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(208) 333-7767 FAX: (208) 361-3006 1365 N. Orchard, Suite 374 Boise, Idaho 83706 rent@paramountpm.com Download Application |
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Frequently Asked Questions
Property management and renting
Q. Why use Paramount Property Management, (PPM) Inc.?
A. We have a team of professionals who are dedicated to protecting your property investment by providing you, the property owner, with honest, professional, reliable property management. Our goal is to help keep your income up, your expenses down, while preserving your investment.
Q. In a nutshell, what services does PPM provide?
A. We oversee the day to day management of your rental property. We handle the financial operations of the property which includes the collection of rents, security deposits, and depending on the Management Agreement between PPM and the owner, we can also handle the payment of mortgages, taxes, insurance, utilities and maintenance bills. We also negotiate contracts for repairs, maintenance, and grounds keeping services. We provide monthly statements, do periodic drive-bys to inspect the property, and periodically report to the property owners as to the status of their property.
Q. What is the cost to have PPM manage my property?
A. PPM charges 10% of rent collected per month. If the property is vacant we don't collect a management fee. For those with multiple properties (6 or more) we have a graduated scale of fees.
Q. What are some other costs the owner is responsible for?
A. In addition to paying the management fee, property taxes, insurance and mortgage, the owner can expect to pay costs associated with advertising (PPM webpage, local paper) repairs, maintenance, and if needed, attorney fees.
Q. Do you collect a Security Deposit?
A. Yes, the security deposit amount is based on the amount of rent asked. It can be half the amount of rent up to the amount of rent or higher depending on issues such as pets, or tenants with un-established rental history. The security deposit is kept in a trust account to cover costs of cleaning or repairs required when a tenant moves out.
Q. If I place my home in property management, how much control do I have in making management decisions?
A. As much or as little as you want. Take for example maintenance decisions. Most owners place about $200 in a trust account to be used in case of minor repairs. They don't want to be notified every time a faucet leaks. However, if there is a more expensive repair, they do want to be contacted and involved in evaluating the bids and choosing the vendor. We will work out an understanding with you about the degree to which you want to be involved in maintenance and repair issues, setting rental rates, etc.
Q. How do I get started?
A. The first step is for us to do a market analysis, including viewing your property, to determine the range of rent that can be charged in the local rental market. We can then contact you to discuss your options and answer your questions. At the time you are ready to sign a Management Agreement, we will also collect an initial amount we both agree on to start advertising, contract for repairs or maintenance, and cover the initial walk thru inspection for our records. We then can begin to advertise--and you will be on your way of feeling confident that your property is in good management hands.
If we did not answer your question(s) please contact us.
We will do our best to answer any question you might have.