As owners and investors ourselves, the PRUDENT Property Management team takes your rental business seriously, and aims to provide you with peace of mind for your investment properties. Our team takes pride being up-to-date on laws and legislation regarding your rental rights while ensuring tenants have a positive living experience in our PRUDENT properties. By using effective communication, gaining and sharing continued education, and utilizing modern technology, PRUDENT aims to be the go-to company for residential management needs.

What Types of Property Do You Manage?

PRUDENT Property Management, Inc., primarily manages residential property.

  • Single-family homes
  • Condominium units
  • Duplexes
  • Tri-plexes
  • Four-plexes
  • 5-15 unit apartments

Upon review, we may manage other property types in select cases.

How Do You Advertise Vacancies? Who Pays the Advertising Costs?

Once we have a signed agreement for our new clients, or once we receive a 30-Day Notice to Vacate from residents of our existing managed clients, we begin marketing your property. We advertise rental listings in the following ways:

  • Our user-friendly website — complete with detailed property descriptions, high-lighted amenities, wide-angle professional photos of your property and slideshow video or video walk-thru tours.
  • Nightly feeds from our property management software pushes our listings out to free-listing rental sites such as HotPads.com, Trulia, Vast, Yahoo, Google, and Tenant.com to only name a few.
  • Craigslist (www.craigslist.org), an online classified listing service.
  • Multiple Listing Services (CRMLS or BAREIS).
  • PRUDENT rental signs placed in front of your property.
  • Every property manager and leasing agent in our office has a copy of our available rentals list for quick reference.

Coordinating and managing the advertising for your property is included in the PRUDENT Property Management, Inc., leasing fee. Property sign placement, MLS, as well as newspaper ads (by request only), are sources of advertising that have additional costs for the property owner and are not included in the leasing fee.

What Is Your Screening Process For Prospective Applicants?

We have a very diligent screening process for our applicants before they become PRUDENT Property Management, Inc., tenants. We encourage you to review our rental application, policies and procedures as provided to each prospective tenant that they are required to fill out. Our professionally trained staff processes all applications in our office. We obtain a credit report for each applicant, contact current and previous landlords for rental references, and verify current employment. Placing qualified residents in your property is one of our most important goals as your residential leasing and property management company.

Should I Allow Pets? Smokers? Children?

It is important to note that according to Fair Housing Laws and Regulations, pets and smokers are not protected classes in California. All PRUDENT properties are non-smoking properties. This policy is stipulated in every lease. We work closely with each owner individually to help them understand the pros and cons of accepting pets at their property. Families are a protected class and we cannot ever discriminate based on family-structure. PRUDENT Property Management, Inc., is a fair and professional management company and we take pride in our knowledge and practices, and we abide by all Federal, State and Local Fair Housing Laws.

How Long Will It Take To Rent My Property?

There are a number of variables involved in the tenant placement process. We pride ourselves on finding you the best tenant through a rigorous screening process. Other factors involved may also include: the size of your property, its location, the overall condition of the home, the asking price (relative to that of comparable properties in the surrounding neighborhood), as well as the time of year the property is on the advertising market. The average time for renting is generally shorter than the time required to sell the same property, and landlords can usually expect to have tenants within 30 to 60 days. Pricing your property competitively, as well as making sure your property is in the best condition possible, are crucial factors.

How Much Do You Collect From the Tenant Prior To Their Move-In?

When an applicant is approved, PRUDENT Property Management, Inc., collects all move-in monies on the owners’ behalf. Our policy requires the payment of one month’s prorated rent, as well as the collection of the security deposit equal to one and one half times the monthly rent. If pets are accepted at the property, a larger deposit (equal to two times the monthly rent) would be required at the time of the move-in in place of the standard deposit amount without a pet.

What Happens When the Tenant Doesn’t Pay Rent On Time?

Rent from all residents is due on the 1st day of each month. If rent is not received by the 5th of the month, the tenant is contacted immediately and follow-up letter correspondence issued the same day. If rent is not received at the notification, we serve the tenant with a 3-Day Notice to Pay Rent or Quit. The final step is to begin the eviction process through the proper legal channels.

What Happens If My Tenant Breaks Their Lease?

When the tenant breaks their lease, their lease stipulates they are responsible for all expenses incurred to re-lease the property. Expenses include: the rent amount for the remainder of time until the expiration of the lease, real estate commissions paid to PRUDENT for a new lease, any additional advertising costs or costs directly relating to the re-leasing of the property.

How Are Utilities Handled?

