Why should I use a property manager to manage my property?
There are many reasons landlords hire property managers, below are some of the most common:
Landlords value their time and usually have full-time responsibilities outside of owning rental properties. As professionals, we manage rentals day-in-day-out. We know the local market, have an extensive network of contacts, and have advertising resources available to us. This allows us to effectively market your vacant home to prospective residents to get it filled. Cornerstone Property management offers advertising, photography, marketing, sales, repairs, customer service, conflict resolution, legal proceedings and many more.
What needs to be done to my house before it is ready to rent?
The better condition that a house is in, the better quality tenant that it will attract. Your home must be left in professionally cleaned condition as the tenants will be paying a non-refundable cleaning fee. Your Property Manager prefers to to arrange this cleaning to insure that the cleaning guidelines are strictly followed. The carpets must be freshly cleaned and all debris and personal belongings removed from the property. It is not necessary to paint automatically, but you should consider painting any room that has dirty or marred walls. Your Property Manager will be happy to discuss any necessary repairs or painting with you. The tenants are generally requested to maintain the yard in the condition that is provided to them. Therefore, the yard should be freshly mowed, weeded, trimmed, and the leaves and debris removed.
How will you find tenants for my house? How long will it take?
Your property, along with photos will be advertised on our website. It will also be posted on over 20 additional websites. A yard sign will be placed immediately as well. A Property Information Sheet will be prepared for your property with all the necessary information. It normally takes two to four weeks to rent a home, although it may take more time in winter. A home goes on the list of available properties as soon as we recieve notice from the existing tenant.
Can I say that I do not want any pets in the house? How about children?
Pet owners are not a protected class. However, by eliminating them, you are likely eliminating up to 75% of the prospective tenants in the market for a rental house. Being open to pets does make your property available to more potential renters. Additional deposits for pets generally run $200 per pet and an additional $20/month onto the monthly rent (or more depending on owners’ discretion). However, if you feel very strongly about this issue, we will agree not to show your property to anyone with a pet.
***Under Federal Fair Housing Laws, service and assistance animals, including emotional support animals must have access to any home and are exempt from any pet-related fees.
Children come under the protected class of “familial status” and is not possible to discriminate in this way. Our application form does not ask number or ages of any children.
How does Cornerstone Property Management communicate with their owners?
We believe in prompt and thorough communication with our clients. Every staff member has their own phone number, voice mail and e-mail which can be found on our “Our Team” tab at the top of the page. We send out monthly statements and have automated alerts and notifications in an effort to keep our clients informed. Below are some of the instances that we will initiate additional communication:
Notice to vacate from tenant
Tenant Move Outs
Extraordinary Maintenance Requests
For how much can my investment property lease?
Your lease rate is going to be determined by several market factors including the condition of the property, location, and rental rates for competing homes in the immediate area. Unfortunately, the markets that dictates lease rates vary vastly from the markets that influence value of properties. Please contact our office and we can discuss this with you as it relates to your sepcific property.
How are Security Deposits Handled?
Cornerstone Property Management will require security deposits, usually an amount that is equal to 75-100% of one months rent, from all residents. These funds are held in escrow in a real estate trust account. Security deposits cannot be disbursed until the resident vacates at which time a disposition of funds is processed.
Can I enter my property after it is rented?
We do not enter the property and recommend the owner not enter the property except for inspections, in emergency situations or when repairs have been requested by the tenant.
How much notice does a resident have to give before they can properly vacate a property?
Our lease provides that the resident give a minimum 30 day written notice that the lease will be terminated.
What does Cornerstone Property Management need to start managing my property?
In order for us to begin the process of managing your property we need the following:
Complete the online Owner Property Information Data form
Executed property management agreement along with accomanying W9
Keys to the property, including mail box keys, if applicable
Garage door openers, if applicable
Certificate of insurance
How do I pay management fees?
Management fees will be deducted from your monthly equity distributions
Can Cornerstone Property Management help me buy or sell investment property?
Yes, with Cornerstone Realty! We are constantly assisting our clients to either sell their rentals, or buy more investment properties. For more information about Cornerstone Realty, please click here to access our website.