What does castle do to rent units in a timely manner?
Castle works quickly with our trusted vendors and maintenance staff to schedule vendors needed for a unit turnover to get it ready for the next resident.
How do the application fees work?
Each tenant will pay their own application fee when they apply. We use this fee to process credit and background checks.
What is the process of determining my property's rents?
We largely focus on the current market conditions, the price of similar units in the area, remodeling factors, and relevant site issues that would affect the speed/rate for getting a new lease.
How do you collect the rent?
The residents are able to pay online, or with a personal check or money order to one of our offices. Those deposits are then recorded in each tenant’s ledger, and tracked for the duration of their tenancy.
I prefer direct deposits. Is that possible?
Absolutely! We can arrange direct deposits to your preferred bank account.
How do you screen new tenants?
We have a thorough application process that illuminates each candidate’s income history, rental history, and credit history. That data goes to one of our Portfolio Manger’s for review. The Portfolio Manager will then make a decision on the tenant’s ability to pay the rent and adhere to all lease requirements.
Can I keep my current insurance?
Owners are typically able to keep their current insurance carrier. And Castle employees will work directly with your insurance company when problems do arise.
What does my tenant have to do before the move-in?
We require that all leaseholders meet with one of our managers to go through the lease agreement in full. We collect every signature we need at that time, make sure that the tenant has setup any applicable utilities, and collect 100% of the money owed for the first month’s rent and all deposit funds. Only after all of those things are completed do we issue keys to new residents.
What happens when a tenant moves out?
When the tenant vacates, we inspect the property's condition thoroughly and compare it against the condition report from the move-in. We then use in-house staff and 3rd party vendors to restore the condition of the unit. We retain funds from the tenant’s security deposit for any damages that are not considered “normal wear and tear.”
What kind of inspections do you conduct?
We do move-in and move-out inspections for every tenant. We do annual unit walkthroughs, typically in the summer. We perform inspections for mortgage companies, insurance companies, and city regulatory bodies. Lastly, our portfolio managers review each property regularly to ensure compliance and satisfaction.
What about utilities?
Every building is setup a little different, and we can accommodate many requests on this front. All the owner's utilities stay attached to their name. We will track and pay for the utilities out of the property’s monthly cash flow, and those reports are made available each month. The resident will be asked to pay for the utilities where usage is closely monitored – like the electric and heating bill, individual trash bins, or water when there are submeters.
What if my tenant doesn't pay rent on time?
Our lease agreement includes a mandatory late fee for any payment received on the 6th of the month, or later. Our employees work hard to collect that fee, when applicable.
How do you handle damages to the property?
We have in-house maintenance and small contractors for the daily and monthly repairs. We make decisions on how to address the damages based on cost and completion timelines. For larger problems to the building, our Portfolio Managers will solicit qualified bids from approved vendors and present solutions to the owners before setting a course.
Which kind of reports will I be able to review?
As a client of Castle Management, you will have access to a wide range of reports that focus on income and expenses. A Portfolio Manager will be your main point of contact for the reports, and will help identify which reports are best suited to fit your needs.
Should I rent to smokers or people with pets?
Many cities in California have adopted no-smoking clauses for multifamily properties, so that decision may have been made for you. But assuming there are no laws or provisions, then each building is allowed to have its own rules for pets and smoking. Pet owners represent a large share of the prospects available, and pet rent is a profit center. These questions are usually discussed and vetted out earnestly during the formation of your contract with Castle.
If we discover evidence of smoking, the tenants will be charged against their security deposit for relevant damages.
Does hiring a property manager lead to loss of control?
Not at all. A property manager’s job is to implement your vision, or help you craft a vision for what you want at your property. We do this all day every day, and can offer valuable insight to most decisions. Then it will be up to you to decide how involved you would like to be.