Tenants are responsible for all utility charges, unless otherwise agreed upon in advance between PRUDENT Property Management, Inc., and the property owner. If an owner is willing to pay any portion of utility charges, that will be disclosed to the tenant in advance of the lease signing. As stated in their Rental Lease Agreement, tenants are responsible for changing all billing information to their name and mailing address effective with their scheduled move-in date.

What Customer Service Is Extended To Tenants At Night Or On the Weekend?

Tenants can call the PRUDENT Property Management, Inc., office Monday-Friday from 9AM-5PM to reach our staff live. Outside of normal office hours, we do have a 24/7 Emergency Call Center that is answered by a live person. When an emergency call is received, we determine the severity of the problem and dispatch the needed service provider. An emergency is typically defined as a fire, flood, or any dangerous or hazardous situation to the resident. Tenants can also submit work orders via their online portal at any time (night or day) for all other non-emergency maintenance requests.

FREQUENTLY ASKED QUESTIONS

Providing you with tools to make it easier on your day.

Why Choose Prudent Property Management?

As owners and investors ourselves, the PRUDENT Property Management team takes your rental business seriously, and aims to provide you with peace of mind for your investment properties. Our team takes pride being up-to-date on laws and legislation
regarding your rental rights while ensuring tenants have a positive living experience in our PRUDENT properties. By using effective communication, gaining and sharing continued education, and utilizing modern technology, PRUDENT aims to be the go-to
company for residential management needs.

What Types of Property Do You Manage?

PRUDENT Property Management, Inc., primarily manages residential property.

  • Single-family homes
  • Condominium units
  • Duplexes
  • Tri-plexes
  • Four-plexes
  • 5-15 unit apartments

Upon review, we may manage other property types in select cases.

How Do You Advertise Vacancies? Who Pays the Advertising Costs?

Once we have a signed agreement for our new clients, or once we receive a 30-Day
Notice to Vacate from residents of our existing managed clients, we begin marketing
your property. We advertise rental listings in the following ways:

  • Our user-friendly website — complete with detailed property descriptions, high-
    lighted amenities, wide-angle professional photos of your property and slideshow
    video or video walk-thru tours.
  • Nightly feeds from our property management software pushes our listings out to
    free-listing rental sites such as HotPads.com, Trulia, Vast, Yahoo, Google, and
    Tenant.com to only name a few.
  • Craigslist (www.craigslist.org), an online classified listing service.
  • Multiple Listing Services (CRMLS or BAREIS).
  • PRUDENT rental signs placed in front of your property.
  • Every property manager and leasing agent in our office has a copy of our available
    rentals list for quick reference.

Coordinating and managing the advertising for your property is included in the
PRUDENT Property Management, Inc., leasing fee. Property sign placement, MLS, as
well as newspaper ads (by request only), are sources of advertising that have additional
costs for the property owner and are not included in the leasing fee.

What Is Your Screening Process For Prospective Applicants?

We have a very diligent screening process for our applicants before they become PRUDENT Property Management, Inc., tenants. We encourage you to review our rentalapplication, policies and procedures as provided to each prospective tenant that they
are required to fill out. Our professionally trained staff processes all applications in our office. We obtain a credit report for each applicant, contact current and previous landlords for rental references, and verify current employment. Placing qualified
residents in your property is one of our most important goals as your residential leasing and property management company.

Should I Allow Pets? Smokers? Children?

It is important to note that according to Fair Housing Laws and Regulations, pets and smokers are not protected classes in California. All PRUDENT properties are non-smoking properties. This policy is stipulated in every lease. We work closely with each
owner individually to help them understand the pros and cons of accepting pets at their property. Families are a protected class and we cannot ever discriminate based on family-structure. PRUDENT Property Management, Inc., is a fair and professional management company and we take pride in our knowledge and practices, and we abide by all Federal, State and Local Fair Housing Laws.

How Long Will It Take To Rent My Property?

There are a number of variables involved in the tenant placement process. We pride ourselves on finding you the best tenant through a rigorous screening process. Other factors involved may also include: the size of your property, its location, the overall
condition of the home, the asking price (relative to that of comparable properties in the surrounding neighborhood), as well as the time of year the property is on the advertising market. The average time for renting is generally shorter than the time required to sell the same property, and landlords can usually expect to have tenants within 30 to 60 days. Pricing your property competitively, as well as making sure your property is in the best condition possible, are crucial factors.

How Much Do You Collect From the Tenant Prior To Their Move-In?

When an applicant is approved, PRUDENT Property Management, Inc., collects all move-in monies on the owners’ behalf. Our policy requires the payment of one month’s prorated rent, as well as the collection of the security deposit equal to one and one half times the monthly rent. If pets are accepted at the property, a larger deposit (equal to two times the monthly rent) would be required at the time of the move-in in place of the standard deposit amount without a pet.

