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Rental Owner FAQs - Property Management Services

In today's video we answer another frequently asked question: What property management services do you provide?

Cornerstone Property Management has three levels of service. We describe each level, and provide you details on what is provided in each level in this video. 

Transcription Results:

Hello, and greetings from Colorado Springs. My name is Lance Kohler. I'm the broker-owner of the Cornerstone Real Estate Team. Today, I'd like to talk to you about another rental owner frequently asked question and that's, “What property management services do you offer?”

At Cornerstone, we offer three levels of service. We have a Maintenance-Only option, which is a flat monthly rate with the charge for any additional tasks. We have a Tenant Placement (sometimes called Leasing-Only) option. Again, that's a flat-rate fee. And then we have our Full Service Property Management. I'll go into each of those three here as the slides progress.

Our Maintenance-Only service is typically for an owner-managed property, where we just provide maintenance service for them. So the tenants would be provided contact info for our company and they'll be able to submit work orders through our system. And then we'll assign a vendor to complete that repair. We'll track the completion, coordinate with the tenant to get the vendor and the tenant linked up. And then, once the work is complete, we'll go by and inspect the repair and make sure it's done correctly. And this includes emergencies, after hours, and weekends service.

On our Tenant Placement service (or Leasing-Only, as we often call it), we'll do everything: meet you at the property, advise you on market rent rate, get photos of the property, and create the listing. We put the listing on our website. We'll also send it out through our management software system to other websites to include Zillow, Trulia and Hotpads, which are the three big ones that we see the most traffic on. We'll answer any inquiries, whether it's email, text, or phone calls on the property. We'll set up showings, we'll conduct the showings, we'll screen the tenants. Once we have an approved applicant, we'll meet with them, fill out the lease, have the lease signed and then hand the home back to you for management. That's our Tenant Placement service.

And then our Full Property Management service. We charge a fee of 10% for full property management -- 10% of the monthly income from the property. Really, the full property management would take me another video or two to cover. I've got a list of tasks here we use for our property managers, it's two pages long with the more than 60-something tasks that are involved in managing a property full time. But it'll include everything I've just discussed with the maintenance-only and the tenant placement service. And then we’ll also do rent collection, maintenance and repairs, tenant coordination, and all the bookkeeping and accounting that goes with that.

We'll send you monthly reports. We'll also send you yearly reports and end-of-the-year tax documentation. And what about inspections? We'll do a move-in and move-out inspection as those are required. We typically do an inspection 45 to 90 days after a tenant moves in. We do an inspection before we do a lease renewal if the tenant wants to stay in the property, et cetera. 

So that's what's involved in the full property management and those are the three levels of service that we provide. Hopefully this has been of some value to you. I appreciate you watching. Thank you for your time. Have a great day!