Thank you for your interest in Commercial Property Management, Inc. (CPM). Our company has extensive experience in the maintenance and management of commercial and residential properties both large and small. We believe we would do an excellent job for you. As you requested, here is a description of who we are and how we work:
CPM is a full-service property management company with ten years of experience in managing single family homes to multi-unit complexes including office buildings. We work together as a team on all phases of property management. There is 24-hour emergency availability through an answering machine, answering service, car phone, pager and FAX.
CPM takes responsibility for marketing vacancies for rent by whatever means that have proven effective, such as ads in the newspaper, distributing flyers, and affixing signs and banners on the property. A record of calls of prospective tenants is kept and follow up calls are made to prospective tenants. Market rent surveys are done to ascertain competitive market rents in any particular location.
Units are shown to prospective tenants at their convenience, including evening and weekend hours when necessary. Those interested in leasing a unit are asked to fill out a detailed rental application and provide identification such as a driver’s licenses, social security card and a current tax return. Then, we verify information given on the application by calling the employer, present and previous landlords, and calling UDR (a company which also screens tenants for credit and eviction history). We only accept tenants with a satisfactory level of earnings, credit file and positive rental history. Once accepted, the prospective tenant signs the lease, a lease which has extensive safeguards for the property owner. We are extremely careful in selecting tenants who have a record of financial and personal responsibility since evicting a bad tenant is both costly and time-consuming.
COLLECTION OF RENT:
Tenants are required to pay rent by the first of the month, and are charged a late fee if the rent arrives past the fifth. This encourages prompt payment. We continuously monitor rent collection and contact any late payers immediately. Late paying tenants are given three-day notices to perform or quit. We feel that conscientious rent collection is extremely important. Laxity in this area allows tenants to feel that their rent is a low priority. If an otherwise responsible and long-term tenant has a temporary problem, and if he or she is honest and does not avoid us, we attempt to work out a payment plan. The tenant who can work out his or her problem will cause the owner less economic hardship than an eviction. When the problem cannot be easily resolved we try to persuade the tenant to leave voluntarily rather than start legal proceedings. A tenant who leaves voluntarily will generally bear the property no ill will and is less likely to cause damage. However, when a tenant does not show good faith and stays without paying rent, we believe in starting eviction proceedings without delay.
We believe that a well-kept building will attract good tenants, and prevent unnecessary tenant turnover. We frequently inspect the premises of the property to avoid small problems from becoming big ones. Our maintenance personnel can handle common repairs, and can make vacated units rent-ready including necessary painting, patching, and carpet cleaning. CPM staff are bonded and covered by Worker’s Compensation. We keep expenses low by using our own repair people rather than outside contractors whenever possible. If a building whose management we assume already has a superintendent who performs many maintenance duties satisfactorily, this can and should be continued. Tenants are given both a daytime and an emergency phone number for CPM and are encouraged to report any maintenance problem as soon as possible.
ACCOUNTABILITY AND RECORD KEEPING:
Keeping an accurate “paper trail” is essential. All income and expenses for a property are handled through CPM trust bank account, and are recorded promptly. Copies of receipts are kept, and originals are given to the owner of the property. The owner is also provided with a monthly-computerized statement of income and expenses and a balance sheet.
To sum up our philosophy of management, we treat each property as if it were our own. Our purpose is maximizing income and minimizing expenses. CPM maintains a high standard of operations regarding reliability and accountability, and gives owners the true peace of mind that comes with knowing that their property is in the best hands possible. We are happy to take care of all types of residential and commercial properties, whether large or small, and look forward to serving your needs. We are looking forward to meeting you in person so that we can start to make our skills work for you.