What services will I receive?
Cornerstone will handle all advertising of the property if it is vacant when we commence the management contract.
- We will perform background checks, check into previous rental history, and check to see if the applicant is employed;
- On the landlord’s behalf we will negotiate rental agreements, collect rental fees and deposits, issue keys to the tenants and make sure the keys are returned once the tenant leaves. We also perform drive by inspections of the property bi-monthly;
- We will perform interior and exterior inspections of the property on a quarterly basis;
- Upon the tenants moving-out and before new tenants move-in we will contract house cleaners and re-key the door locks (if approved by the landlord);
- Tenants will be served with late notices as required;
- We will arrange, manage, and pay for all required repairs and maintenance (we will seek the landlord’s approval for all non-emergency repairs that exceed 25% of the monthly rental). Emergency repairs that exceed 75% of the monthly rental will require the landlord’s approval also. Emergency repairs are generally those that seriously threaten the tenants’ security; risk property damage or loss etc.
- All tenants will be provided with an emergency number (emergency defined as and outlined in the tenant’s package);
- All documents, progress photos, invoices, agreements, receipts etc regarding your managed property will be available in a special; secure area of our website where only the owner has access. This provides the landlord/owner with historical data for the life of our management contract. The files may be viewed online by the landlord, printed or downloaded.
What will you collect from the tenants before they move in?
Prior to move-in the tenant(s) must provide the first month’s rent and a security deposit equal to the value of one month’s rent.
Security deposits are refundable upon move-out unless repairs, painting or cleaning has to be done, in which case those costs are deducted from the refundable deposit.
When will I receive my rental income?
Rent is due on or before the 5th of every month regardless of the date the lease is signed by the tenant.
All checks and monthly statements will be sent to the property owner’s account and copies provided online in the landlord’s secure area of our website, on or before the 10th of each month. We can also deposit funds directly into a stated bank account locally (or overseas) as required by the landlord.
Who will perform maintenance, repairs, cleaning etc?
We have a comprehensive list of contractors and service providers, who have proven their reliability, to ensure every detail of your property is handled quickly, efficiently, and cost-effectively. Cornerstone will usually solicit at least 2 written estimates for any work to be done on managed property and provide copies of all estimates in your secure area of our website.
Will I be required to pay a setup fee?
All costs for advertising your property, screening the tenant, photographs, inventory register, placing it on our website, drive time, and other general administration costs associated with the management contract will be met by Cornerstone Properties.
No setup fees are charged.
What is the Cost to Manage my Property
Cornerstone charges the industry standard of 10% of monthly receipts to manage a single family home, condo, apartment etc. For multi-unit properties, we can negotiate our fee. You pay nothing when your property is vacant or no rent is being paid. This means we actively fill properties with qualified tenants and follow up arrears quickly. Regarding maintenance, our tradespeople are skilled at what they do, which minimizes call-backs and increases tenant satisfaction. Any trade discounts obtained are passed onto you.
What can I do if the tenant leaves before the lease expires?
Unless there is a suitable and applicable exit clause in the lease agreement, a tenant who leaves before the lease expires is legally required by the terms of their contract to continue paying until the property is re-leased or the lease expires. Other than legal redress there is no other course of action for the landlord or property manager.
NOTE: Cornerstone carefully screens all prospective tenants to minimize this risk as far as practically possible.
How will my property be kept clean?
CornerStone Properties will arrange for all cleaning prior to move-in and after move-out. While the property is being leased, the tenants are responsible for keeping the property clean and for general yard maintenance. In some instances CornerStone will undertake to manage the yard maintenance.
Do I have to rent my property to smokers?
We strongly encourage a non-smoking policy for rental properties. Cigarette smoke tends to linger for a long time and may make your property less attractive to future non-smoking tenants. Legally we cannot say no to smokers, but it is legal to say ‘No Smoking’ in this building.