FAQs for Owners
Do I have to complete a W9 form?
Yes. We must have a completed W9 on file before sending your first disbursement. We will issue a 1099 at the end of the year.
Do I have to complete the utility information sheet?
Yes. The utility information sheet is helpful when marketing the property. Prospective tenants often inquire about utility costs. Additionally, we will attach the sheet to the lease agreement as proof that we have notified the tenant of special water, electric, trash or natural gas services.
What fees do you charge for signing new leases or renewals?
We do not charge additional fees for signing leases or renewals. We do charge 250 dollars at signing of the management agreement. We charge an additional 250 dollars if you would like us to assist you in preparing the property for move when the property first enters management. This is in addition to any cost associated with work that may need to be done in the property. Those cost would be payable directly to the vendors doing the work.
Do you charge for marketing/advertising?
There are no additional charges for our services. However, you may elect to have a VisualTour of your property created by a professional photographer. This VisualTour extends the reach of our marketing efforts. The cost of paying such a professional is generally around 75 dollars.
How long will it take to lease my property?
It generally takes 60 days to lease a property. However, it may take more or less time to secure a tenant depending on a variety of factors including whether the property is vacant, the type of property i.e. student rental, and the time of year. Vacant properties in good showing condition usually lease quickly. Once our properties are leased, they rarely go vacant.
Do I have to allow pets?
We strongly recommend you consider allowing pets. Many prospective tenants have cats or dogs. Tenants must pay a $250.00 non-refundable pet fee per pet prior to move-in. Properties that do not allow pets take significantly longer to lease. It is very important to notify us if you will not allow pets prior to marketing the property.
Should I purchase a home warranty?
It may sometimes be cost effective to have a home warranty in place for maintenance and repairs. When choosing a warranty provider you should be sure they will allow us to use our own vendors. If there is a co-pay it may be best to place a card on file.
What if a tenant doesn’t pay rent?
If a tenant does not pay rent by the 5th (fifth) day of the month, we will attempt to contact the tenant by phone to collect rent and late fees owed before the 10th (tenth) when we close our books. If a tenant becomes delinquent we will call, send certified letters and sometimes visit the property.
If a tenant pays rent late, when will I receive my check?
We close our books on the 10th of each month. This allows us to balance the books, pay expenses on behalf of our owners and disperse income accurately. The benefit to our owners is that we keep balanced accurate records. When you get a statement and or an end-of-year report from us, the information contained in the report is accurate and professionally prepared. This would be impossible if we did not close the books and balance once a month. If late rent is collected after disbursements, we will hold the rent until the next disbursement period.
Do you handle the eviction process?
If our efforts to collect rent from the tenant are unsuccessful, the first step is getting the tenant out of the property. We will request that they immediately and voluntarily vacate the property so we may post it for lease and begin procuring a new tenant. If necessary, we will post a tenant for eviction. This is a lengthy process so we always prefer that a tenant leave voluntarily.
What if I want to put my house on the market?
If you would like to place your house on the market for sale and have not included this stipulation in the lease agreement, we will be happy to try and negotiate terms for doing so that are agreeable to you and the tenant. We have developed procedures for stipulating in our leases and renewals that properties will be on the market for sale during the lease term. It is important that owners let us know in advance of signing renewals and leases that they would like to market their properties for sale. We have a program in place for PM owners that includes pricing that reflects the previous relationship established between the customer and CJ&L.
I’d like to move back into my property. How do I terminate my management agreement?
If an owner would like to terminate their management agreement, we ask that they do so in writing. At the time of termination, a management fee will be due on any rents due per any and all leases and renewals currently binding upon the property. This is true when the property sells as well as other situations when an owner decides to terminate. This is true when a real estate commission is due to CJ&L and when no other commission is due to CJ&L. The real estate division of the company and the property management division of the company operate independently and both have to be paid for services rendered. Often we lease vacant properties, create rental history and then sell properties to investors on behalf of our owners (sometimes reluctant landlords). The lease and the rents due per the lease are an integral part of what attracts the investor to the property. Because no management fee is due at lease signing, management fees owed on the rents must be paid whether over the lease term or at the time of termination.
What expenses should I expect before moving tenants in to my property? How much should I expect to spend on repairs at the time of turning the property? Why does the tenant’s security deposit not cover these costs?
Owners should expect to spend up to one month’s rent or more preparing a house for move in at the time of entering management or between tenants. CJ&L will most often seek approval for repairs exceeding 250 dollars. However, CJ&L reserves the right to approve repairs exceeding 250 in cost when preparing the property for lease either at the beginning of management and/or during the turning of the property. If owners chose to prepare to turn their own properties we ask that they coordinate carefully with CJ&L. CJ&L will not partially turn the property. Owners may turn or allow CJ&L to do so. Tenants cannot be charged from the security deposit for maintenance. CJ&L contractually binds tenants via the lease to either clean the property or pay from the security deposit to have the property cleaned after move out. However, there are sometimes cleaning charges paid by the owner. This is a subject best discussed in depth with Christy Baker Jenkins.
If you are an owner new to management, please click the following link to see our Property Conditions Expectations Page.