Owners' FAQ

Owners’ - Frequently Asked Questions

How long after hiring Penmar Management does it take for you to start managing the property? 
Once you have signed the contract with us (Penmar Management), we’ll be ready to start managing your investment property within 24 hours. 
Do you charge tenants an application fee? 
Yes, we do! The application fee helps in the processing of their rental application. We use this fee to enable credit checks.
Can you determine the rental price of my property? 
Of course, we can! We use result-oriented strategies as well as practical tools to come up with the right rent amount. 

That is, a price that not only ensures maximum returns for you, but also ensures your property remains competitive. 
How do you collect rent? 
We provide tenants various methods of collecting rent. This helps them choose the ones that they feel are simple and convenient for them. 

Tenants can pay us by mail, office delivery, online payments, auto pay from tenant’s bank accounts, credit cards, at their local 7-Eleven stores, Ace Cash Express, CVS Pharmacy.
How will I get paid?
We can make direct deposits of owner disbursements to your preferred bank account.
How do you ensure I get good tenants?
We only rent to tenants that have passed our thorough screening process. 

This entails checking for various criteria, such as the prospective tenant’s monthly income, creditworthiness, as well as their criminal, employment, and rental background. 

This process has proven effective in helping us weed out potentially problematic tenants. 
Do I need to obtain an insurance policy for my rental property? 
We advise every client to contact their insurers to ensure they have the proper coverage. As a matter of fact, we require proof of your insurance prior to start managing your property. 

We also require tenants to obtain a renters’ insurance policy, as your insurance will only cover the structural aspect of the building and not their personal belongings. 
What do you require from tenants before they can move in?
First, your tenant needs to successfully get through the screening process. When that goes well, they are obligated to pay the full security deposit. 

Also, they will schedule an appointment to sign the lease agreement and accompany us in a move-in inspection. They need to read through the legal document and agree to all the terms.
 
Sometimes there are extra fees involved. In this case, they need to settle all of these things when signing the agreement.
What does the tenant need to do to be released from the lease agreement?
When your tenant moves out, we inspect the property's condition thoroughly. They will get the approval along with the returned security deposit. That holds only true if there are no damages found.
Do you conduct property inspections?
Yes, we do! We do this to protect the value of your property. We do move-in and move-out inspections. We can do others based on special requests, please asks us when you call in you.
What actions do you take on tenants that fail to pay rent on time?
Our lease agreements contain strict rules about rent payment delays and failures. Tenants have to quickly pay the late fees after receiving the notice. Continuing payment default results in eviction. 

In most cases, we guarantee to reimburse owners up to 50% of unpaid rent. Where this applies, you are supplied, as part of your management agreement, a copy of this guarantee. 
What is your policy on property maintenance?
You have a choice as to how you want maintenance to be handled. Most clients have us handle all maintenance and damage using our licensed and professional partners. 

To maintain tenant satisfaction, we want to resolve all tenant complaints as quickly as possible. In order to do that we advise you of the situation at the same time, we send out the appropriate vendors for minor repairs. 

However, when the repairs will probably exceed $500, we first notify you and wait for your approval before beginning unless it is an emergency situation. All maintenance and unexpected repairs are done using high-quality vendors at their best price.
Which reports do you usually send to owners?
You are able to access a multitude of reports when you use our owner portal. 

These reports include regular statements for income and expenses, tenant rent rolls, and property cash summaries, 12 month cash flows, and general ledgers. You are also able to access copies of all work orders.
Do you recommend allowing pets?
As the property owner, the decision of whether to allow pets into your property is solely yours to make. As for pets, we highly advice you to consider allowing them into your property. 

Why? A majority of renters have pets and allowing them will enable you tap into a larger tenant pool. 


Have any other questions? Contact Us!
Share by: