Owner FAQs

Yes, Formatic Property Management is a licensed real estate brokerage (California Department of Real Estate License 01984454) that meets all state requirements for property management operations.

We manage single-family homes, multi-family properties, and small apartment buildings (5-50 units). Our focus is on residential rental properties that align with our data-driven, system-based approach to property management. We manage small commercial properties on a case-by-case basis.

We can begin managing your property as soon as the management agreement is signed and we have completed the necessary onboarding steps, such as property inspections and lease setup. The process is typically completed within one to two days, depending on access to the property and required documentation.

• Yes, Formatic provides full real estate investor services!
• Formatic is a real estate investment-focused firm. We specialize in helping new and experienced real estate investors identify and acquire new real estate investment opportunities, manage their real estate assets, and divest or reallocate their portfolios to better align with their short and long-term investment goals!
• If you would like to buy more rentals or sell a current one, we can discuss your options and the best strategy for maximizing your investment. We know your properties better than anyone because we work with them every single day!
• Were you referred to us? If you were referred to us by another licensed agent and are selling the property you originally approached us to manage, we refer you back to your original agent for five years.

Our online Owner Portal provides 24/7 access to financial reports, maintenance updates, and lease details. If an emergency arises, our team responds promptly to urgent maintenance issues. For general inquiries, we are available during business hours, with priority support for Housing Partners.

Rent is collected through our Resident Portal, offering online, mail, and even cash payment options via third-party locations. We proactively follow up on late payments and enforce lease terms as necessary.

Lease terms vary based on market conditions and Housing Partner preferences. Standard lease terms are typically 11 months for a new resident and 12 months for renewing residents, though shorter or longer lease options may be considered.

Housing Partners do not sign the lease, as Formatic acts as the legally authorized agent managing the property. However, you may review the lease template at any time.

The security deposit is equal to one month’s rent. Where permitted by law, we increase the security deposit each time the rent is increased. The amount of the security deposit may be restricted based on state and local laws.

Security deposits are held in compliance with state law, typically in Formatic’s trust account. While a Housing Partner may request to hold them, particularly for residents who pre-dated Formatic’s management, doing so will limit certain standard move-out services and liability protections we provide. Deposit handling follows state regulations to ensure proper accounting and return procedures.

California Income Discrimination Laws prohibit denying an applicant based on their participation in Section 8 (Housing Choice Vouchers) or similar government assistance programs. All applicants, regardless of income source, must meet our screening criteria, which may be modified to meet state and local laws.

Residents pay rent directly to Formatic. Once the funds have cleared our bank account, Housing Partner disbursements are sent via direct deposit (ACH) directly into your designated bank account following our disbursement schedule. You can also track all transactions in your Owner Portal. If preferred, we are also happy to mail your funds to an address of your choice.

Payments from a resident must clear our bank account before they are eligible for disbursement. Housing Partner disbursements are processed via direct deposit (ACH). The first payment of each month is initiated to you on the 7th if it is a banking day, or the following banking day if the 7th is a non-banking day. For rent paid late by residents, we issue payments to Housing Partners once per week on Thursdays. We may initiate more often. You can track deposits and statements through your Owner Portal.

Housing Partners receive monthly financial statements detailing rent collection, expenses, and account balances. You will also receive copies of all SiteChecks, including condition photos and analysis. Additional reports, including year-end tax statements, are available through the Owner Portal.