Owner Frequently Asked Questions
Info You Need
How do you determine what my property should rent for?
Select 1 Realty’s property manager will come out to your property to evaluate how much your property should rent for and what needs to be done to get the desired rent.
How does Select 1 Realty Property Management handle repairs to my property?
Select 1 Realty Property Management will either use their handyman or outsource the repair to one of our license and insured vendors. When you sign on with Select 1 Realty, property management, your manager will discuss your specific maintenance needs and instructions.
How long will it take my manager to call me back?
All calls are returned within 24 hours or by the next business day.
I have insurance through my HOA, why do I need a separate policy?
The HOA’s insurance covers items in your association’s documents (Roof, exterior walls etc.) Each HOA is different with what it covers. A private Home Owner’s policy covers the interior contents of the property (cabinets, appliances etc.). A Landlord policy covers owners for many different issues including liability issues.
If I leave the country does Select 1 Realty Property Management have ability to manage my property?
Select 1 Realty Property Management currently manages property for owners living around the world. Select 1 Realty Property Management has many systems in place to help absentee owners get the information that they require.
What do I need to get Select 1 Realty Property Management to manage my property?
All Select 1 Realty Property Management needs to get started is a signed contract, paperwork, Insurance information and a copy of your keys.
What documentation will I need to provide my manager?
If your property is located in a HOA, you will need to provide copies of the Rules and Regulations, a blank tenant registration form (if tenants are required to register.) The names of your HOA Manager, Management Company and telephone number. If you have vendors that work at the property we will need a list of any and all contractual service items and/or vendors, including their representatives names and telephone numbers (e.g. laundry service provider, waste service provider, landscaper, pest control service contractor, Home Warranty or appliance warranty provider (s) etc.) If your property is currently rented we will need a copy of all current rental agreements as well as any other relevant and pertinent documentation such as credit applications, correspondence, notices sent to tenants etc.
What is a reserve? How is it funded and what is it used for?
Your account reserve is an amount of money that is held in Select 1 Realty Property Management’s trust account for issues that might arise on your property. The reserve account is typically funded by an initial payment made by the owner. The reserve is kept so that owners don’t have to send emergency money to fund repairs or other issues on their property.
What type of insurance do I need for my property?
You will need to have Landlord policy naming Select 1 Realty additional insured, additional interest or have a provision that covers the property manager.
Who do I contact if I have a question on my monthly statement?
Please contact our controller via email email@example.com or via phone 925-706-9000 X 11.
Who retains the tenant’s security deposit?
Select 1 Realty Property Management does. We have 21 days from the day keys are returned to process the refund to the tenant. The security Deposits are maintained in a trust account and do not collect interest.
Why do I need to have Select 1 Realty Property Management named additionally insured or additional interest on my Landlord Policy?
Select 1 Realty Property Management requires its owners to name Select 1 Realty Property Management additional insured, additional interest or have language in the policy covering the property manager due to the great cost of litigation. Select 1 Realty Property Management is able to provide its service at competitive rates due in part to the owner’s Landlord policy being obligated to pick up coverage for all issues related to the property.