This area relates to the managing of Residential/Commercial Properties for clients who are unable to do so themselves. It covers such services as rental, maintenance, ensuring bills/taxes are up to date and all other said documents pertaining to the properties.
In addition, it manages the rental of venues which can be used for events or functions, along with vacation retreats (Guests Houses, Villas, Resorts and Hotels).
Services provided are:-
- Marketing of property
- Preparation of Rental Agreement
- Protecting value
- Social responsibilities
- Maintaining value
- Collect the rent.
- Banking of rental payments
- Pay all agreed upon bills ( T&TEC, WASA, MORTGAGE, INSURANCE, TAXES)
- Transfer of Utilities when applicable.
- Take the calls from the tenant at any time of the day
- Arrange and supervise repairs and maintenance work.
- Handover property to new tenants.
- Send appropriate notices to the tenant for late or nonpayment of rent, violations of the rules, etc.
- Do or oversee evictions.
- Get your approval for major expenses.
- Inspect the property occasionally
- Provide you with an accounting of all money received and disbursed monthly or quarterly, as well as keep a client trust account for owner money.
- Available 24 hours 7 days a week
- Property Managers are up to date on rules and regulations in respect to Tenant/Landlord requirements and responsibilities. You won’t risk a “violation” putting your property and finances at risk by not knowing these requirements.
- Property Management will establish the current market rental rate for your property. The rental market is a fluid market. Rates can change from month to month and though you will have a set contract usually for the first year, the company will be able to assess the rents at the end of each contract to ensure you are getting the highest rent possible based on real estate markers.
- Property Managers will do all the communication for you with the tenant. This includes the interview process, managing any complaints or emergencies that may arise day or night. There is nothing worse than having to respond to a tenant at 3:00 a.m.
- Property Management companies will find the best tenants. It’s not only frustrating but financial suicide to allow an irresponsible tenant into a unit. A quality company has developed a process of screening out risky tenants to ensure a steady monthly income on your property as expected.
- Property Management companies have connections. Gives lenders more confidence in your deal when they see a professional management company is in charge, especially if you have zero experience managing a multi-unit property. If your property has written in maintenance agreements, such as lawn care and gutter cleaning, management companies can refer service companies usually at discounted prices. Due to the volume of these service providers as they work in connection with the company, they can pass on some savings to you. Their reputation and dependability has already been tested through the management company so you can rest easy knowing they will get the job down without your supervision.
- Property Managers handle the transitions of one tenant moving out and another moving in. This includes walk-through inspections, security deposits and or returns and new applications.
To be fair, there is always two sides to a situation or a position and as there are advantages to anything there must also be disadvantages. Frankly, about the only disadvantage to retaining a property management company is its effect on your profit margin. The average company will require the first month’s rent as its first payment and then 10% to 15% of each month’s rent after that. This first month’s payment requirement covers their expense for any advertising, showing the property, processing an applicant, credit administrative costs, and other general expenses that come with setting up a new tenant.
If your goal is to have the tenant pay your mortgage with the rent, you will need to factor in the costs of the management company to determine feasibility.
Property managers maintains your property, looks for tenants to lease your real estate, collects the rent and even decides who should stay or not stay in your property. If you think about it, they are your cushion against the headaches and migraines of looking after one of the best investments you can ever get into.
The decision to use a professional property management system is a simple cost efficient one. Not only are professional property managers experts at handling properties and tenants, they generally take only a small percentage of your property’s monthly rent in exchange for their services. In return you would get a hassle-free, essentially passive income, stream—the decision to employ a professional property management is a no-brainer for the majority of rental property owners.
As the owner of a small-scale rental property, you may be on the fence about whether or not to use a property management company. Especially if you’ve never managed an income property, it can be tempting to assume that property management duties amount to “find tenants, sign lease, receive rent check,” along with handling some minor maintenance issues from time to time.
In reality, managing tenant relations, staying on the right side of the law, being on call for any emergencies that come up, staying on top of home maintenance, conducting periodic property inspections, and handling the accounting and taxes can be a time-consuming effort.
Professional property managers have developed systems that allow them to manage all of the above with maximum efficiency. Their expertise allows them to prevent problems before they arise, as well as handle any issues that do come up with minimum disruption to your revenue stream.
The following is a list of some of the questions that you should ask:
- Are you a registered company?
- How old is the company?
- What are the responsibilities as the property manager?
- How many properties do you manage?
- What type of marketing do you do?
- Approximately how much would it cost to have the property managed and maintained by a property manager?
- What happens if my property needs some urgent maintenance?
- How do you screen Tenants?
- How many inspections do you do annually?
- Do you have a list of References?
This is where the owner releases from liability, and agrees to indemnify, and hold harmless CPL and its employees, representatives and agents, for any and all liability for personal injuries (including death), property loss or damages resulting from activities, travel, overnight housing, and accommodation. The owner agrees to abide by all the rules and the regulations promulgated by Carmino Properties Ltd.
- Periodic – A periodic tenancy refers to an arrangement in which the tenant occupies a property on a periodic The tenancy may be set on a week-to-week, month-to-month, or year-to-year basis. For example, if the owners live out of the country for a certain amount of months and the home is unoccupied it can then be rented for that period until their return.
- Short Term – A short term rental refers to an agreement in which the tenant occupies a property for a minimum of 1 week up to 6 months. The rental cost is typically higher than a long term rental due to the short stay.
- Long Term – A long term rental refers to where at least a 1 year commitment is agreed upon.
As the property owner you receive all original prints and we make copies for our files.
- A financial statement is given to the property owner every quarter for all transactions done concerning the property.
- Rent collection receipts
- Paid bills receipts
- Deposit slips
- Maintenance work done on your property
- Letters from the tenant, company and you the owner
Starting point is 10% of the gross rents and it goes up to a maximum of 15% depending upon location or a minimum of $500.00 per month depending on the set rental of the property.
The following documents is vital for any sound property management company because it must ensure that the transaction have transparency and is legal:
- Copy of the Deed – This is to show clear title to the property in which you are hiring the property manager to oversee.
- Copy of Owner Identification – this could be either two out of the passport, identification card or drivers permit and must be valid.
- Copy of Insurance coverage – This is to ensure coverage of the home and listed furniture within from natural or man-made disasters and mishaps
- Copy of T&TEC Bill – This is necessary to show proof of address for the property and the owner of the property
- Copy of WASA Bill – This is necessary to show proof of address for the property and the owner of the property
- Copy of Land and Building Taxes – This is to show and record the relevant tax number for the property and payment amounts to be paid.
- Letter from Owner authorizing to act on their behalf for all utilities companies – This is needed for the property manager to make necessary transactions for the property in the owner’s absence