Mynd / FAQs

Frequently Asked Questions

General Questions
  • Are you a full-service property management company or do you just offer the app?

    We are a full-service property management company that utilizes technology to create efficiencies in the typical property management workflow and provide owners with unprecedented transparency into operating and financial metrics. We have our own team of experienced, highly qualified property managers that run the operation.

  • Are you a licensed property manager?

    Mynd Management, Inc. is a licensed corporate brokerage. (BRE #02014508)

  • How do you work with an onsite manager?
    We establish minimum requirements for each onsite manager to complete on a weekly and monthly basis. Additionally, onsite managers help with small repairs, some janitorial tasks, and some leasing and administrative functions.

    Onsite managers receive discounted rent and a set wage for time worked. Since we manage many buildings in concentrated areas, we enable onsite managers to generate more income by completing tasks at smaller, nearby buildings that don’t have onsite managers. If any work is completed at a site that does not have an onsite manager, the completed work will be charged to that property.
  • What type of rental properties do you manage?

    We manage residential multifamily properties. We work with owners who want to invest in their properties and maximize their returns, so we only manage well-maintained buildings.

  • What geographic areas do you cover?
    We currently manage properties in the East Bay (Oakland, Berkeley, Alameda, Hayward, etc.) and the Greater San Jose Area. 

    We will be launching in San Francisco soon. 
  • When are you coming to my region?
    We will focus primarily on the Bay Area in 2017, but we intend to start adding new West Coast markets aggressively in 2018.

    We have plans to operate nationally in the future.
The Mynd Advantage
  • Why should I hire you?
    We will provide an overall better experience by increasing your returns, providing complete transparency into your property’s operating results, and guarantee legal compliance for your real estate investment without you having to lift a finger. We expect to make your investment properties 5-10% more profitable on average.
  • What property management professional experience do you have?
    Our highly experienced team of property management professionals have collectively managed over  25,000 units across the country over a 20 + year period.

    Our property management team has 63 years of combined experience in the Bay Area.


    Our Founders were NorCal Ernst & Young Entrepreneur of the Year winners in the Real Estate category.


    Our Management team managed the most profitable Single Family Rental REIT in the US in Starwood Waypoint (NYSE: SWAY)
  • How are you different from other property management companies?
    We guarantee our performance: if for any reason you are not happy at any time during the contract’s first six months, all property management fees get refunded, period.  Who else offers this?

    We don't lock you into long-term contracts.  Our property management services contract is month-to-month, so if you are not happy with our service you can fire us.

    We are the only property management company offering real-time operating performance results that you can access through your own mobile app and portal.  This real-time information allows owners to make better investment decisions on your properties.

    We are the only property management company with a custom resident portal, developed in-house, that is targeted at the small portfolio 1-60+ units.  This app allows residents to pay rent automatically, submit maintenance requests with photos, and more.

    We are a team of highly experienced managers that work with systems in place that are designed to accelerate the leasing process and provide absolute transparency so you can be more profitable, faster.

    With our technology, we offer better, more efficient management for a lower price than typical property management companies in the Bay Area.
  • How do you increase my investment returns?

    Reduce vacancy time

    We implement an efficient self-showing leasing strategy in conjunction with a mobile-based screening measure that fast tracks the leasing process.* The speed at which we are able to fill rental units with qualified residents significantly reduces vacancies and maximizes your return.
    *must use Mynd recommended rent


    Reducing R&M cost

    We have a trusted network of pre-approved vendors and handymen for all R&M requests and our residents utilize a resident app that allows them to document needed repairs.  This technology allows our team to make more efficient decisions on what work really needs to be done and make intelligent recommendations for owners. Because of our scale and leverage, we can also ensure high-quality work, so that repairs are done properly the first time.

     

  • How do you lower my risk?
    Our property managers are well-versed in federal, state, and local compliance laws, and stay on top of changing regulations. The app enables us to provide full transparency on all communications, R&M plans and processes, and rent payments. We use data to track performance and measure results, so we're able to anticipate any issues before they arise.  This information also creates an easy to find audit trail if a dispute or legal issue ever arises.
Fees & Pricing
  • What are your management fees?
    Email us your property address and the number of units at quote@mynd.co and we will get you a customized price right away. 
  • How much is the leasing fee?

