Owner FAQs

The timing of when to put a property on the market will depend on a couple factors. Ideally we would like to start advertising the property about 2-4 weeks before the property is vacant. This ensures that we have the best chance of having a tenant move in right away and avoid a prolonged period of vacancy. It also allows us to test the market and get the best possible rental rate. In order to advertise the property, it needs to be in good condition for prospective tenants. We can assist in coordinating any repairs, cleaning, etc., that may need to be done. Once the house or apartment is vacant, our property manager will do a final inspection to make sure everything is ready for the new tenants.

Once we have a signed management agreement, the assigned manager will immediately start getting the marketing package together. The property is added to the available properties section of our website, as well as over 25 other online sites including popular sites like Zillow, Rent.com, and Trulia. This ensures that all our properties receive maximum exposure and rent as quickly as possible. One of the biggest expenses a landlord can have is a high vacancy rate and we have the resources to keep that as low as possible.

The property should be in the best condition possible. This will help ensure the property rents for the highest market rate, a quality tenant is found quickly and your days on market are low. The property should be very clean and all the carpets should be professionally shampooed. The paint should be in good condition with dirty and scuffed areas touched up. We recommend that bright colors be repainted to neutral tones. All personal items should be removed from the property. Everything in the home should be functioning properly and the exterior should be in good shape. This will also help provide appealing marketing pictures to post online.

In order to determine the fair market value of a rental home, we first check what comparable properties in the area have rented for, both in our current portfolio as well as other properties on the market. We also factor in a particular neighborhood’s demand and the time of year the property is being marketed. 

Statistics show that around 75% of tenants own a pet and therefore by not allowing them, you are at disadvantage for finding a tenant quickly. We do not allow dangerous breeds and require an additional deposit. See our Pet Policy in the Tenants drop down on our website for more details. 

All new leases prohibit smoking on the property. 

Our screening process is very thorough and effective. We personally verify all our screening requirements are met to ensure only the best tenants rent our properties. We check for credit, identification, past rental history, evictions, job status, income, falsified information, and bankruptcy. Because of our thorough screening process, our default rate is one of the lowest in the industry.

Fair housing laws and regulations are very strict and prohibit any discrimination of tenants who are members of a protected class. We ensure that all of our owners are in compliance with these laws while still making sure each tenant is extremely well screened.

We understand that vacancy is one of the biggest expenses for a landlord and we work diligently to rent our properties as soon as possible and we have the horsepower to find tenants quickly. Price and market conditions will also drive vacancy periods. Our goal is to have every property rented within one month from when the property is rent ready. 

We pre-list the property while occupied.  Pre-listing the property is advertising that a property will be available soon and that we are accepting applications.  We typically do not show occupied properties.

Each property manager walks the unit/home once the previous tenant has vacated and comes up with a comprehensive list of items that need repair. During this time, we determine what is damage (resident charge) and what is wear and tear (investor charge). If the wear and tear estimate exceeds the maintenance limit, your property manager will review the assessment with you for your approval and funding.  If the wear and tear estimate does not exceed the maintenance limit, the property manager will approve the work to begin. 

We will then start to send out trusted vendors including our in-house maintenance to get the home/ unit rent ready. 

The expenses will be paid directly from the property’s operating account and if needed the property manager will request an owner contribution if there aren’t enough funds to cover the expenses. 

The standard procedure is the resident must give 30 days notice. If they do not give appropriate notice, they are rent responsible for the amount of time stated in the lease.

No. The security deposit covers any damages caused by the resident and their guests and to pay any outstanding rent. 

We will send the resident an invoice for any deficit.  If the resident does not pay, we will send the resident to a third-party collection agency.  You, the investor, will need to cover the cost of damages above the security deposit to get all work completed to get a unit ready.

Typical damages a resident is responsible for include cleaning, carpet cleaning, landscaping, and other items that are not normal wear and tear. Examples include and are not limited to carpet replacement due to tenant neglect or damage, painting and wall repairs from nail holes, scuffs, scratches, and drywall damage, or removal of personal belongings left behind.  

Onyx does not hold the security deposit unless instructed to do so by the landlord. 

Each time a resident moves out and prior to a new resident taking occupancy, the locks will be changed. This will reduce your liability and give your residents peace of mind.

Changing locks in between residents shields you from liability and helps residents feel safe in their new home. Therefore, our policy is to always change the locks each time a new resident moves in. 

Each person living on the property who is 18 years or older is required to apply. We do a thorough credit, income, and rental history checks.  We require the applicant make 2.5 times the monthly rent and have no history of rental debt on their credit. We also have credit thresholds that the applicant has to fall within to qualify for the home. In some instances, we require an additional deposit or co-signer to lease the property if the applicant has a marginal credit score, or not enough income or rental history.

