Owners FAQ
Discover the answers to some of our most commonly asked questions.
What type of properties do you manage?
We manage single-family homes, condominiums, townhomes, and 2-4 unit residential properties. Unfortunately, we do not offer services for Airbnb, VRBO, short-mid term rentals, or furnished rentals.
Accounting
When will I receive the rent?
On the 1st of each month, we deposit the prior month’s rent into your bank account. We also send you an owner statement detailing income, expenses, invoices, and photos of any maintenance work that was performed that month.
What security deposit do you require and how is this handled?
Generally $25 less than one month’s rent. This is so the tenant does not confuse the deposit as last month’s rent. We are legally required to return the deposit within 21 days of getting possession back of the home. During that time period, we will conduct a move-out walkthrough and coordinate any repairs needed. We will collect the receipts from the vendors and provide the departed tenant with the deposit, minus any deductions, as well as any invoices for deductions made.
What is the FTB withholding?
If you are not a resident of California, the California Franchise Tax Board (FTB) requires property managers to withhold 7% of the gross rent and submit it to them. If you are a California resident, you simply complete a Form 590 which we’ll send you with the management agreement. If you are not a California resident you can apply through the FTB for a Waiver or Reduction from the 7% withholding, more information will be provided in your management agreement.
Can you pay my HOA dues, property taxes, mortgage, etc. for me?
If you would like us to take care of certain bills, then we will require a cash reserve. We can pay anything except for mortgage and insurance bills.
Leasing
How much will my property rent for?
Start by getting a free rent estimate here. Schedule a Property Consultation so we can learn more about your home and give you a more accurate evaluation.
How long will it take to lease my property?
We guarantee your property will be rented in 30 days or less or we’ll waive the first month’s management fee.
How do you screen your tenants?
We take tenant screening very seriously at Bear Property Management because protecting your home is a priority. Our tenant’s minimum criteria
- Gross household income (before taxes) must be greater than 3x monthly rent.
- Credit score (per individual above the age of 18) must be higher than 650.
- The lease start date will be within 2 weeks of applying for the property.
- Pets are screened through PetScreening.com
Do you require renters insurance?
Yes! A minimum of $100,000 in Personal Liability.
Do you allow pets?
Our property management company lets you, the owner, decide to allow pets on your property. Allowing pets gives you property access to a broader tenant base. We also find that tenants with pets generally tend to stay longer in rental properties, so your chances of a costly vacancy are decreased by allowing pets. We use PetScreening.com to screen all pets. California law dictates service animals are legally inclined to stay with a tenant licensed to have such an animal so we cannot prevent them from living at the home.
Maintenance
How do you handle maintenance?
Our property management company creates an inspection report and shares it with you. You approve all maintenance costs over $500. Work under $500 we get underway ASAP so we can get your property on the market. We have relationships with professional 3rd party vendors who handle all maintenance work.
Occupied Properties
The tenant submits a maintenance request and you get notified. We troubleshoot common issues with the tenant If needed, we dispatch a preferred vendor who schedules a visit with the tenant. If the work is over $500 we contact you for approval. If under $500, we make the decision for you so it’s fixed fast.
Can I perform maintenance or use my own vendors?
If the property is vacant, yes. If the property is occupied, we only use our preferred vendor network in order to protect the tenant and ensure repairs are done right.
What repairs are tenants responsible for?
- Plumbing blockages they cause
- Damage they cause above normal wear and tear
- Cleaning and carpet cleaning once they move out
What do your vendors charge?
It depends on the scope of the repairs needed. Often our team is able to give you an estimated range of cost for common repair items. If not, we can typically obtain a free estimate from our vendors within a couple of days.
How do you pay vendors?
We will utilize the funds that we have on hand for your property to pay vendors for any work performed. In the event we need additional funds, our clients will have access to a portal where they can deposit funds if needed.
We make owning rental property easy.
Finding the perfect tenant for your property should be a breeze, not a hassle. It should free up your time, boost your finances, and leave you with more energy to enjoy life. Our team has already transformed this vision into reality for numerous property owners in Orange County.
Now, it’s your turn. Let us streamline the process and bring the same peace of mind to you.