    Email us your property address at quote@mynd.co and we will send you the leasing fee.

  • Are there administrative fees over and above the management leasing fees?
    There is a $75 hourly rate for administrative tasks above typical management tasks. These tasks include evictions, court proceedings, and other special requests.

    *However, if the reason is due to an error by Mynd, no fees will be incurred.
  • How much is the security deposit for tenants?
    Minimum of 1-month rent for qualified applicants

    Security deposits may increase for conditionally approved applicants, approval with a guarantor and pet-friendly apartments.
  • When do you distribute owner funds and send statements?
    Owners funds are distributed on the 10th of the month and again on the 25th for any late payments.

    Financial statements are sent monthly and are issued five business days after the last day of the month.

    Financial statements are organized so that tax accounts can easily understand your financial performance and give owners the maximum tax benefit allowable.
  • How do you determine the rent price?
    We utilize multiple systems that review market rents, comparable units, and location, and apply our experts’ deep industry knowledge.  We understand the importance of achieving the highest rent possible when you have a vacancy in the Bay Area, so we will work hard to make that happen.
  • Who holds my security deposit?
    Mynd will hold all security deposits in a trust account.
  • When can I expect a rent check?
    Rent checks are distributed on the 10th of the month and again on the 25th for any late payments.
Repair & Maintenance
  • How do you handle maintenance requests?
    We work with a pre-established network of vendors and handymen that have been vetted for price, performance, and speed of delivery.

    When a maintenance request is submitted by the resident, we select the best option from our network depending on the type of maintenance required and urgency of the request.

    The property owner can set the expense threshold of $500 and more at which approval will be required to complete a repair. Mynd will provide information on the work to be done, along with the estimate(s) and a recommendation for the repair.
  • What's the approval process for large repairs?
    The owner sets the expense threshold that would require their approval for repairs.

    If the cost of repair is higher than the threshold, the owner will receive a notification with the appropriate details and will be able to either approve or reject the repair straight from their mobile app.


    If a property owner is looking to complete major improvements at their property, we can refer quality construction management vendors.
  • How often are property inspections done?
    Inspections are completed annually per state law.

    Additional inspections are completed during resident turnover and may be done when a work order is being performed as well.

    CA state law only allows a landlord to enter 1x per year to inspect smoke detector.
Rental Services
  • What do you do to qualify a tenant?

    We complete a comprehensive background and credit check. We also implement a process that uses a unique scoring algorithm to determine the likelihood of a prospect being able to fulfill the lease obligations, including paying rent on time.

  • How long does it take you for you to find a tenant for my property?

    Our screening and self-showing process is seamless.  We organize open houses as needed or in-person showings as requested, and offer 3D tours.

  • How do you handle resident issue resolution?
    Our dedicated team of property management professionals is exceptionally skilled at balancing the art of meeting residents’ expectations while fiercely representing the owners to ensure superior management of their investments.

    Our team's 63 years of combined experience has guided our conscious and diplomatic approach to resolve any resident issue with grace.
  • How do you handle evictions?

    We manage evictions in accordance with all local and state laws, and leverage local expert attorneys to resolve matters smoothly. The relationships we have with these attorneys allow us to push evictions through more efficiently.

  • How do you handle marketing and leasing?

    Marketing: We use a system that syndicates advertisements across all major property rental listing websites (Zillow, Trulia, Craigslist, etc.). We use professional photos and 3D tours on our ads to increase interest in the unit.

    Leasing: We utilize self-showings so prospective residents can choose a convenient time to view the unit themselves. They will receive a unique access code for the two-hour time frame they are permitted to enter and view the unit. As needed, our team will be in contact with prospective residents via phone, text or email during the self-showing process. Interested prospects will be able to submit an application online or via smartphone upon completing the tour. This method expedites the leasing process and minimizes vacancy.

  • How do you handle the key exchange?
    We will need copies of all of your property’s keys in order to manage the building. We can make arrangements to determine a pick-up location and time that works for you. Or, if you’re in the area and want to drop them off at our office, that works, too! If you’re not local, we can arrange for delivery via FedEx or other courier services.
Onboarding
  • What is the lead time to start management?
    Typically, it takes two weeks to review all required documents and onboard an owner.