Top Questions From Owners: You Asked, We Answered!
How much will my property rent for?
- Start by getting a free rent estimate here
- Schedule a Virtual Property Consultation so we can learn more about your home. We can provide you with an rent estimate within a 10% range based on certain factors.
- Rental activity is strong year around in San Diego. However, prices usually soften 5%-10% during the holidays (November - December).
What do I need to do to get my property in rent ready condition?
- Remove all furniture and other personal belongings. Renting unfurnished is better unless you are doing AirBnB.
- If you want to handle any repairs yourself, follow these simple guideline:
- All walls professionally painted (trim painted as needed)
- All systems and fixtures checked for proper functionality
- Smoke alarms with 10 year sealed lithium ion battery installed in each bedroom, living area, and each level. CO alarm installed on each level
- Landscaping should be well maintained
- Home should be professionally deep cleaned, including any carpets.
How do you handle maintenance?
- Vacant Properties
- We create an inspection report and share it with you.
- You approve all maintenance costs over $500.
- Work under $500 we get underway ASAP so we can get your property on the market.
- We have relationships with professional 3rd party vendors who handle all maintenance work.
- Occupied Properties
- The tenant submits a maintenance request and you get notified.
- We troubleshoot common issues with the tenant
- If needed, we dispatch a preferred vendor who schedules a visit with tenant
- If the work is over $500 we contact you for approval. If under $500, we make the decision for you so it’s fixed fast.
What do your vendors charge?
It depends on the scope of the repairs needed. Often our team is able to give you an estimated range of cost for common repair items. If not, we can typically obtain a free estimate from our vendors within a couple of days.
How do you pay vendors?
We will utilize the funds that we have on hand for your property to pay vendor for any work performed. In the event we need additional funds, our clients will have access to a portal where they can deposit funds if needed.
Can I perform maintenance or use my own vendors?
- If the property is vacant, yes.
- If the property is occupied, we only use our preferred vendor network in order to protect the tenant and ensure repairs are done right.
What repairs are tenants responsible for?
- Plumbing blockages they cause
- Damage they cause above normal wear and tear
- Cleaning and carpet cleaning once they move out
How do you handle after-hours emergencies?
- We use a professional after hours maintenance service who is available 24/7/365. This company takes the call, troubleshoots, and dispatches emergency repairs based on our instructions.
- If warranted, they contact the property manager after hours to help manage the situation.
- The next business day, you will receive an update regarding what happened and the actions we took.
- It’s important to note, after-hours emergency maintenance is handled without prior notification so that your property and the tenant are protected (and so you can sleep:).
How long will it take to lease?
Our average days on market is less than 2 weeks.
How do you screen the tenants?
View our screening criteria here.
What is the term of the property management agreement?
To build trust and give you flexibility, our agreements are month-month and cancelled at any time with 30 days notice.
When will I receive the rent?
On the 1st of each month, we deposit the prior months rent into your bank account. We also send you an owner statement detailing income, expenses, invoices, and photos of any maintenance work that was performed that month.
How often do you inspect the property?
Once per year we do a walkthrough of the property and prepare a report.
How much security deposit do you require and how is this handled?
Generally $25 less than one month’s rent. This is so the tenant does not confuse the deposit as last month’s rent.
We are legally required to return the deposit within 21 days of getting possession back of the home. During that time period, we will conduct a move out walkthrough and coordinate any repairs needed. We will collect the receipts from the vendors and provide the departed tenant with the deposit, minus any deductions, as well as any invoices for deductions made.
Do you require a cash reserve?
No, we do not. However, if you would like us to take care of certain bills, then we would need a cash reserve.
Is there a fee when the unit is vacant?
No, we do not charge a fee when the unit is vacant. We only collect a leasing fee once the home is rented and a commission each month that it stays rented.
Can you pay my HOA dues, property taxes, mortgage, etc. for me?
If you would like us to take care of certain bills, then we will require a cash reserve. We can pay anything except for mortgage and insurance bills.
Will I be able to increase the rent every year?
Yes. Approximately 3-4 months prior to the lease expiration, we will contact you about renewing the lease. We generally recommend increases of 2%-5% annually depending on the market.
What if I need to sell the home?
It’s usually best to wait until the home is vacant to sell it. However, if a client needs to sell while it’s occupied, we will work with the tenant to make sure things go smoothly.
What is the FTB withholding?
- If you are not a resident of California, the California Franchise Tax Board (FTB) requires property managers withhold 7% of the gross rent and submit it to them.
- If you are a California resident, you simply complete a Form 590 which we’ll send you with the management agreement.
- If you are not a California resident you can apply through the FTB for a Waiver or Reduction from the 7% withholding, more information will be provided in your management agreement. Additional information can be found here.
Can I visit the property while occupied?
You can only visit anytime the property is vacant.
When it’s occupied, we ask owners not to visit the property. It breaks the buffer between you and the tenant and hurts our ability to effectively manage the property. To make owners feel confident the home is being cared for, we do an annual inspection and take photos of the property.
What is the market like right now?
We do monthly updates on the market and important real estate news. Subscribe to our newsletter here.
Do you charge a pet rent?
At Good Life, we offer what is called the Good Pet Guarantee.
At no additional cost to Owner, Manager will reimburse any damages caused to the home, above fair wear and tear, resulting from animal(s) approved by Manager in excess of the security deposit, up to $2,000 total. This will eliminate having to ask for an increased security deposit, thus lowering tenant move-in costs and possibly leasing your home faster.
To implement this program, the manager will charge and retain a pet rent from the tenant.