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Frequently Asked Questions
Do you offer discounts for multiproperty portfolios?
What do you do when a tenant moves out?
When we receive a 30 day notice for a tenant to move out, we begin marketing immediately. This increased exposure substantially decreases vacancy periods (we average 3-4% vacancy rate).
The business day after the tenant moves out, we have a move out inspection. The move out inspection includes a detailed report along with a video. Repairs, housekeeping, and carpet cleaning are scheduled immediately. A short make ready period is important in order to make walk throughs available as soon as possible.
The move out process includes a detailed financial statement to the tenant that moved out detailing any charges for items that are above “normal wear and tear” as defined by the Idaho Landlord Tenant Handbook.
What do you do if a tenant does not pay rent?
We serve a 3 day pay or quit notice as provided by Idaho Law. If we have not received rent within 3 days, we provide the landlord with recommendations to move forward to evict. This process is streamlined to leave you to make the decision but out of the process.
What do you do with late fees?
Late fees require owners to wait for their funds and property managers to chase tenants for rent. Therefore they are split 50-50.
Should I allow pets in my rental property?
Even if you decide to accept pets there is a list of pets that are not allowed because our liability policy and most policies held by owners have exclusions with these dogs. To see a list of the breeds, you can click on application requirements in the prospective tenant section on jacobgrant.com.
Jacob Grant has a pet application process and scoring system that measures potential risk of the pet and cost risk if the pet does damage. There is additional deposit to help reduce this exposure.
*Fair housing requires that service animals are allowed even in “no-pet” housing. Charging additional rent or security deposit for a service animal is illegal. If someone has a service animal and completes the appropriate paperwork you will be notified.
What about utilities?
Utilities will be addressed when you sign a contract with Jacob Grant Property Management. A landlord agreement will be created by the owner and listed as follows:
Owner’s name or company name
c/o Jacob Grant Property Management
490 Park Ave, Suite 1
Idaho Falls, ID 83402
These agreements decrease the cost of turning utilities on and off and greatly reduces the risk of frozen pipes during the winter.
How do you handle “bad tenants?”
When a tenant violates the lease, we follow up with a lease violation. This is a form that outlines the violation and references the portion of the lease that is violated. There is an associated fee and sometimes follow up interior or exterior inspection depending on the violation.
Sometimes a neighbor will know about a violation before we do. In the case that we receive information from a neighbor, we follow up with verification of the violation.
What types of properties do you manage?
We manage single family homes, apartment complexes, 4-plexes, duplexes, condos, and townhomes. In addition, we manage apartment communities.
What are your certifications?
We are highly involved with the National Association for Residential Property Managers (NARPM) and attend national conferences to facilitate ongoing education and stay up-to-date with industry best practices.
We are also highly involved with the Institute of Real Estate Management (IREM). This is a highly respected property management education system which offers certifications such as the Accredited Residential Manager (ARM) or the elite Certified Property Manager (CPM).
Jacob Grant encourages all staff to take IREM classes through pay increase incentive and scholarship support for financial help. We currently have one CPM on staff and others that are on their way. We believe education increases our ability to meet owner’s goals, increases our professionalism and maximize our potential.
How do you collect and store security deposits?
Security deposits are collected in guaranteed funds prior to tenants receiving keys to the property. Security deposit funds are considered tenant funds until move out therefore the funds are held in a separate escrow account. This account is verified and reconciled twice per month. At move out, the funds are dispersed to pay qualified repairs and cleaning or dispersed back to the tenant according to the lease and Idaho State Law.
What is the approval process for maintenance?
What are the contract cancellation terms?
When do you pay owners?
Funds are dispersed to owners on the 15th of every month. In the event that the 15th is a weekend or a holiday, funds will be dispersed on the following regular bank day. All funds are dispersed via ACH into a checking account of your choice.
What accounting do you offer?
Monthly accounting is provided to owners after funds are dispersed on the 15th. You will see line item by line item income and expenses on your monthly report. You will receive a copy of paid invoices as well as your monthly reserve balance. Additional reporting can be requested. All 1099s are paid out annually to vendors on behalf of owners. Year-end statements are provided to owners for tax purposes.
Do you provide access to online financial statements?
Owners have an “Owner’s Portal” in which they can view all of their financial statements at any time. Sensitive financial information is protected by a secure connection. The secure connection uses AES_256_CBC, which is a 256 bit encryption.
How long will it take to rent my property?
There are many factors that go into renting your property
Price
When rental properties are over-priced they typically do not rent quickly.
