22 Things You Should Know About Your Property Manager

  1. How long has your property manager been in business?
    Park Place Property Management has been the premier residential management company of the Treasure Valley since April of 2005.
  2. What percentage of your monthly rent is your property manager charging you to manage your properties?
    Park Place Property Managements charges a standard 8% management fee to all single unit investors. However, owners may be able to negotiate a more competitive rate depending on the terms and conditions of the agreement.
  3. Does your property manager hold any investment property of their own?
    Park Place Property Management does not hold any investment property of its own. This ensures investors that their property isn’t a second priority to the entity managing their property.
  4. Does your property manager carry sufficient and proper insurance?
    Park Place Property Management carries full liability and operations insurance in addition to professional errors and omissions insurance. This provides owners with 100% protection to any misfortunes or mistakes that might take place regarding their investment.
  5. What is the average annual vacancy period your property manager has on their properties?
    Park Place Property Management averages less than two weeks vacancy on all of our properties.
  6. How does your property manager advertise your property when seeking new tenants?
    Park Place Property Management advertises in the most comprehensive and proven ways in our market. We use visible signage and our website which averages 9,000 hits monthly. Additionally, we use a vast network of sites associated with rental property. These include, but aren’t limited to: Rentalhomesplus, Postlets, Craigslist, Backpage, FrontDoor, Local.com, Oodle, Trulia, Zillow, and others. Most importantly however, is the reputation we’ve developed in the treasure valley as the premier residential property management company. Renters are consistently referred to us by real estate agents, among others, to assist them in finding a property.
  7. How does your property manager pay you and how long does it typically take for you to receive your money?
    Park Place Property Management uses ACH to automatically process direct deposits. This allows us to debit any account in any state as requested by our owners. This transaction typically takes place no later the 15th of each month. This eliminates the possibility of lost items in the mail and places funds in our client’s accounts several days quicker than mailing checks.
  8. What does your property manager charge to find a new tenant?
    Park Place Property Management charges a one-time leasing fee that varies depending on terms, condition and location. This covers finding and screening all applicants, as well any necessary documentation. A portion of that fee goes to that particular properties manager as an incentive to lease the property quickly. Also covers the signage, high-quality pictures, narrated video walkthrough of each property and placement on our large network of websites.
  9. Does your property manager offer your tenants the ability pay online with credit card or electronic checks?
    Park Place Property Management has numerous options available to assist tenants in paying on time. They can pay at any of our locations with personal check or cash. They can set up their account to automatically debit on a monthly basis or use their bank provided online bill pay. Additionally, they can pay on our website using a credit/debit card or electronic check.
  10. Does your property manager have a full-service maintenance crew that is available 24-7?
    Park Place Property Management has a maintenance crew that specializes is a variety of repair needs. HVAC, appliance repair, electrical, roofing, plumbing, and basic carpentry are just a basic list of all the capabilities of our maintenance crew. When it comes to housing, there isn’t something we can’t fix. We negotiate the best prices from all our suppliers so you can rest-assured that your property is maintained properly and you get the best return on your investment as possible.
  11. Does your property manager have a full accounting staff that is licensed and fully compliant with state and federal laws, while providing detailed and transparent statements?
    Park Place Property Management utilizes a very robust and comprehensive double entry accounting system to track all transactions for our clients. We provide detailed monthly statements for each one of our properties to help our clients stay informed and assist in tax preparation. Included in our monthly statements is a year to date column and we are able to produce almost any financial statement needed, upon owner request.
  12. Does your property manager utilize video to market and track the condition of your property?
    At Park Place we use multiple resources to market our properties in the most effective ways possible. Video has become a common expectation from your tenants when searching for properties. This technology allows potential tenants to be more efficient when searching for their next home. Additionally, we are able to use the video as evidence, if needed, to more accurately gauge the condition of the property.
  13. How much does your property manager require you to pay into a reserve account to cover possible repairs?
    Park Place Property Management doesn’t require any kind of owner deposit on their investment properties. We make repairs and upgrades as they are approved by owners, and deduct and expense out of the following month’s rents. These expenditures are then clearly marked and explained in a detailed accounting statement sent to the owner.
  14. Does your property manager have a lawn service tenants can use?
    Park Place Property Management is able to negotiate extremely competitive rates do to our volume of business and we pass these savings on to the tenant.
  15. Does your property management company perform inspection of the property during occupation by the tenant?
    Park Place Property Management performs full interior and exterior inspection of each individual unit and property every six months. The purpose of these inspections is twofold. First, we guarantee that the tenant is adhering to the terms of their lease with regards to care of the property, number of residents, and approved pets. Second, maintenance inspects the condition of the property’s plumbing, roofing, yard, and any other preventative maintenance items that could cause major expenses down the road, or a hazard to the property. We’ve found this to be a huge value to our owners as necessary repairs can be made before it becomes a larger and more expensive issue.
  16. Has your property manager passed a Certified Residential Management Company Audit?
    Park Place Property Management is on of three companies in Idaho to earn the CRMC designation. To become a CRMC a company must pass a detailed examination and obtain a number of recommendations from clients and peers. To learn more we encourage your to visit the NARPM website.
  17. How often does your property manager reconcile their security deposit trust account?
    Park Place Property Management reconciles their security deposit trust accounts monthly. The benefit of this to investors a guarantee that if their management company were to default or go under, the owner will still be reimbursed their tenants deposits so that upon tenant move out, they will not have to come out of pocket for missing deposits.
  18. Is your property manager up to date with the laws regarding the Fair Housing Act?
    Park Place Property Management regularly attends training and seminars regarding fair housing issues on a regular basis. Additionally, some of our staff sit on the NARPM legislative committee that makes changes to different housing laws and authorities.
  19. How does your property manager handle background and credit checks on rental applicants?
    Park Place Property Management performs a multi-point check on each individual that applies to live in our managed properties. This check includes credit, criminal (local and national), eviction and rental history, employment and income verification, and contact with provided references.
  20. Does your property manager track local market information regarding rent levels, vacancies and other key analyses? Do they share that information with their clients?
    Park Place Property Management is the number one resource for information about investment and income property in the Treasure Valley. We help investors find and capitalize on opportunities and trends that realize significant gains in the real estate market. We provide this through a blog on our website, multiple email newsletters and our wealth of industry knowledge available in our well-trained and experienced staff.
  21. Does your property manager have current certifications or accreditations with known property management organizations such as NARPM, IREM, or CCIM?
    Park Place Property Management is one of only three property management companies in the state of Idaho with the Certified Residential Management Company (CRMC) Designation. Also, the president of Park Place, Andrew Propst is Master Property Manager (MPM), Residential Management Professional (RMP), and Certified Property Manager (CPM).
  22. Does your property manager provide an eviction protection program?
    Park Place Property Management offers Eviction Protection Insurance. This program covers the costs of an eviction in its entirety and simplifies and streamlines the process for owners to remove a non-paying or delinquent tenant, potentially saving several thousand dollars.
Park Place Property Management | 625 S. Stratford Dr. Suite 200 | Meridian, Idaho. 83642 | Phone: (208) 377-3227 Fax: (208) 376-3884 | pppm@parkplaceid.com
Rental Property Management Serving Boise | Meridian | Nampa | Kuna | Eagle | Star | Caldwell