What is Salinger Properties philosophy?
Our goal is to maximize the return on investment for our clients while maintaining quality housing for our residents. Our mission is to offer personalized and professional services to both our clients and customers by building strong relationships, utilizing the latest technology, implementing effective marketing strategies, and following consistent systems all with honesty and integrity throughout every facet of our business. We strive to stay on top of market changes and industry trends and adapt accordingly.
What is the advantage of renting through Salinger Properties?
Our staff is professional, courteous, informed and experienced. Many of our team members hold a California Real Estate License. By capitalizing on the concept of economies of scale, we can offer multiple services that would be cost prohibitive for individual owners and smaller companies. We have one of the strongest marketing programs in the industry, utilizing the most up to date marketing techniques available in the industry. We stay on top of changing trends and legal issues to protect our client’s interests. We also have emergency maintenance providers on call 24 hours a day to stabilize emergency issues that could lead to much larger problems or increased liability for the owner.
What is Salinger Properties role as a property manager?
Our role is to achieve our clients objectives while preserving or increasing the value of an investment property and generating income for our clients. We advertise our properties, screen tenants, negotiate leases, collect rent, schedule maintenance for your property, keep accurate records, and provide regular reports and communication with our clients.
What types of properties does Salinger Properties, Inc manage?
We manage all residential properties including multi-family apartment complexes, single family homes, condominiums, and town homes throughout the Central Coast and Salinas Valley. Our commercial division manages retail and office space.
What expectations does Salinger Properties have for leasable properties?
Before we offer a property for lease, we thoroughly inspect the property to ensure that all governmental ordinances are complied with. We also advise our clients with recommendations that will maximize their return on investment. We have found that by offering a quality product, maintenance requests and complaints are minimized and resident retention and satisfaction are increased.
How much can my investment property lease for?
Your lease rate is going to be determined by several factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. The markets that dictate lease rates vary vastly from the markets that influence the value of properties.
How does Salinger Properties market our vacant properties?
What are the fees for Salinger Properties to manage my property
Multi-family properties (apartment communities) are done on a proposal basis. Please contact us for a proposal.
For single family homes (including townhomes, condominiums, and duplexes) our fees are 10% of the gross rental income. Other property expenses include: leasing commission of 50% of 1 full month’s rent, $75.00 lease renewal fee, and a $75.00 close out fee at the end of management. No management fees are incurred while the property is vacant, based on the above fee structure. Should you have specific needs, please contact us so we can develop a program to meet your needs.
Does Salinger Properties require an expense reserve?
Salinger Properties requires each client to maintain a balance of at least $300.00 in the property’s trust account for expenses associated with the management of the property. All client funds are held in a Trust Account in strict compliance with the California Department of Real Estate.
What is our collection process?
All rents are due on, or before, the first of each month and are considered late after the fifth of each month. We send out a first letter of delinquency on the sixth, followed by a second letter of delinquency on the thirteenth. For those residents that have not paid in full by the seventeenth of the month, we initiate a Unlawful Detainer filing.
When are equity distributions made?
Equity distributions are made on the last business day of each month. Net proceeds, less reserve, are directly deposited into our client’s accounts through the Federal Reserve’s electronic ACH transfer system. Monthly statements are e-mailed on the last business day of the month, as well. Should there have been any maintenance items, or other expenses, the original invoices are sent via postal mail at the end of the month.
How is maintenance handled?
Salinger Properties, Inc endeavors to ensure a minimal amount of inconvenience to all of our residents by providing 24 hour emergency services as well as a quick response to routine repair and maintenance requests. Maintenance requests must be submitted in writing. Maintenance requests are handled with skilled, licensed, and insured subcontractors. We strive to exceed the minimum standards and have found that by providing a quality home we can attract a higher quality resident and command higher lease rates.
What insurance is required?
Our insurance carrier requires that all clients carry a general liability insurance policy for the protection of any claims arising out of the operation, leasing, and maintenance of the property. We do require a valid certificate of insurance, listing Salinger Properties, Inc as an additional insured party to be on file at all times – there is usually no additional cost associated with this. What is done when a resident gives notice that they will be moving out?
- We visit the property to update any marketing materials and do an assessment as to the anticipated turnover time.
- We send a letter to the resident notifying them of their duties upon vacating
- We modify the reserve in the client’s account, if necessary, to ensure that funds are available to perform all turnover items necessary to get the property ready for the next resident.
