Property Management Services
Thank you for considering Chastain, Jenkins & Leathers to manage your personal or investment property. We work to achieve the highest level of professionalism in real estate and property management services. Please take the time to review the information in this manual. This may answer many of your questions not found in our property management agreement. Should you have any additional comments or concerns, please do not hesitate to contact us. We have a full staff of professionals dedicated to successfully managing your property.
Prior to completing a management agreement we usually visit the property. We will assess the condition and provide our professional opinion in terms of expected rental rate, steps needed to get the property into showing/leasing condition, etc
Once we have visited the property and agreed on a rental rate, we will ask that you please complete a property management agreement.
We will draft a management agreement and send for you to sign electronically. If you are local and would like to come by our office we would be glad to meet you and answer any of your questions in person. At the time the management agreement is signed, a 250-dollar administrative fee will be due to CJ&L. This is a one-time fee.
Other required documents include a W9 taxpayer request form and a utility information sheet.
MARKETING THE PROPERTY:
Following the initial visit of the property, we will suggest a rental rate based on the current market conditions with consideration to your personal and financial needs.
If you did not provide a key for the initial visit to the property, we ask that you please mail or deliver a key to our office. If the property is currently occupied, please send the current tenant contact information via email so we may make arrangements to photograph and show the property.
At CJ&L we pride ourselves on always utilizing the most up-to-date and state of the art advertising and technological resources that are available. We will post to the following sites:
www.cjandl.com | www.BulldogRent.com | www.Craigslist.org | Athens Area MLS | Realtor.com | www.virtualtour.com
Once the property is posted for lease we will place a sign in the yard or in a window, if allowed.
It is very important that you notify us prior to marketing the property if you will not allow pets.
PREPARING THE PROPERTY FOR LEASE:
If at the time of the initial inspection the property is not ready for occupancy, we will make suggestions based on our professional opinion to prepare the property showing/tenancy. If you chose to have us manage the work needed to prepare the house for initial move in, we will charge 250 dollars to do so. This fee is in addition to any cost associated with work completed on the house as part of this preparation and the administrative fee due to CJ&L upon signing of the management agreement.
If the property is currently leased, we will “turn” the property before a new tenant moves in. If we turn the property for you, we will charge 250 dollars to do so. This cost will be in addition to any cost associated with work preformed on the house as part of the preparation for leasing. You may, of course, do this yourself if we are not currently managing the property.
If the property is currently vacant, you should expect to spend as much as one month’s rent to prepare the unit for tenancy. This will ensure the property is in excellent condition for the tenant, as we will expect the property to be returned to its original condition at move-out.
SHOWING THE PROPERTY/SCREENING TENANTS
Once the property is posted for lease we will coordinate showings to prospective tenants. Qualified tenants interested in the property are instructed to complete a residential lease application on our website.
We will verify a tenant’s previous rental history. As part of our thorough screening process, we will verify a tenant’s current and previous employment, proof of income or savings.
A tenant may provide this information a number of ways: in the form of an offer letter, pay stubs, or bank statements. A tenant may also submit proof of scholarship/financial aid or by providing a guarantor to the lease.
Once a tenant has been qualified, we will schedule an appointment to sign a lease. At lease signing, we will collect all required documents such as copy of the driver’s license, proof of income, etc. We will also collect the non-refundable fee.
This non-refundable fee is equal to one month’s rent and is applied as the first full month’s rent upon move-in. The security deposit will be collected at move in along with any pro-rated rent due or pet fees owed per the lease.
We maintain a lease file for each individual property. We take pride in the accuracy and completeness of our files. Once signed by the tenant, we will send the lease to you (and any additional amendments to the lease) for signature. This is a good opportunity to notify your homeowner’s insurance company that a tenant will occupy the property (if applicable.)
Examples of additional amendments include pet exhibits and the lead based paint exhibit. It is very important that you sign the pet exhibit (if applicable).?You should keep a copy of the signed lease and exhibits for your records.
Prior to move-in we will ensure all necessary documents have been completed. We will schedule an appointment with the tenant for a move-in inspection.
At move-in, we will inspect and note the condition of the property. We will collect a security deposit in the amount of one month’s rent to be held in a trust account as outlined in your management agreement.
If the tenant did not pay the non-refundable pet fee at lease signing, this will be collected at move-in. You will receive this pet fee less a management fee, in the following month’s disbursement.
If you did not provide key copies prior to move-in we will make copies and note the number of keys issued. This expense will appear on the following month’s statement if no income is collected during this period.
In some instances a pro-rated portion of rent in addition to the full month’s rent collected at lease signing is paid at move-in. This pro-rated rent will be disbursed to you in the following month’s disbursement.
