OWNER - Frequently Asked Questions
Evaluation of your property’s leasing price is based on several factors such as square footage, location, property age, landscaping, upgrades, and any amenities that will be paid for by an owner. A visual inspection of the property is necessary in order to recommend a leasing price and to determine if any cleaning or repairs are necessary prior to placing your property on the rental market.
If your property is located within a Home Owners Association, owners are required to pay for water, trash, gardening and HOA dues. If your property is a single family dwelling outside of HOA regulations, owners are not required to pay for any amenities with the exception of pool service if your property is equipped with a pool/spa. Owners are required to pay for gas and electricity during vacancy periods.
Yes. The cities of Lancaster and Palmdale require property owners to register their rental property(s) and apply for a business license. In order to avoid penalties or fines, you should register your property with the city of Lancaster at: cityoflancasterca.org and with the city of Palmdale at: cityofpalmdale.org.
No. Owners are required to pay for their own property tax installments in addition to their annual insurance premiums.
Yes. For full-management contracts, a nominal reserve fund is required for each property for emergency purposes in the event rental income is not received. This amount does not need to be paid upfront and may be deducted from the first month’s rent. This reserve is maintained in the Property Manager’s non-interest bearing trust account.
Yes. For full-management contracts, owners should convert their homeowner’s insurance policy over to a landlord policy. In addition, owners should name Gannon Realty Group Inc. as additional insured to your policy.
Owners that have chosen a Full-Management contract will receive owner funds to their checking or savings account via direct deposit on or before the 15th of every month. Owners who are under a “Lease-Up” contract will receive funds by check within five (5) business days after the tenant’s move in date.
Owner statements are emailed on or before the 15th of every month. Owners may view their owner statements and invoices through their owner portal at any time.
We advertise on our company website (powered by Buildium). In addition, we advertise using print as well as web-based sites such as, Realtor.com, Rent.com TurboTenant.com, Apartments.com, and more.
An applicant must gross 2 1/2 times the amount of rent, have three years of good tenant history with no prior evictions, and have a minimum FICO credit score of 625 or higher. We verify tenant and employment history in addition to running credit, eviction, and criminal background checks.
Lease term is a one-year agreement which will automatically convert over to a month-to-month tenancy agreement at expiration of lease. Tenant/Owner may mutually extend the agreement in writing.
No. The security deposit is held in a non-interest bearing trust account and is released to the tenant within 21 days after move-out less any charges for rent, cleaning and/or damages. For owners under a Lease-Up contract, security deposit funds will be remitted directly to the owner within five (5) business days after tenant’s move-in date.
Rent is due in advance, on or before the 1st of every month and is considered delinquent if not received by the 3rd calendar day of the month. A Three-Day Pay Rent or Quit Notice will be served to all tenants with past due rent balances. If rent is not paid within the required time, legal action may be filed at which time our Property Manager will contact the owner for approval to move forward with legal proceedings. In the event an eviction is filed, funds will be deducted from the tenant’s security deposit, if available. Gannon Realty Group will process evictions on owner’s behalf using local and experienced attorneys who specialize in unlawful detainers.
Tenants may call in a maintenance repair or email a request online through their Resident Portal. After hour emergency calls are handled through our dedicated answering service. All of our vendors are required to carry General Liability Insurance and/or Workers Compensation policies. We have a solid network of repair specialists and vendors.
Property inspections are conducted annually and usually prior to a lease expiration before a renewal is considered. We are primarily checking for water leaks, condition of landscaping, health and safety issues such as smoke detector and carbon monoxide detectors, as well as the overall living condition of the premises.
