CRI PROPERTIES is a full service property management company and is the parent company of Maintenance Medic. We handle all aspects of the management of your investment, including:
- Tenant Screening
- Maintenance and Repair Coordination
- Rent Collection
Our objective at all times is to provide the highest level of property management service available, the level of service we expect to receive with our own investments.
MANAGEMENT FEE STRUCTURE
Our fees are structured at a commission rate of 10% of the gross fees collected plus a leasing fee of 20% of one month's at the time a new tenant lease is signed. This leasing fee is paid to the agent procurring a tenant for your property and is not charged on lease renewals by current tenants.
CRI Properties will coordinate the marketing of your investment property to prospective tenants. Each time the property becomes available, we will place a "for rent" sign on site, place a key box on the door for secured access by other real estate agents, including agents affiliated with other area firms, and advertise in the following media: local newspaper, base newspaper, Multiple Listing Service, company website, REALTOR.com, and the base housing referral website. All advertising fees are included in the above management fee structures.
Our CRI Properties staff will schedule all routine maintenance and repairs. You, as an owner may choose your own repair personnel or allow our company to do this for you. For most repairs and inspections, we will utilize our in-house maintenance service, The Maintenance Medic. The Maintenance Medic will perform basic plumbing, appliance, heating and air, interior and exterior repairs. For more extensive repairs, items that require specialization, or warranty work, we will subcontract the work to other local companies. When repairs are complete, you will receive copies of all invoices along with your monthly statement.
At the time you place your property under management with us, we will collect $150 to place in your maintenance fund for emergency repairs. If these funds are used during the month, we will replenish it from the next rental proceeds received. When you close your account with us, these monies will be refunded to you.
CRI Properties and the Maintenance Medic will perform inspections of your property at the following intervals:
1. Initial Inspections will be done at the time the property is placed under management or possession of the unit has been returned to us by a vacating tenant. If repairs or cleaning are necessary to make the unit rent-ready, another inspection will be performed prior to tenant move-in. We will create an inventory that includes appliance identification numbers and any personal property, and we will thoroughly note the condition of the property interior and exterior. Carpets must be professionally cleaned and fireplaces professionally inspected and cleaned if necessary. If there were pets, a professional flea spraying must be complete. Tenants also have the opportunity to complete a move-in inspection form and return it to our office within 7 days of occupancy. This will be kept on file along with the initial inspection to be used when the tenant vacates.
2. Intermittant Drive-By Inspections are performed during the tenant's lease term to ensure that the property is properly cared for and no unreported maintenance issues are present. If the property appears to be unkempt, we note unauthorized pets, excessive vehicles, or other problems, we will immediately schedule an interior inspection. You will receive a postcard or letter from us reporting our findings. Interior inspections are also scheduled when rent has not been received after the 15th of the calendar month or a complaint is received in our office.
3. Move-Out Inspections are scheduled at the time each tenant is ready to leave and return possession of the unit to us with the keys. We will also collect all applicable receipts for carpet cleaning, flea treatment, and chimney cleaning at that time. The move-out inspection will be compared to our initial inspection and the tenants' own inspection. Any discrepancies above normal wear and tear will be noted as the responsibility of the tenant and charged to them accordingly. If there are items in need of attention before we may move in new tenants that are routine maintenance (painting, flooring or appliance replacement, for example), you will be contacted with cost estimates.
The first month your tenant moves in, the rent will be prorated on a 30-day basis, and the tenant will be charged the actual number of days of occupancy. A property will be held off the market no more than ten days (unless another agreement is made with you) when it is vacant and ready for occupancy. Each subsequent month, the rents will be due on the first of each month and will be considered on time if paid by close of business on the 6th day. Rents and repairs are posted and your check will normally be sent by the 10th day of each month. If a tenant does not pay on time, we may begin eviction procedures anytime after the 11th day. Our policy is to send late notices on the 7th and 15th and begin filing for eviction if rent has not been received by the 20th day of the current month.
DISBURSEMENT OF RENTAL PROCEEDS
Rents received on time are posted, bills and management fees are deducted, and the balance will normally be disbursed to the homeowners no later than the 10th day of each month. You may receive your check by mail, have our office make your mortgage payment, or send your payment directly to your bank account by mail.
A statement of your account activity will be sent to you on a monthly basis and at year end along with your 1099-S tax form. Included with your monthly statement will be copies of all repair invoices paid. For owners of multiple properties, each property will have its own monthly activity statement along with one consolidated statement. At year-end, you will receive one general ledger with each property broken out separately and then totaled for your tax return preparation.