Owner Frequently Asked Questions

Yes, PMI Beverly Hills is insured and licensed with California Bureau of Real Estate. We have a general liability policy, errors and omissions, worker’s compensation, and all state requirements.

Generally, there are two fees we charge owners: fees for leasing and fees for management. You can hire us for either or both. The leasing fee is a fee that is charged to advertise, screen, and place a new tenant and is charged every time a new tenant is placed. The other fee that is charged is a management fee. This is the fee to handle the management of the property, everything from move-ins to move-outs and everything in between such as repairs, maintenance, inspections, a collection of rents, paying bills, complaints and emergencies. We don’t charge a fee unless the tenant pays so we don’t get paid unless you get paid! Please submit a rental analysis for a free quote.

You may submit your address for a free rental analysis. We will gather the history of nearby rentals and send you a detailed report.

Our property manager will hold your hand and walk you through the process. We handle everything from rent collection, maintenance, eviction, marketing, leasing, screening prospects, and etc.

Our property manager will diagnose the problem before contacting the vendor. PMI Beverly Hills hires only licensed and insured contractors to maintain and make repairs on all managed properties. A member of our team is also on call after hours and on holidays and weekends to handle maintenance emergencies.

PMI Beverly Hills accepts rent payments via our online payment partner Propertyware, by personal check, money order, or certified check. We do not accept cash. Late rent payments must be paid via certified funds.

 

Management will pay all authorized payments relating to maintenance and etc and disperse to the owners between 8-12th of every month.

Management begins when the management agreement has been signed both by the owners of the property and our agent. We can manage your property almost immediately.

Owner clients receive a monthly financial statement and a statement at the end of each calendar year. Property condition reports are generated just before tenant move in, following each routine inspection during the tenancy, and after each tenant moves out.

We do not allow smoking inside our properties. All pets must be approved by the owners and screened by petscreening.com

Tenants expect all major systems to be in operating condition, all health and safety issues to be addressed, and the property to be ‘move-in’ ready. This may include painting, carpet cleaning, interior cleaning and minor repairs.

Although we screen carefully to be sure we are only placing qualified tenants in your property, there is always the possibility that a tenant may fail to pay rent. PMI Beverly Hills enforces a very strict rent collection policy to protect our owners’ interests. All rent payments are due on the first of every month, and late on the third day. If unpaid after the fifth day of the month, we make contact with the tenant, and a late charge is assessed. At this time, we contact the owner to make them aware of the situation and explain options; serve a notice of breach of the lease for non-payment of rent or make additional attempts to collect. It has been our experience, that most tenants will pay before the expiration of the notice or make contact with our office to explain the delay. If the tenant does not pay or vacate within the five days prescribed, the next step is filing an eviction complaint in Small Claims Court. This is a process we handle for you (court fees will apply).

If you are not a California Resident or a corporation or is not LLC qualified to conduct business in California, property management companies must withhold and transmit to California Franchise Tax Board 7% of the gross payment for an out-of-state owner and 30% for an alien individual, a foreign entity, or non-U.S. person. If eligible, you may file a CA FORM 588 (Nonresident Withholding Waiver Request). PMI Beverly Hills can walk you through this process.

We work with clients from all walks of life, large and small. Our clients include first time landlords, domestic investors, foreign investors, asset management companies, HOA board of directors, real estate agents, brokers, and other management companies.

Our company also manages Homeowners Associations and we are familiar with CC&Rs and Bylaws. You will have to clarify with the HOA that you are permitted to lease your unit/property. We will handle the rest and make sure the tenant abides by all rules and regulations.

In most cases, all you have to do is give your current property management company a 30-day notice. Our company will be in touch with your current management company to obtain keys, lease agreements, deposits, etc.

When you sign up with us, the first thing we do is visit the properties so we can inspect and learn about them. One of our managers can meet with you or your tenant and answer any questions you may have. We will take photos and make recommendations on preventive maintenance. We perform routine check ups every 6 months after that or quarterly if needed.

We utilize Propertyware which is the best software available in the industry. It provides complete transparency. The tenant will be able to pay rent and submit work orders online from their portal. All work history and invoices will be uploaded to the owner portal to review and you can track all income and expenses.

Once we have a fully executed agreement and photos, we can begin immediately. PMI Beverly Hills syndicates your listing to over 30 of the largest rental sites such as Zillow, Trulia, Hotpads, Westside Rentals, Zumper, Lovely, Apartments, and ETC. If the rental property is priced properly, it may be rented as early as that same week.

PMI Beverly Hills is a member of AAGLA. We use the Apartment Association of Greater Los Angeles lease contract. State and local laws are constantly changing, and we use AAGLA’s contract to stay ahead of our competitors. We also include an addendum which provides additional terms to protect your asset.

We can set up the initial appointment at the property which normally takes between 45-60 minutes. Our manager will bring a complete proposal and management agreement for you to review. If you are from out-of-state, we can meet over the phone and email. Our management agreement can also be signed digitally.

We run a full credit and criminal background check for everyone over 18 years of age. We will also verify their proof of income and previous rental history. Quality tenants are one of PMI Beverly Hills’ Professional Guarantees.

No. We do not charge until the rent is paid and we believe this should be the standard for all property management companies.

Generally, we require a minimum of one month’s rent and an additional $350 for a pet deposit. However, California law allows a maximum of 2 month’s rent for an unfurnished property and up to 3 month’s rent for a furnished property. Either the owner or management can keep the deposit but we recommend that you keep the fund in our broker’s trust account. If you wish to retain it, we may not be able represent you if tenant files a small claims court lawsuit because you have the fund on hand.