Rent is due on the 1st (first) day of each month and is late by the 5th (fifth) day of each month. A late fee of 10% is assessed to the tenant if rent is not collected by the close of business on the 5th (fifth) day of the month.
While rent is due on the 1st (first) day of the month, we will continue to collect rent until the 10th (tenth) day of the month when we begin closing our books.
If a late fee is assessed and collected before the 10th (tenth) day of the month, the late fee is retained by CJ&L.
If rent is not collected by the 10th (tenth) day of the month, the tenant will be assessed a late fine. Once the rent and the late fine is collected, you will receive said rent and the late fine less any management fees owed with the following month’s disbursement.
Acceptable forms of payment include check, money order or cashier’s check.
We pride ourselves on the quality and condition of our properties and feel that they are the best Athens has to offer. As such, we hold our owners and tenants to the highest standards.
Our lease agreement requires that tenants bring maintenance issues to our attention by submitting requests through our website. Many issues are resolved through troubleshooting. However, it is often the case that we must send maintenance to repair an issue. Most of our owners insist on this as it ensures that their properties stay in shape.
In such cases, we have a short list of trusted vendors we use for all of our properties. While our vendors are not the least expensive in town, we feel they are the best. We ask that you allow us to use our vendors as they are familiar with our properties and are agreeable to our terms. Many other vendors in Athens are not able to accommodate our payment schedule.
If upon sending maintenance we find the estimated cost of the repair will exceed $250.00, we will make every effort to have the repair approved by you. In some instances, it is necessary to authorize such charges before receiving authorization from you.
In addition to routine maintenance issues, we are happy to assist you in making repairs/updates as we are familiar with the property and are able to coordinate with tenants. We may ask that you contact the vendor and make payment arrangements directly. There are some repairs that are beyond the scope of what CJ&L can manage. In such instances, we will ask that you handle the repair. Some examples of such repairs, include damage caused by fire, flood or trees falling on the property.
While rent is due on the 1st (first) day of the month, we will continue to collect rent until the 10th (tenth) day of the month. Between the 10th (tenth) and the 15th (fifteenth) of each month we enter expenses, balance our books and prepare owner’s statement to be sent. We make every effort to mail statements and disbursements by the 15 th of the month. There are months when we mail later than the 15th. Owners should be prepared to cover expenses regardless of when checks are mailed.
It is important when you sign your management agreement that you provide accurate contact and mailing information to avoid delays in receiving your disbursement. Likewise, if there is a change in your mailing or banking information, you should notify us prior to the 10th (tenth) of the month to ensure your check is sent to the appropriate address. If you notify us of a change in address after the 10th of the month but ask that we mail the disbursement in that month to the new address, there will likely be a fee for changing your address in our system on such short notice. Likewise, if you ask that we stop payment on a check already mailed in order to issue you a new check, there will likely be a charge for doing so.
While we do not offer direct deposit/ACH at this time, many owners have elected to have their checks sent directly to the bank. Should you choose to have your check sent directly to your bank, please provide us (in writing) with the following information:
–Bank Name and Mailing Address?– Account Number
You should verify with your bank that they would allow us to send a check directly for deposit. Please ask if they will require additional information or instructions to be printed on the check.
Should you choose to have your check sent to the bank, we will email your statement to you.
If you have questions about your statement, please call our office or send us an email. Your concerns may be best addressed by email to allow us time to review your statement.
The renewal deadline for each of our leases is determined at lease signing. As this deadline draws near, we will send notices to our tenants and grant them the opportunity to renew the lease. Should the tenants choose not to renew, we will market the property for pre-lease.
This deadline is sometimes as early as 6 months prior to lease expiration. This allows us to market and pre-lease during prime leasing season, which is usually within the first few months of the year.
If for some reason you should choose not to renew the current tenant’s lease or do not wish to re-lease the property, you should notify us prior to the renewal deadline in the lease agreement. You should also notify us if you would like to put the property on the market or if you would like to increase the rental rate. Otherwise, we will proceed with signing renewals or new leases.
If we procure a renewal or a lease on your behalf and you notify us after the renewal is procured that you do not want to renew or lease, you will be held liable for management fees on any rents due per any signed leases or renewals. Additionally, you may be bound to fulfill the terms of the lease or renewal.
“Turn” is the term used to describe the transition of a property between tenants. This is often a tumultuous period since many of our properties are turned within a very short period (sometimes within 24 hours).
During this period, we will conduct a move-out inspection of the property and collect keys from the outgoing tenants. We will assess the condition of the unit and coordinate repairs/cleaning with one or more of our maintenance vendors.
Due to the nature of this period, it is often necessary that we authorize a total of repairs exceeding $250.00. We will apply these turn expenses to your account and deduct from rents if possible. If we do not collect funds within that disbursement period we will send you the bill to pay directly or we will pay on your behalf and deduct the expense the following month.