Some Common Owner Questions
Q: How and where do you advertise my property?
Your home will be added to our promotion portfolio immediately. The YQC Properties website utilizes our property management software program called “AppFolio” to make its postings accessible on many different marketing sites. We also post on craigslist, which is presently a large source of all prospects. We put up yard signs and hold open houses. We take advantage of strong relationships with many real estate agents in the Vancouver and Portland metropolitan areas, and with the re-location offices of many area employers, all of which gives YQC Properties access to a large pool of tenants-in-need.
Q: How long will it take to find a tenant?
It normally takes two to four weeks to rent a home. It sometimes takes longer in the winter. A home goes on the list of available properties as soon as we receive a vacancy notice from the existing tenant and permission from the owner to re-rent the property.
Q: What should I do to improve the marketability of my home?
There is a lot of competition in the rental market these days so you really need to have your home in the best condition possible to gain the highest rent possible. You will need to have your property professionally cleaned to include carpets and make sure that all the appliances are functioning properly. You may want to have appliances and other mechanical systems serviced if they have not been serviced recently. All necessary painting or touch-ups should be done (neutral colors rent faster) and all door locks should be changed for liability purposes. YQC Properties keeps a list of trusted and qualified vendors for all your maintenance needs. A good first impression makes for a happy resident and studies have shown that a resident will usually stay longer and make fewer maintenance calls if the move-in is without problem. This will save you on turnover cost in the end.
Q: Can I be a part of the approval process? What if I don’t want pets or smokers in the house?
We welcome your participation in the tenant approval process. However, it is important to remember that the penalties for noncompliance with local, State and federal housing laws can be severe. To ensure compliance with applicable housing laws YQC Properties will set the criteria for prospective tenants and your property will be available to anyone that qualifies under those criteria. Pet owners are not a protected class; however, by eliminating them you are probably eliminating 80% of the people in the market for a rental house. YQC Properties requires that pet owners pay additional monthly rent of $35 per pet and that the tenant provide an additional deposit of $400 Minimum, refundable only after the property has been inspected to confirm that all carpeting, walls, floors, etc. are in original condition. Smoking is prohibited in all properties to protect your investment.
Q: What happens if rent is not paid on time?
All rent payments are due on the 1st day of the month. A late fee is automatically charged on the 6th day of the month and, if rent is not yet paid, YQC Properties will deliver a “72-hour Notice of Termination for Nonpayment of Rent” ( For Oregon Properties) on the 8th day of the month, and (For Washington Properties) we will deliver a “ 3-Day Notice to Pay or Vacate” on the 6th day of the month. If rent and late fees are not paid in full by the end of the 72-hour notice period YQC Properties will start the eviction process. The property owner is responsible for all filing fees and any other legal fees related to the FED action, although the fees will be billed to the tenants once the eviction is completed.
Q: When do I get my money each month?
Tenant payments must clear the bank, all outstanding bills must be paid and all client accounts must be reconciled before we can distribute funds. We begin the payment of bills on the 10th day of every month. Statements to owners, along with their net proceed payment, go out between the 10th and 20th day of every month. The statement will have a record of all activity on the account for the preceding month.
Q: How is my investment protected if the tenant causes damage?
In most cases, the security deposit collected upon move-in is more than adequate to repair the minor damage caused by tenants. Tenants with excellent credit and references seldom cause much damage and almost never cause damage exceeding the amount of the security deposit. Our rental criteria includes check national criminal, eviction and credit records as well as job history and rental history. Should the tenants leave the property owing more than is covered by the security deposit, they will be billed. If they do not pay, the obligation will be turned over to a collection agency.
Q: How does YQC Properties handle calls for emergency and non-emergency repairs?
YQC Properties will be responsible for handling all emergency calls. You will not get any calls in the middle of the night. All non-emergency repairs come to us as a work order request submitted by the tenant. If a repair is essential to maintenance of the property and less than $200, the repair will be ordered and you will see an entry for the payment of that bill in your next statement. If the cost is more than $200, or if there is a question regarding what should be done, we will contact you for approval.