have more questions? below are the most common questions we are asked from owners. give us a call if you don’t see your question below…
Q: what kinds of properties make good rentals?
A: most requests are for homes that have between 2 and 4 bedrooms. this could be single family, small plexes or condo units.
Q: what amenities mean the most to portland renters?
A: we receive a lot of requests for a garage, fenced yard, deck, ac, half bath for guests and hardwood floors but also get quite a few renters looking for granite, stainless appliances, portland charm and anything but “rental white walls.”
Q: how long does it take to rent a home?
A: this can be tricky to predict and depends a lot on price, location, amenities and market. additionally, we live in a very wet climate and renting in the winter months can be almost impossible because most people do not want to move in the rain. if you are a new client (i.e. we don’t have a 30-day notice period to advertise while still collecting rent) we usually tell our clients to expect it to take 6 to 8 weeks (or more) to find a tenant in the winter months and 2 to 4 weeks in the summer months.
Q: how much will my house rent for?
A: we set a rental rate by comparing your home with others we have in our inventory with similar amenities. we also look at homes that are currently being marketed which are comparable to yours and other market conditions. some general guidelines are: $600-1200 for one bedroom, $700-1400 for two bedrooms, $1400-2500 for three bedrooms and $1800-3000 for four bedrooms. a market survey can be performed once we know more details about your home.
Q: how does my property get advertised?
A: we rent most of our units from our craigslist ads or through traffic on our own website. we also post our listings on many other sites that get minor traffic comparatively, including google base, hotpads and trulia. all of these venues are free, so advertizing cost to our owners is zero.
Q: how much does maleo management charge to manage my rental?
A: it’s simple. we charge 50% of the first month’s rent as a fee for the leasing process, and 9% of the gross monthly rents thereafter. there are no other charges. no hidden costs. to our knowledge, we are the only property manager in portland using a flat fee system. all of our competitors have extra charges that could sneak up on you. we’ve seen these extra charges double or triple the percentage quote you thought you’d be paying. ouch.
Q: when do we receive our rental proceeds?
A: we mail your rental proceeds on or before the last day of each month along with your monthly accounting and any special notes about your property or tenant that occur in the month.
Q: how much security deposit is collected?
A: our normal security deposit is equal to one month’s rent plus one hundred and then rounded up. example: for a rental rate of $1295.00, the deposit will be $1400.00.
Q: how is an applicant screened?
A: we review credit, criminal, employment and rental histories. we do our screening ourselves in order to get a feel for an applicant during this process. we have great success finding the right tenant for your property who will pay rent on time and respect your investment.
Q: how are pets handled?
A: we are flexible. portland is a very pet friendly city and we recognize the value in offering high quality pet friendly rentals. we charge tenants a non-refundable “pet rent” for each animal which will increase your cash flow. we have breeds restrictions for dogs that could potentially be dangerous. we will also charge a deposit for any animal under one year of age. it is perfectly acceptable to not accept pets; however, please be advised that this may increase your length of vacancy.
Q: who does the maintenance on my property? can i do my own maintenance or use my own contractor?
A: our tenants contact us to report any repairs that are needed. we use licensed general contractors for all minor repairs. we have additional vendors in specialized fields which we have worked with for years. these relationships allow very low cost, high quality repairs without the need to wait for more bids. we are able to get multiple bids for items outside of a normal turnover if you wish. you are certainly welcome to do your own repairs or choose your own contractor if you are more comfortable with that.
Q: how long has maleo management been in business?
A: we renamed our business in january 2014 after the headache of a trademark issue but we have been in business for ourselves since march 2008. rebecca, however, has almost 15 years of experience in the business.
Q: why was maleo management started?
A: rebecca started the business as an answer to a problem she saw in the portland market of unfriendly, big-business style property management where tenants are treated as a commodity. this impersonal approach not only makes property management a detestable profession with high turnover within our field, but also affects tenant turnover, vacancy rates and ultimately, an owner’s bottom line. we choose the personal approach instead. we take time for each person and give them our full attention. when we’re wrong, we admit it. we get to know our tenants and owners and talk about more than just the weather when we meet. we do this because we genuinely like people.
Q: what is maleo management’s niche?
A: we love to work with like-minded single-investment owners. we take pride in answering all your questions and smile when you grill us (you should)! we enjoy educating owners who are new to investments or have been thrown in to the role of investor simply because of our failing sale market. we know this is a scary step (we’ve taken it too) and are eager to set your mind at ease. on top of this, we offer a flat-rate management fee. we enjoy what we do and charge a fair price for the work we do and we’ll never charge you more. there are no hidden costs.
Q: how do i know i can trust maleo management?
A: you don’t. unless of course, you have known us personally there is no reason that you would start out trusting us. we’re ok with that. we welcome your questions and input. we disclose our rental policies and procedures and give you the option to customize our approach to management for your unit. our main goal is to manage and protect your investment in a way that allows you to rest assured that everything is under control. there is no reason to hire a property manager if you are going to continue to lose sleep. we are transparent with you and hope you learn over time that we are trustworthy folks who genuinely care about you and your investment.
Q: how do i get started with maleo management?
A: give us a call or send us an email. we will promptly call you back to discuss any questions you may have, send you a copy of our contract for review and discuss the current market trends for your rental. once you are ready to sign the contract, we’ll set up an appointment to view your property, take pictures and do a full rent survey. we’ll get your property listed for rent and off we go!