Frequently Asked Questions

 

 

What type of properties does CM Property Management manage?
We manage all types residential properties including condominiums, townhouses, single-family homes, and multi-family homes (from duplexes up to large apartment buildings), primarily throughout Santa Clara County.

 

Why CM Property Management?
With our extensive experience, professionalism and dedication we provide superior property management service. CM Property Management offers customized property management solutions to suit the distinct needs of each individual owner. This is accomplished by staying current with the changing trends and legal issues to protect the interests of our owners; and utilizing state of the art marketing programs that enable us to publish vacant units on a variety of venues and formats resulting in reduced vacancy periods and premium rents. Additionally, we are able to maximize owner’s returns by charging competitive management fees.

 

What are the fees that CM Property Management charges for its services?
We charge a fee based ONLY on monthly rents collected. There are no hidden charges or start up fees, lease out fees, insurance fees, electronic access fees, eviction insurance fees, fees for annual property inspections, fees added to maintenance bills, fees during vacancies, etc. There are no additional fees PERIOD.

 

What is CM Property Management’s role as a property manager?
Our role is to achieve our client’s objectives while preserving and increasing the value of the investment property. We act as the eyes and ears of the owner and handle every aspect of the daily operation and oversight of the rental property as if it were our own. We advertise vacancies, screen prospective tenants, negotiate lease terms, collect rents, schedule maintenance, conduct inspections, keep accurate records, and provide regular reports to, and communication with our owners.

 

Can CM Property Management pay my monthly bills for me?
Yes. When signing up for our property management services, we discuss the recurring bills owners would like us to pay on their behalf. These can include mortgage, property taxes, home insurance, HOA dues, gardening, and utilities including water, gas and electricity, trash collection, etc. We customize our services to meet the needs of each individual owner.

 

How does CM Property Management communicate with owners?
We work with each owner individually to determine the best method of communication. Whether it is by phone, email, Skype or other methods, we always strive to be reachable and responsive.

 

How does CM Property Management choose the right rental price?
This is where our experience and understanding of the local rental market plays an important role. While the market determines the final rental price, we are able propose a rental value based on the location and condition of the property with respect to the current conditions of the rental market. We believe in honest, upfront, and realistic conversations with our owners regarding market conditions and rental prices.

 

Do I receive a call every time there is a maintenance issue at my property?
The answer depends upon the individualized program we have set up with each owner. Generally, if the tenant calls with a minor repair, we will send one of our vendors to take care of the issue. Afterwards, we will contact the owner to discuss the issue and its resolution, and provide a copy of the vendor’s invoice in the owner’s monthly financial package. However, if a maintenance issue arises with an estimated repair in excess of $200, we will contact the owner, discuss the situation, and obtain approval before any repairs are undertaken. In case of an emergency and we are unable to contact the owner in a timely manner, we will handle the emergency with the health and safety of the tenant in mind while protecting the property.

 

Will I get a call in the middle of the night with an emergency?
No. We have a 24 hour emergency line available to all our tenants for after hours, weekend, and holiday maintenance emergencies. We also have special arrangements with vendors who are available 24 hours a day for emergency repair services.

 

What must be done to my property before it is ready to rent?
Each property is unique and may, therefore, require attention to different items to be rent ready. Our experience will guide owners to determine what these items are and we will suggest the appropriate course of action to make sure the property is protected, meets necessary requirements and is in a condition to attract qualified perspective tenants. We have long term relationships with reliable local vendors that will help find effective and economical solutions to any issue that arises when preparing to market the property. Please remember, the better condition the property is in, the better quality tenant it will attract. A property that shows well tends to rent faster and commands a premium rent. We are happy to do a walkthrough of each owner’s property and make applicable recommendations.

 

Who does the repairs on the properties CM Property Management manages?
We have an extensive list of licensed and insured vendors with whom we have long standing relationships. Based on these relationships, we get favorable rates which we pass on to the owner.

 

How will CM Property Management find a tenant for my property? How long will it take?
We are able to create professional exposure of your property through our website, numerous related real estate sites, local real estate professionals, and relocation companies. The length of time it takes to find a tenant varies depending upon the time of year, market conditions and other factors. It is in our best interest to minimize the vacancy period while paying careful attention to selecting a qualified tenant.

 

What money does CM Property Management collect prior to the tenant’s move-in?
Prior to the tenant taking possession of the property, we collect the first month’s rent and a security deposit. The security deposit is generally at least equal to one month’s rent.

 

When do I receive my money?
After receiving rents and allowing time for a tenant’s funds to clear the bank, we begin paying vendors and other property related invoices. Generally, owners receive their funds prior to the 10th of each month with the monthly financial statements sent shortly thereafter. However, depending upon the property, special arrangements can be made so we can accommodate individual preferences.

 

What happens if a tenant does not pay rent on time?
Rents are due on the first of each month. We carefully monitor delinquencies and if a payment is not received on time, we promptly contact the tenant to determine the status of the rental payment. Depending on the outcome, we may serve a Three Day Notice to Pay Rent or Quit. If the notice does not compel the tenant to pay rent or quit, or agree to a payment arrangement, we promptly contact the owner to discuss a further course of action. If an eviction is necessary, we will handle the process to minimize the owner’s loss.

 

How am I protected if the tenant damages the property?
The amount of the security deposit is generally at least equal to one month’s rent and is collected from the tenant in order to offset the expense of correcting possible damages. Should the repairs exceed the amount of the security deposit, we will seek restitution from the tenants using methods which include sending the tenant to collections.

 

What happens if the tenant leaves before the end of the lease?
The tenant is responsible for the rent for the term of the lease. If a tenant chooses to leave prior to the lease end date, they will be charged for the rent until the property is re-rented to another qualified tenant. The tenant is also responsible for any and all costs associated with re-renting the property. As the property manager, we will make all efforts to re-rent the property as soon as possible in order to minimize the tenant’s costs.

 

What does CM Property Management require from me in order to start managing my property?
In order for us to begin managing a property, we need an executed Property Management Agreement with necessary addenda and disclosures, a copy of the homeowner insurance policy and the keys.
If there is a Home Owners Association or the property is currently occupied, additional information may be required.
We will assist our owners through each step of the process.