What do owners get for their 12% management fee?
- We advertise client’s property...at our expense.
- We advertise in papers, we enter and update client properties on various internet listing web sites and maintain a very sophisticated web site which is advertised in Craig’s List, Apartments.com, Rental.com and the Island Packet.
- Once we get a prospect we qualify the prospect, do the necessary credit and background checks to assure as much as possible that the tenant is suitable and financially capable of maintaining the rent payments (this is why in over 8 years we’ve had only two evictions).
- Once the tenant is in place we collect the rent and do all the accounting and if necessary collection procedures including if required, court appearances.
- We maintain a staffed office during normal business hours to accommodate the questions and needs of tenants not to mention many walk-ins. Even on weekends a staff member always answers the phone, not an answering service. • Due to our attention to detail and obvious concern for both tenants and owners, we have an exceptionally high renewal rate as well as ‘return’ rate with those tenants that have to leave when their lease expires for one reason or another and then return to the Island.
- When necessary we act as intermediaries between tenants and the POA’s or Regimes in charge when complaints about tenant’s behavior are a concern. • We protect our owner/clients by charging tenant’s escrow for walk-outs and lease-breaking. • We maintain a 24 hour emergency number and staff to attend to after-hours emergency situations that might cause serious damage to your property and/or peace of mind of your tenant. A staff member answers the phone...not a machine.
- We prepare year-end statements and necessary accounting paperwork.
- Due to our large client list and the fact that CBS advances vendor payments within days, we normally are always the first to get service - day or night, workdays or holidays.
- When inevitable problems arise with your property such as appliance failure, leaks, air conditioning problems etc., we send in-house staff if called for, to ascertain the problem (the 24/7 emergency ‘triage’ service we supply is included in the management fee)
- Depending on the problem, we call for professional service companies to fix, repair and/or replace problem situations.
- When necessary we supply keys to service companies for entry to your property and/or coordinate the service call with the tenant.
- When necessary we sent a staff member to allow service companies access to your property to take care of the problem
- A staff member normally returns to the property and/or contacts the tenant to make sure the problem as been corrected
- Dealing with ‘service contracts’ such as Home Shield. Home Shield in particular regularly requires a staff member to spend over 30 minutes per contact to get the required information and permission to do necessary and required work.
- If problems are not corrected our staff re-contacts the service company and arranges for additional services CBS pays all vendors on behalf of owners within days of receipt of invoice. This is the fastest payout for vendors anywhere on the island. For this reason we get substantial courtesies and extremely quick service. There’s a reason we have the highest occupancy rate on the Island...it’s called service and attention to our clients.
Rental Management Agreement (386 KB)