Cleanliness and repair
Rental properties that are clean and in good repair show better and therefore rent more quickly.
Season
There are not as many people looking for rental properties in winter months. This smaller pool of renters reduces the speed with which properties rent.
During the spring and summer, when rent is set correctly, properties will typically rent within 14 days of being advertised. Many times if we are marketing vacancies while the previous tenants are still living in them, they rent even more quickly.
Note: Jacob Grant Property Management uses Lease Targeting as much as possible. Lease Targeting means we change the lease end dates according to the season. If we are marketing a rental property in November we will try for a shorter term lease, and sometimes we are even able to secure 15-18 month leases. Though this is not always possible, Lease Targeting reduces your overall vacancy.
What services are outsourced?
Every company is required to sign a contract, provide proof of liability insurance and workers compensation and show consistent professionalism with tenants. They are also required to provide quality repairs consistent with pricing.
We typically don’t go with the very cheapest service in town as the long term results are not beneficial to properties or owners, and typically increase liability risk in the case of injury or damages.
What is the average length of tenancy?
There is a lot of variability in length of tenancy. Typically there are shorter occupancy periods in studios and 1 bedroom apartments and in homes that rent for more than $1300. Our average occupancies are between 12 and 18 months. The longest occupancy periods tend to be associated with properties that are between $700 and $1200. We see occupancies that last 2-3 years regularly. We have seen tenants live in a studio apartment for 10 years, and we have had people live in a 6000 sqft home for 2 months. These situations are atypical and not the rule.
What rent collection options do you offer tenants?
Tenants can pay with credit card, debit card, or ACH payment through their online portal. This “no-cash” policy protects your funds.
How many tenants have you evicted in the last year?
Our eviction rate for tenants that we place is less than 1%. For properties that we manage after someone else has placed the tenants the eviction rate can be as high as 10% depending on the screening procedures used prior to our management.
Minimum Property Requirements
We understand the importance of providing good clean properties to tenants. This is one of the first steps to developing good long-term tenants and reducing liabilities. Turnover expenses and time vacant can also be reduced by having the property in the good condition right from the start.
We prefer to have the property at a high standard when the tenants move in. This way we are able to hold them to that standard when they move out. This reduces turnover costs to the owner and holds tenants accountable. For example, if you have all the lightbulbs working and the carpets cleaned when the tenant moves in, then we can hold the tenant responsible to have the same done at move out. Many landlords have to cover these costs every time a tenant moves out…
We prefer not to show a property before these minimum requirements are met. If you have any questions, just let us know
Outside areas and landscaping
- Remove all trash, debris, personal items from yard, sheds, garage, and common areas
- Lawn should be moved and healthy
- Gardens and flower beds should not have excessive weeds
- Trees and shrubs should be trimmed
- Gates and fencing should be secure
- Railings should be properly attached and able to support an adult
- Decks should be solid and walking areas should not have large gaps or tripping hazards
- Window wells should be cleaned out
- Rain gutters should be clean and functional
- Rain gutters are required over doors and walkways where there is water runoff
- Gutters and downspouts should direct water away from foundation to avoid water damage
- Wood siding or exteriors should be painted or stained and in good repair
- Property must have visible numbers identifying the address
- All satellite dishes removed
- If multifamily home with garage, all garages need to be labeled
Windows and doors
- Windows should lock and open and close properly
- Sliding glass doors should function and lock properly
- All exterior door locks must function properly
- Interior doors should function properly and be clean with no cracks or holes
- Closet doors need to function properly
- Interior doors should not have exterior locking mechanisms
- Bathroom doors should have locking doorknobs
Lighting and Electrical
- No exposed wiring, outlets, or other electrical issues that could be a liability
- All switches and outlets should be functioning properly and have proper cover
- Light fixtures must be working with working light bulbs
- Smoke alarms must be in working order
- If gas supplied property, must have working CO2 detector
Plumbing
- Hot and cold water must work
- There should be no drips or leaks on fixtures, drains, or pipes
- Sewer should drain properly
- Toilets should not run or leak
- Heating and Air must function and be in working order with clean filters
Cleaning and maintenance
- All personal items and debris must be removed
- Paint and wallpaper should not be chipping or tearing
- Appliances must be clean and in working order
- Washer and Dryer should be removed from the property
- Handrails must be properly secured
- Property must be thoroughly cleaned. If needed, we can recommend a professional cleaner
- Carpets must be professionally cleaned and receipt on file with JGPM
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