We are a full-service leasing and property management company. We have policies and procedures in place to ensure we are in compliance with Fair Housing guidelines. For liability reasons, we do not allow owners to lease homes themselves. 

Yes, we abide by the National Fair Housing Act, the Fair Credit Act, and follow the same screening and application process for all properties and all applicants. 

Yes. Residents must provide a copy of their tenant insurance before we will give the resident access to the property, or we enroll them in a landlord liability policy. 

For any property that utilities are not provided by the landlord or the home owners association, the resident must provide proof of utilities before we will give the resident access to the property.

Yes, we have complete ownership over application approvals. As an Onyx client, you do not have to worry about reviewing and screening applications. We perform all of the heavy lifting for you. Onyx abides by the Federal Fair Housing Act when selecting applicants. By leaving the entire application process in our hands, it allows us to help prevent potential fair housing claims or lawsuits.

The Fair Credit Act prevents us from divulging personal information about any applicant, so we’re unfortunately unable to provide you this information.

We take several steps to ensure our owners’ properties are being well maintained. Our screening process is very thorough and ensures only the best applicants are approved for our properties. We have well-written leases that protect our clients’ best interests and we require large security deposits. At our walk-throughs, we utilize technology to accurately document the home’s condition with many photos and descriptions. We will also perform exterior/interior inspection of the property on a yearly basis. We verify that all the major systems in the house are working properly and that there are no lease violations.

Onyx provides a 24hr emergency service 7 days a week, 365 days a year. We handle the late-night calls so you don’t have to. Through an extensive network of vendors and contractors, we are able to take care of any issues quickly and efficiently.

The law is very specific as to how repairs need to be made and we ensure that our owners are in compliance. Our tenants submit requests in writing through our online portal to ensure proper documentation. It is our policy to gain owner approval for all repairs that are over the “Authorized Repair Limit”. Any repairs made will either be charged to the tenant or deducted from the owner funds on account and will be reflected on the next month’s owner’s statement. To minimize our client’s liability we require that all our vendors are licensed and insured. We also receive preferred pricing from our vendors and pass those savings along to our owners.

Onyx Property Management establishes a strict business relationship with their tenants, which contributes to us having an industry leading low default rate. We ensure that all our tenants adhere to the executed lease document. Rent is due by the first of the month and late if not received by the fifth. If a tenant has not paid, on the sixth of the month, we will post a 3 Day Pay or Vacate Notice. This ensures that if an eviction is necessary, our owner’s timelines are preserved. Most of the time a tenant will comply with the notice and pay rent. However, if they do not, we can prepare the necessary paperwork and start the eviction process utilizing a third party company. A standard eviction takes approximately 4-6 months and will cost approximately $1,500-$2,000 depending on the circumstances.

The Maintenance Limit is the monetary amount when exceeded, Onyx will reach out to you for required approval on a repair. If a repair is over the approval limit and not considered an immediate emergency, we will require approval from the owner. If a repair is lower than the approval limit, we will proceed with the repair without owner approval. This limit is necessary in order for us to properly manage your property and create a happy home for your resident. Generally, the maintenance limit is $500 unless otherwise specified.

We disperse all rent funds into our owner’s accounts through ACH automatic payments. Along with the payment, we email our owners an itemized statement detailing any expenses on their account. Owners will also receive their own personal login information, where they can log into our cloud-based system and review any past statements.

Distributions are received at the end of the month generally around the 30th of the month. Distributions can be made earlier in the month on the 10th by request. Please note, depending on your bank, it may take 1-2 business days for the funds to process and show up in your account.

Your Onyx Property manager will send you a request by email. You can log in to your owner portal where you can transfer funds by ACH directly from your bank account at no charge. If you prefer, you can mail us a check.  

A required reserve is an industry-standard and allows us to operate your home/apartment more efficiently. Reserves are used if an invoice is received after a rent distribution has already been sent to the owner rather than needing to ask for an owner to contribute money.

Copies of invoices are available by request. 

There are several reasons why investors should choose to hire a quality company like Onyx Property Management rather than manage themselves. We handle all repair issues 24/7 saving you time, money and stress.  We have local market knowledge and therefore rent our homes/apartments quickly and for more money, saving you thousands in lost rental income. We reduce your liabilities by being educated on and correctly applying all the relevant and ever changing Federal, State, and City landlord tenant laws and regulations. We make tax time easy by providing you with detailed monthly and yearly statements tracking all expenses and deductions. We treat your property like a business, enforcing collection of rent, properly serving notices, and acting quickly on lease violations.

We receive calls from owners who have tried managing their properties on their own. In the end, it’s a lot of work to do it correctly. After owners consider the time, effort, increased liability, and inconvenience factor, they are happy to have us take it off their plate.

