FAQ 2017-01-30T04:19:01+00:00

FAQ

  1. Why should I choose Palomar Property Management & Realty ? PPM&R takes great pride in how dedicated we are to serving each property. We treat the property as our own so you can trust your real estate asset with us. We handle all issues from property maintenance to accounting, quickly and efficiently. We believe consistent communication is the key to a successful business relationship, so while we manage the day to day duties, you as the owner are never out of the loop.
  2. Can Palomar Property Management & Realty save me money? Definitely! We have found our monthly fee is more than offset by our ability to maximize rent value, maintain a quality condition of the property in a cost effective way and minimize late or missed payments and vacancies.
  3. How long is the Management agreement in place? Our Property Management Agreement is a 12 month agreement. An extended term can be contracted at the owner’s request. PPM&R will contact you within 30 days of term expiration to discuss a renewal of the contract.
  4. Will I need to change my insurance coverage? We advise you contact your insurance agent to ensure you carry adequate insurance for your specific property. Palomar Property Management & Realty requires each tenant to hold a current insurance policy with $100,000.00 liability coverage and advises additional personal coverage as the tenant sees fit. Palomar Property Management & Realty is listed as an ‘additional insured’ on each policy so PPM&R will be notified of any changes or cancellation of the policy.
  5. What liabilities do I have as a landlord and how can I protect myself? As the owner of the property we advise you to consult your insurance agent to ensure you are covered for any unforeseen situations. The management agreement has an indemnity clause which places liability with the owner. Most insurance companies will list the property management company as an additional insured at no extra cost. This protects both the owner and the property management agent in the unlikely event of a lawsuit. PPM&R is committed to compliance with all governing laws pertaining to tenants and property conditions to minimize risks to you as a landlord.
  6. Does Palomar Property Management & Realty hold funds in reserve? All accounts are required to maintain a reserve account balance. The amount is determined by mutual agreement and is typically $350 per property. Palomar Property holds the balance in a trust account and disburses funds within the terms of the contract.
  7. Which bills can Palomar Property Management & Realty take care of for the property? We can pay monthly recurring invoices such as, pool service, landscaping service, pest control service, various utilities not covered by the tenant and maintenance bills incurred throughout the month. When rent is received we deduct our contracted management fee, any pre-approved bills accrued within the month and send the owner the month’s proceeds.
  8. When will I receive my monthly check and statement? Our accounting books close the 10th of each month. Proceeds and statements are mailed the 15th of each month.
  9. Who holds the security deposit? Palomar Property Management & Realty holds the security deposit in a trust account. We will disburse the monies as the owner approves during the term of the tenancy but typically the deposit is set aside completely until the tenant vacates. A final disbursement of the deposit to the tenant will be executed after an inspection of the property and review of any outstanding account balances. By law, Palomar Property Management & Realty has 21 days to return any deposit monies available to the tenant.
  10. How will I know what is going on with my property? Palomar Property Management & Realty values individual communication with each owner. We will contact you regarding any repairs needing approval or any issues beyond the normal duties as your property management agent. PPM&R has a state of the art owner portal connected to our website where our owners can view any open work orders, view account balances and tenant payments made.
  11. How are problems handled? Tenants are instructed to call or email PPM&R with all maintenance issues when noted. Our maintenance manager will gather the necessary information to resolve the issue by dispatching the appropriate vendor. Our president, John Boruff is available 24 hours a day 7 days a week for property emergencies. Tenants are instructed to call 911 with all life threatening emergencies and then call John to report any damage to the property.
  12. How does marketing work? Our goal for each property is to have the vacancy filled with a quality tenant as soon as possible. We advertise on the internet and on our website with professional grade photos and inviting property descriptions. Our marketing net brings in traffic from all over the country, giving us the best opportunity to find the perfect tenant for your property.