Owner FAQs

General Questions

How does Park Place Property Management communicate with their owners?

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:

  • Eviction Summary
  • Acceptable applications
  • Notice to vacate from tenant
  • What to expect when tenant moves out
  • Lease renewals
  • Extraordinary maintenance items

Can I enter my property after it is rented?

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. Park Place will conduct interior inspections of the property every six months. History has shown that repeated disturbances prompt residents to become unhappy and not be as willing to renew their leases. We usually try to give the resident 24 hours notice before we enter unless it is an emergency situation.

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 Park Place Property Management need to start managing my property?

In order for us to begin the process of managing your property we 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 Park Place Property Management, Inc as an additional insured
  • IRS W-9
  • Getting Started form submitted
  • ACH Authorization
  • Lead Based Paint Form, if the property was built prior to 1978

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Understanding Owner Statements

I have questions about my monthly statement, how do I get my questions answered?

You can contact us by email or call us Monday through Saturday 7 am till 7 pm MDT.

Pre-paid Rent?

Sometimes a tenant pre-pays all or a portion of the next month's rent before it is due. The rent charge is not entered or due until the first of each month. That pre-payment then is held in trust for the tenant until the month it is due. This shows on the owner's statement in the "Pre-paid rent held until Due" line item indicating that funds for the next month have been received. On the statement for the period that it is not yet due, it will show as a positive number in the current and YTD columns. On the statement for the month that the payment is applied, it will show as a negative amount in the current column of the Pre-paid rent held until due line item showing that it is being removed from the trust account. It is at the same time reflected in the rental income as a positive number although this may not always be obvious if the tenant has made an additional payment in the same month.

Bad Debt in General?

When an account is turned over to the collection company, they aggressively pursue the debtor to find and re-coup all that is possible. They do charge a commission to do this which is taken out of what they collect and then they forward the balance to Park Place. We apply this amount to the former tenant's account for disbursement. When everything that can be is collected, the balance remaining on the tenant's account has to be charged to Bad Debt to clear out the tenant's account and recognize that no more funds can be collected on that account.

Bad Debt on the Owner Statement?

When the transaction to recognize the Bad Debt is entered on the tenant's side, there is a corresponding entry automatically entered on the owner's statement to show that this is debt that will never be recovered. On the owner's statement, this is a balancing entry that does not change the bottom line (net income) on the statement. What the entry does is to move the item that cannot be collected from whatever category it was originally (ie Water and Sewer, Gas and Propane, etc) in to the category of Bad Debt. This is something that an owner's accountant will review and address when the owner's tax return is completed.

Why does my beginning balance not match my last statement?

Unless otherwise requested, we email statements as soon as we process payments to you, the owner. Usually this takes place in the first half of the month. We continue to manage your property all month so sometimes there will be activity that takes place after you receive your initial statement that will change your ending balance. We make every attempt to keep these transactions to a minimum but are not always able to eliminate them altogether.

What types of transactions cause my beginning balance to change?

The most common transactions are:

  • A utility bill received after proceeds were paid out that is due prior to the following month.
  • A tenant move-out that takes place after proceeds were paid out.
  • A tenant payment that has been returned NSF by the bank.

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Security Deposit and Billing

How does Park Place Property Management Handle evictions?

On or around the eighth of every month Park Place Property Management will post and mail a 72 Hour Notice to Pay or Quit. After 72 passes we can file for eviction. Unfortunately Idaho law prevents Park Place Property Management or anyone other than the owner or an attorney to represent the property in court. Park Place Property Management retains Shearer and Bonney to do evictions unless an owner can be present at court.

How much does an eviction cost?

An uncontested eviction will cost about $400 to $500. A contested eviction can cost up to $2000.

What is eviction Protection?

Evictions can happen to any landlord no matter how well a tenant is screened. Circumstances change in peoples lives and they are not able to pay the rent. This is especially true when people lose their jobs, go through divorce, or have a serious injury. When they aren't able to pay the rent they also find it difficult to move. When this happens the landlord has to go through a costly procedure of evicting the tenant.

Park Place Property Management has the solution. We have a cost effective program that protect our owners from the high cost and all the time consuming headaches of evicting a tenant. For a small annual fee of only $69, this program will cover the cost of virtually all evictions. This could save you between $500.00 to $2000.00 or more. The only part of an eviction that is not covered is a jury trial, should that become necessary. In the 12 years we have been doing evictions for our clients, we have never had to go through a jury trial. If that becomes necessary, we will let you know and try to negotiate a favorable settlement in your behalf.

It is standard for the Eviction Protection to be included with our property management agreement.

How are Security Deposits handled?

Park Place Property Management will require security deposits, usually an amount that is equal to one month's rent, from all residents. These funds are held in a separate escrow account at an insured Mountain West Bank. Security deposits cannot be disbursed until the resident vacates and at that time, can only be disbursed to the owner or the resident.

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 most of your monthly bills. Typically our owners will pay HOA dues and mortgages. We pay bills on the 1st of each month.

However, there may be occasions where a bill (typically a utility bill) that may arrive in our offices after the first of the month but due well before the first of the next month, in such instances we will pay the bill so as to not incur late fees or jeopardize service. NOTE: When this happens, the beginning balance of the next month will be different than the statement ending balance sent upon the owner pay date and will result in a negative bank balance for the ensuing month. When this occurs, simply request a previous month's revised statement and compare the previously sent statement with the revised statement and it will become clear which bill was paid after the owner pay date.

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Maintaining My Property

Who takes care of the yard and sprinkler turn-on and blow-out?

Typically in a single family home the tenant is responsible for the yard care. Multi family complexes are an expense of the owner or HOA. However, Park Place Property Management will spread weed and feed and turn on and blow out the sprinkler system.

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Current Owners Owner Forms