Onyx Property Management has been in business for 20 years. During that time, we have managed over 1500 properties and thousands of tenants. Through consistency in service, we have earned a stellar reputation in the industry and an A+ rating with the Better Business Bureau. Stay away from companies with part time managers, or managers who just do management in between real estate transactions. You also want to ensure that your management company is local and fully understands your market. In addition, we are members of the CAA and SCRHA providing us with in depth knowledge and support in the San Diego rental housing market. 

Here at Onyx Property Management, we differentiate ourselves in many ways. A few of the reasons why we are an industry leader in our market: team based service with a single point of contact for our owners, documented policies and procedures, local knowledge and expertise, technology to improve our service and client experience, stellar reputation for integrity and protecting our client’s interests, in-house maintenance team, full dedicated leasing agents, industry-leading low vacancy and tenant default rates. 

The best protection an owner has in the event of a lawsuit brought in conjunction with their rental property, is a landlord insurance policy. We require that our owners carry at least one million dollars of coverage. We also require that Onyx Property Management be named as an “Additional Insured” on the policy. Property management agreements require owners to name the property management company as additional insured because the management company does not hold title to the rental property and therefore cannot acquire general liability insurance on the property. Often there is no extra premium charge to the property owner to add the management company as an additional insured.

Landlord insurance protects your property from damage while also protecting you from personal liability. Let’s look at a few examples of how landlord insurance works.

Property damage 

• In the event a tree falls on your investment property causing substantial damage, your landlord insurance can help pay for the repairs or rebuilding. Your property damage coverage has limits, please make sure that you are aware of what they are and that you have adequate coverage. If you have a loss of income coverage, you may also be compensated for the rental income you will lose during repairs.

Landlord liability

• If your tenant or a guest falls at the property and the fall was a result of perceived negligence on the property owner’s part, such as an uneven walkway, a loose railing, or a weak step on a stairway, you might have a liability claim on your hands. In this case, the person could file a claim against your insurance policy to cover the costs of medical care and other damages. Your landlord insurance can cover your expenses up to the limits on the liability portion of your plan (after your deductible amount is met). You may not have been covered under this scenario with a standard homeowner’s policy.

Yes, we as well as all other professional management companies in the area will require a landlord insurance policy to be in place. Building fires, storms, vandalism, and liability claims are some of the critical things you want to be prepared for as a landlord. Property damage (flooding, fire, etc.) can happen and you need insurance to cover you so that those costs ($5,000 or more) do not come out of your pocket. The same could be said of liability lawsuits that can be much more. The peace of mind is well worth the expense.

When a property management firm is hired, they perform various services on behalf of the homeowner. Property management firms do not have a financial interest in the investment property. However, they do take on the same risk and liability as an owner. Like most reputable firms, we carry an Errors & Omission insurance policy and a General Liability insurance policy; these insurance plans offer protection from claims that are a result of the services provided by the property management firm. They do not offer any protection against matters concerning the investment property itself.

Property management firms assume all the liabilities of an owner because their insurance policies do not offer the same type of protection as a landlord insurance policy – which covers the investment property. This leaves them vulnerable to claims and lawsuits arising from the property itself. Some examples of where the property management firm would not be covered by their insurance policy include someone injuring themselves at the property, burglary, fire, water leaks, etc.

Named Insured:

• The term “Named Insured” refers to the owner of the insurance policy and it is the party listed on the Declaration’s Page. The “Named Insured” is the only party that has the authority to make any policy changes, file claims, receive refunds and claim payments, cancel the policy, or make any other such modifications.

Additional Insured:

• This is probably the single most misunderstood insurance term. It is misused and misapplied on a regular basis. An “Additional Insured” is a party listed on an insurance policy that has some type of liability interest in the property. The “Additional Insured” has absolutely no right or authority to make any policy changes or to cancel the policy. Also, contrary to popular belief, an “Additional Insured” is ONLY afforded liability protection under the liability portion of the policy and there is no coverage whatsoever for physical losses resulting from such things as vandalism, theft, fire, wind and hail, and so on.

Additional Interest:

• An “Additional Interest” is nothing like the “Additional Insured” though they sound similar. An “Additional Interest” is a party listed in an insurance policy that has an “interest” in being notified whenever a policy cancels or has a major change made to it. In other words, this party is simply being made aware of the change – nothing else. There is absolutely no coverage whatsoever afforded to an Additional Interest.

There is a big legal difference between these terms, and having an interest listed incorrectly can have unintended and far-reaching consequences in the event of a loss, default, or other such situation. Your insurance agent should know the difference between these three terms, however, sometimes that is not the case and they may need to be educated.