What Happens When the Tenant Doesn’t Pay Rent On Time?

Rent from all residents is due on the 1st day of each month. If rent is not received by the 5th of the month, the tenant is contacted immediately and follow-up letter correspondence issued the same day. If rent is not received at the notification, we serve the tenant with a 3-Day Notice to Pay Rent or Quit. The final step is to begin the eviction process through the proper legal channels.

What Happens If My Tenant Breaks Their Lease?

When the tenant breaks their lease, their lease stipulates they are responsible for all expenses incurred to re-lease the property. Expenses include: the rent amount for the remainder of time until the expiration of the lease, real estate commissions paid to
PRUDENT for a new lease, any additional advertising costs or costs directly relating to the re-leasing of the property.

How Are Utilities Handled?

Tenants are responsible for all utility charges, unless otherwise agreed upon in advance between PRUDENT Property Management, Inc., and the property owner. If an owner is willing to pay any portion of utility charges, that will be disclosed to the tenant in advance of the lease signing. As stated in their Rental Lease Agreement, tenants are responsible for changing all billing information to their name and mailing address effective with their scheduled move-in date.

What Customer Service Is Extended To Tenants At Night Or On the Weekend?

Tenants can call the PRUDENT Property Management, Inc., office Monday-Friday from 9AM-5PM to reach our staff live. Outside of normal office hours, we do have a 24/7 Emergency Call Center that is answered by a live person. When an emergency call is received, we determine the severity of the problem and dispatch the needed service provider. An emergency is typically defined as a fire, flood, or any dangerous or hazardous situation to the resident. Tenants can also submit work orders via their online portal at any time (night or day) for all other non-emergency maintenance requests.

SHOULD I SELL OR RENT?

WHAT’S YOUR GOAL?

At Prudent Property Management, Inc., we occasionally work with owners who are at a crossroads deciding whether to sell or rent. Some owners have just inherited a house or investment property, while others – such as attorneys, fiduciaries, or trustees – are evaluating the best course of action for their beneficiaries. Ultimately, the question must be answered: what’s your goal?

Do you need to sell and use the funds for another purpose? Pay for medical costs? Assisted living? Pay off estate costs or taxes?

Depending on goals and your age, or the age of your beneficiary, the consistent recurring revenue from renting may be the more prudent decision.

WHAT’S YOUR GOAL?

At Prudent Property Management, Inc., we occasionally work with owners who are at a crossroads deciding whether to sell or rent. Some owners have just inherited a house or investment property, while others – such as attorneys, fiduciaries, or trustees – are evaluating the best course of action for their beneficiaries. Ultimately, the question must be answered: what’s your goal?

Do you need to sell and use the funds for another purpose? Pay for medical costs? Assisted living? Pay off estate costs or taxes?

Depending on goals and your age, or the age of your beneficiary, the consistent recurring revenue from renting may be the more prudent decision

BENEFITS OF RENTING

  • Steady, recurring revenue
  • Less volatility than stock market
  • Property appreciation
  • Depreciation (for tax purposes)
  • Loan reduction, since the tenant is paying down the mortgage
  • Professional management handles day-to-day work

*always consult with a CPA regarding your personal tax and income position

COST OF RENTING

Depending on the property type, operating costs generally account for 35-50% of revenue.

  • Property Taxes
  • Insurance
  • landscaping
  • Preventative maintenance
  • Emergency repairs
  • Reserve fund for replacements (water heater, roof, decks, etc.)
  • Operating costs during vacancy
  • Property management fee

COST OF RENTING

Depending on the property type, operating costs generally account for 35-50% of revenue.

  • Property Taxes
  • Insurance
  • landscaping
  • Preventative maintenance
  • Emergency repairs
  • Reserve fund for replacements (water heater, roof, decks, etc.)
  • Operating costs during vacancy
  • Property management fee

BROKERAGE SERVICES

  • Provide detailed Broker Opinion of Values for single family homes,  condominiums, and apartment buildings
  • Knowledgeable and experienced in the fiduciary sales process including court confirmation.
  • Extensive marketing at no cost to the estate including, but not limited to, direct mail and email campaigns to investors and brokerage  community, social media and internet listings.
  • Management of the sales process from start to finish.

If you would like to discuss a Property consultation to Rent or Sell, please provide the following/ conatct us direct.

CONSIDERING SELLING?

At Prudent Property Management, Inc., we occasionally work with owners who are at a crossroads deciding whether to sell or rent.  Ultimately the question is: what’s your goal? Contact our seasoned team to discuss the  best strategy to meet your goals, whether it’s selling or renting your property.

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