Landlord FAQ

Question 1

How much is your single family management fee?

Accepted Answer

We charge 8% of collected gross rent per month.  Owners with multiple properties managed by North State Financial may qualify to have a reduced monthly fee.   Unlike most property management companies,  we don't charge a large up front fee at first months rent.  We want to minimize the monthly expense for our owners and we are partners for the long term with our clients.

Question 2

Do you charge a management fee when the property is vacant?

Accepted Answer

No.   We dont charge any fees while the property is vacant.

Question 3

How much is your tenant placement fee?

Accepted Answer

For properties that are managed by North State Financial during the term of the lease,  we charge a $250 marketing fee to find, screen, and place a tenant in the property.   This is only per new tenant occupancy,  this fee is not charged for tenant lease renewals or extensions.     For tenant placement services only,  we can quote a one time fee.   Let us know if we can help you.

Question 4

What's the process to sign up?

Accepted Answer

There are 6 steps to get signed up: (1) Give us a call and let's schedule a time to talk about your specific needs. (2) We will typically schedule a pre-engagement walk-through to view the property and provide a marketing plan for you.  (3) Once you are ready, you'll sign the management agreement and we will begin marketing your property.  If any maintenance or improvements are needed we will work with you to help accomplish those goals.  (4) Upon tenant placement and payment,  your reserve account will be funded from the tenants first months rent payment in the amount of  $500.  This is not a bill, we simply hold those funds in case of any repairs or emergencies during the tenants occupancy at which time we would use those funds to pay for services needed.   If a reserve account incurs a deduction for repairs or services,  the fund would need to be brought back up to the minimum by either a deduction from the owners net proceeds the following month or by an owner contribution.  (5) Provide proof of insurance with $1,000,000 in liability coverage and North State Financial listed as an additional insured. (6) Provide all keys, remotes, and devices.

Question 5

The 10th seems like a long time to hold payments. Why is that?

Accepted Answer

Since we allow tenant payments online and properties have a 2-day grace period, a tenant could make an online payment on the 2nd and then it would take several more days to clear the ACH system,  sometimes up to 7 business days. We also reconcile our books and make sure all invoices are correct and paid.

Question 6

When do owner payments and statements go out?

Accepted Answer

We send out all statements by the 15th of the month. Owner ACH payments are set to leave our bank account and arrive to owners by the 10th of every month.  The only exception to this is if a tenant is late paying rent,  or if the 9th of the month falls on a weekend or holiday.   In that situation the payment would arrive one business day after the weekend or holiday.

Question 7

Do you charge for evictions?

Accepted Answer

We do not charge for our portion of the eviction process.   Because we do not act as attorneys,  any third party servicer or attorney will have their own fees the owner would be responsible to pay.   We do cooperate and assist with providing necessary documentation to these servicers and attorneys.

Question 8

Do you perform periodic inspections?

Accepted Answer

Yes, we complete an interior/exterior inspection at tenant move in,  and at least once if not more often during a 12 month term.   We also will conduct an inspection at lease extension or renewal time.    We do not charge for inspections.

Question 9

Do you handle Section 8?

Accepted Answer

Yes, we accept all forms of legally verifiable income including Section 8, Housing Assistance Programs, and other state or federal housing vouchers.   It is up to the owner if they want to accept assistance programs.   We follow all local, state, and federal laws regarding housing assistance.

Question 10

Do you mark up vendor-performed work orders?

Accepted Answer

We never mark up vendor invoices.   What you see is what you pay.  We also negotiate with vendors that provide fair and honest pricing with quality work.

Question 11

Will I receive copies of all vendor invoices with my monthly statements?

Accepted Answer

These are available at any time by request.   We keep all invoices on file for 7 years.

Question 12

Who will do repairs on my property?

Accepted Answer

We work with several good, reliable, and reasonably priced vendors for maintenance on our properties. If you have a preferred vendor that is licensed and insured, we are happy to work with them too.

Question 13

Do you charge marketing, advertising, or other hidden fees?

Accepted Answer

No. All marketing and advertising fees are included in the tenant placement fee.

Question 14

How do you market the property?

Accepted Answer

We market your property through a various online platforms, with numerous interior/exterior pictures posted, with ongoing SEO, smartphone-optimized website for all available vacancies, and 7-day-per-week in-person private showings.

Question 15

What is included in the placement fee?

Accepted Answer

The placement fee includes: pre-listing site inspection; video and pictures of the property; all marketing of the property; facilitation of all showings; complete tenant screenings (Fraud Check, ID Verification, FICO credit score, DTI verification, Social Security Number verification, eviction check, relevant criminal history check, small claims and existing lien check, landlord verification, employment and income verification); complete move-in inspection with pictures signed by tenants and property manager; verification of all applicable utilities in tenant's name at move-in; and a fully executed lease and inspection.

Question 16

Are you licensed to manage property?

Accepted Answer

Yes, we are a licensed property management company registered with the California DRE. Our license number is 02063119.

Question 17

How can I contact your company if I have questions about my property?

Accepted Answer

You can call or email your dedicated property manager at any time. We commit to returning your call or email within 1 business day or sooner.

Question 18

What is required to terminate your agreement?

Accepted Answer

We do not require a long-term contract. We ask for open communication and a chance to make right whatever you feel is not meeting your needs. If we can't come to an agreement, you can terminate your agreement with 30 days' notice in writing.

Question 19

Do you manage commercial properties?

Accepted Answer

No, we will not manage new contracted commercial properties at this time.

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