- Should the property be ready to market, we implement our marketing plan.
- The appropriate arrangements are made for the transfer of utilities.
What is done after a resident moves out?
- We have the locks changed immediately after a resident moves out for safety and security reasons
- We perform a move–out inspection of the property. During the inspection, we identify items that should be charged to the former resident. We also will make recommendations to preserve the value of the property and decrease the vacancy time. We document the condition of all our properties with digital pictures.
- We supply a summary of the inspection to you as quickly as possible.
- Once the property is ready for marketing, we allow prospective residents to view your property.
How does Salinger Properties screen prospective residents?
- We perform a credit check, criminal background check, employment verification, and rental/mortgage payment history on every adult prospective resident.
- We evaluate the lease rate/income ratio.
- Upon approval, the prospect is given 72 hours to sign the lease and pay the security deposit.
What does Salinger Properties do before a new resident moves in?
- A move–in inspection is performed in which we document, both in pictures and writing, the condition of the property.
- As required by law, all smoke and carbon monoxide detectors must be tested and the batteries replaced regardless of how new they are. We abide by the California state code for the proper number and location of smoke detectors.
- Furnace filters will be changed, as needed. Not only does this help protect your investment, but sets the benchmark for new residents. Per the terms of our lease agreement, residents are required to replace them throughout and at the end of their tenancy.
- The property will be re–keyed to ensure the safety and security of both the property and new resident.
Do clients have to accept pets?
Pets are accepted on a case by case basis, as determined by our clients. There is a one time non–refundable pet fee paid by the resident, which may vary depending on the number and size of pets. Pets that are classified as a vicious breed are not accepted at any time. For more complete information about accepting pets please contact us.
How do we communicate with our clients?
We believe in prompt and thorough communication with our clients. Every staff member has their own telephone extension, voice mail and e-mail. We send out monthly statements and quarterly newsletters in an effort to keep our clients informed. Below are some of the instances that we will initiate additional communication:
- Unlawful detainers
- Acceptable applications
- Notice to vacate from tenant
- What to expect when tenant moves out
- Lease renewals
- Extraordinary maintenance items
Can Salinger Properties help me buy or sell investment property?
Yes! We are experiance in all the aspects of Real Estate sales. As REALTORS, we can assist you in the acquisition and disposition of investment property. Should you have an established relationship with another REALTOR, we can assist you by working with them to make the process smooth.
How are Security Deposits handled?
Salinger Properties does require security deposits from all residents, usually the amount is equal to one month’s rent. As required by the Department of Real Estate, these funds are held in a separate escrow account at an insured bank within California. Security deposits cannot be disbursed until the resident vacates, and can only be disbursed to the owner or resident.
Can I enter my property after it is rented?
All leases in California are governed by the Consumer Protection Agency and provide for the covenant of quiet enjoyment. As a result, we do not enter the property and recommend the owner not enter the property, except in emergency situations or when repairs have been requested by the resident. History has shown that repeated disturbances prompt residents to become unhappy and not be as willing to renew their leases.
How much notice does a resident have to give before they can properly vacate a property?
Our lease provides that the resident give a minimum 30 day written notice that the lease will be terminated.
What does Salinger Properties need to start managing my property?
To begin management of your property we will need the following:
- Executed property management agreement
- Keys to the property, including mail box keys, if applicable
- Garage door openers, if applicable
- Certificate of insurance, with Birch Management, Inc as an additional insured
- IRS W–9
- Unit Information Sheet
- ACH Authorization
- Lead Based Paint Disclosure Addenda, if the property was built prior to 1978
How long does it take to place my investment on the market?
Once we receive all of the items above and the initial deposit, we can typically perform the many steps to get your property on the market within 2 business days.
Does my property have to be vacant to place it on the market?
No. We can place your investment property on the market while occupied, either by the owner or tenant. If your investment property is tenant occupied, we will schedule showings with your tenant, provided the current lease allows. If you currently occupy your investment property, we would schedule showings with you.
How do I pay management fees?
Management fees are deducted from your monthly equity distributions.
Will you pay my monthly bills for me?
Yes, through our accounting system we can easily pay all of your monthly bills, including HOA dues and mortgages. We pay bills on the 25th of each month. We do require that your account have a minimum balance in excess of the estimated monthly payments in order to take advantage of this service.