When people call inquiring about Property Management, the questions we are usually asked are; “What do you do?” “How much do you charge?” “Do you manage the type of property I have?” “How do I get started?”
Getting right to the point, here are the answers.
What do you do?
We basically take on all of the functions of the landlord for your property.
1) We inspect the property. We can meet with the owner or owner’s representative, or if no one is available to meet us and access can be made available to the property, we will make a summary sheet and take property photos for later review by phone, mail or internet conference with the owner. The property does not have to be vacant.
2) We suggest possible repairs to make the property rent ready if any are needed. We make sure the property meets State standards. We have contractors who can provide bids if needed. They are independent contractors, not “in house” or a division of Cornerstone. In other words, we make no profit from their work, and there is no conflict of interest. We have no maintenance oversight fee. They offer fair prices, quality work, done in a timely manner. Or, if you have maintenance people you want us to use, or perhaps you want to do some types of maintenance yourself, we will do everything we can to make that work too. Click the, Maintenance, tab above under, For Landlords, for more details.
3) We can help determine rental value. We rent a lot of property. We constantly monitor the rental market. Our knowledge will help set the rental market value with the owner. The ultimate asking price, however, is the owner’s decision.
4) We go over the Management Agreement and answer questions. Our agreement is direct and to the point. Unlike most Management Agreements, it is not a long term contract. If the owner’s situation changes and you want to sell, move back in, or make other changes, you don’t have to buy out our contract.
5) We advertise the property including:
- Our web site – average 350 visitors per day.
- List on multiple other internet sites.
- Professional “For Rent” sign.
- Google advertising.
- No one does a better job of exposing the property to the market. See the, Advertising, tab under, For Landlords, for more details.
6) We show the property, so you don’t have to. We are available to take phone calls and emails.
7) We screen the applicants, including, but not limited to, a credit report, residency verification, and employment verification. They need to look good on paper. Plus we consider the applicant when we show the property. Are they on time? Appearance? Car condition? What questions do they ask, and what comments do they make that would indicate their level of responsibility.
We possibly drive by their current residence if it’s in the local area.
We look for someone who can afford the rent, has a good payment history, who likes and appreciates the property, and who appears to be someone who will treat the property with respect. When we have a viable applicant, we contact the owner and run it by them for their input.
8) We prepare a well documented Rental Agreement. We meet with the tenant and carefully go over the contract with them. We want our relationship with the tenant positive and professional.
9) After move-in, our service includes, but is not limited to, rent collection, enforcement of rent collection, handle all tenant calls, oversee maintenance, inspections, bill payment, and other landlord duties. In addition to monthly statements, we provide a year end statement and an annual property profile. Click the, Monthly Statement, tab above under, For Landlords, for more details.
We we will keep you in the loop regarding any major issues, and get your approval for maintenance done over an agreed upon dollar amount, but you don’t have to deal with the tenants directly.
What if your tenant doesn’t pay the rent and eviction is necessary? We have years of experience with the eviction process. Often, with a new account, that’s our first order of business because the owner currently has a tenant who needs to be evicted. We will work on the process efficiently and expeditiously.
What if you already have a tenant? We will inspect the property, meet the tenants, go over your paperwork, make recommendations, step in and take over. In this instance there would be no vacancy fill fee.
How much do you charge?
Our fee varies with the type of property and, because we charge a percentage of the rent, it varies with the rent amount. The range is between 5% and 8%. For most single family homes it is 6%. We also have a charge to fill a vacancy. The charge is equal to 1/2 of the first month’s rent. There are no hidden fees. Those are our only charges. You pay nothing in advance. We are paid through the money we collect from the tenant. Click the, Management Fee, tab above under, For Landlords, for more details.
Do you manage the type of property I own in the area I own it in?
We manage residential properties ranging from single family homes, condos, duplex, triplex or small multiple unit buildings. Our largest account was a 232 unit apartment complex, but our specialty is single family homes and small complexes. We are located in La Verne. To service your property properly we need it to be within a reasonable distance of our office, usually no more than a 1/2 hour drive.
We do manage many properties with HOA’s, but we do not manage entire HOA complexes.
We generally do not manage commercial properties.
How do I start?
Call 909/596-9488, or send an email to Rentals@CornerstonePropertyMgmt.com. We can answer your questions or set an initial appointment. To give you the most complete answers possible, in most instances, you will meet or speak with the company owner, not simply a company representative.
note: We are a Property Management company. We operate under a Real Estate broker’s license dre00622324. We can represent owners who in the future decide to sell, or we can work with an agent of their choice. (Many management companies have agreements that lock the owner into only working with them. Our contract does not.)