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How long has the managing broker been in property management?
Since 1996. Currently licensed in Georgia andTennessee..
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How long have you managed in the Greater Chattanooga & NW Georgia area?
Since 2005.
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What is your field of expertise?
Single-family and small multi-family (up to 75 units) residential properties, such as
duplexes, triplexes, quads and small apartment buildings, and HOA management.
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What is the managing broker’s educational background?
An accounting major for two years before changing direction and obtaining a degree in Business
Management.
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What professional organizations do you belong to?
- National Association of Residential Property Managers (NARPM)
- Institute of Real Estate Management (IREM)
- Community Association Institute (CAI)
- Greater Chattanooga Association of Realtors and MLS
- GA Association of Realtors
- TN Association of Realtors
- National Association of Realtors (NAR)
- Notary Public in Georgia
- Chattanooga Area Chamber of Commerce
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How many units do you currently manage?
As of January 2019, 410 and growing.
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Do you handle purchase and sales transactions also?
Yes. However, we limit our sales transactions to our existing clients and/or tenants. We do
not handle sales for the general public. We are a fully-licensed real estate firm, and since
we handle property management, it only makes sense that we will assist in acquisition or
disposition of investment properties for our clients.
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How do tenants contact CPM?
- Tenant Portal
- Phone
- Text
- Fax
- Email
- Office Visit
- Office hours are: Mon-Fri 9 AM to 6 PM and Sat 10 AM to 4 PM Feb-Oct; Nov-Jan we close on Sat
- We also have after-hours info and appointment scheduling available by phone and online
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How do owners contact CPM?
Of course, all of the above options are available, but all owners are given the direct desk phone extension of their assigned Property Manager, and this line rolls to the manager’s cell phone during business hours if he/she is away from the office.
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What is the average time to fill a vacancy?
This is the “crystal ball” question, and depends on a number of factors, such as location,
price, condition, pet policy, etc. However, generally speaking, our vacancies remain on the
market less than 24 days on average, and we have maintained that average for the past 10 years
and counting.
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How many vacancies do you currently have?
Our vacancy rate has consistently remained at or below 8%. Currently (Jan 2019), it is a mere
2%!
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What percentage of tenants have to be evicted?
Typically, this is less than 2% annually, and many of those are for job loss-related reasons.
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How long does it take to get a non-paying tenant out?
If the process goes precisely along the minimum time frame outlined in the law, a tenant in TN
can be out of the property in approximately 28-42 days (4-6 weeks), and a tenant in GA can be
out of the property in approximately 21-28 days (3-4 weeks). These estimates can vary based on
a number of factors (ex. A setout cannot be done in the rain, or if the tenant cannot be
promptly served).
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Do you charge for monitoring and maintaining vacant units?
We do not charge a management fee for vacant units. We do regularly (approximately weekly)
visit and inspect vacant units to ensure that thermostat settings have not been altered,
lights have not been left on, doors are properly secured, grounds and interior are clean and
‘show-ready’.
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How do you market vacant units and what does it cost?
We employ a number of relevant marketing venues, depending on the location of the property and
the target market of tenants that we are seeking. Generally, we use our own website, our local
MLS, Hotpads.com, HometownRent.com, Google.com, Yahoo.com, Bing.com, Trulia.com, Vast.com,
MyNewPlace.com, Home.com, Realtor.com, and various other websites, flyers, faxes, direct
mailing, and neighborhood canvassing. Our listings wind up on approximately 75 additional
websites - and all of this is FREE!
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Do you recommend incentives for filling vacancies?
Occasionally, yes. Sometimes there are many available properties on the market in a relatively
small area of town, or perhaps a property is off the beaten path & requires an extra nudge to
make the property more appealing than the competition. Generally speaking, we see more of this
in the off-season, though (August to February).
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How do you screen applicants?
We submit applications to our third-party objective credit and background reporting company to
obtain a complete history of applicant’s credit, criminal, and eviction history. We
cross-reference previous addresses with ownership records, and we contact landlords and
employers for direct verification. We also require 30 days’ worth of pay stubs or 2 years’ tax
returns for self-employed individuals.
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Who handles yard care on vacant units?
We have a team of landscapers who take care of the vacant units at a minimal fee per visit,
with visits every 10 days during peak growth season. They can also handle year-round grounds
maintenance for your property if you desire, at a negotiated rate.
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What is the late payment policy?
Rent is due on the first of the month and late after the fifth of the month (excluding Sundays
and holidays). Any unpaid balance on the 10th is set for eviction filing unless special
arrangements have been made and approved.
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Who will be the person handling my property?
You will have a designated Property Manager. This is the person who will know all of the
details pertaining to your property, the tenant, maintenance issues and other details that
pertain to the property. This will be your direct contact person.
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What is the policy regarding pets at my property?
This is determined initially by you. If you decide to allow pets, we require a non-refundable
pet fee,, plus additional pet deposit (refundable to the tenant to encourage leaving the
property in good shape). The fee is simply for the convenience of allowing the pet on the
property and is not applied toward any cleaning or damages that may be caused by the pet.
Those costs are held from the additional deposit. It is estimated that approximately 60% of
tenants have pets; however, pets can be very costly to rental property owners, so deciding
whether to allow pets is a large and important decision. Under no circumstances will we allow
aggressive breeds of dogs, as this may have an impact on your insurance coverage, as well as
pose a threat to neighbors. With the introduction of our Pet Damage Protection Plan, we're
seeing more and more of our owners come forward and allow pets - it's a no-brainer when the
risk has been removed from the decision.
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How many people will be permitted to live in my property?
his is subject to a variety of different influencing factors, such as fire code, septic tank
certification (if any), square footage, overall layout/design of the home, ages and
relationships of the prospective occupants...it all factors in, as there is no hard and fast
rule for this.
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What are the monthly management fees?
We offer several management packages, depending on the level of service desired by you. These
packages vary in price from 9-11% (or less for multiple units), calculated on rents actually
collected. There is no management fee on vacant units.
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What is the fee for procuring new tenants?
We offer several management packages, depending on the level of service desired by you. The
leasing fee varies according to the selected package. It is the LESSER of $500 or 50% of one
months' rent up to $1000 or 100% of one months' rent, or less for multiple units.
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What is the fee for renewing leases?
We offer several management packages, depending on the level of service desired by you. The
renewal fee varies based on the selected packages, and ranges from $100-200 (or less for
multiple units).
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Are the procurement fees refundable or guaranteed?
Yes. If the tenant fails to remain in the property for the entire term of the lease, the
leasing fee will be credited back on a prorated basis & applied toward any subsequent
procurement fees. The credit is calculated at 7% (of the original charge) per unearned month.
Leasing Guarantee is not included with the Silver Package.
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What is the reserve requirement & what is it for?
The reserve is currently $500 per single-family property, or $250 per unit for multi-unit
properties, to a maximum of $2,500 per owner, and it is for incidental expenses that may occur
when there may not be any funds on hand to cover them. For example, a leaking water heater on
the day after owner proceeds are dispersed. This is fully refundable at the termination of the
management agreement, provided the account is in good standing, otherwise this will be applied
to any outstanding owner balance at that time. Specialized reserves apply for multiple unit
buildings. We offer a ‘no-reserve' option for owners who prefer not to have to reconcile the
ins and outs of it each month. On the ‘no-reserve' option, the owner disbursement is initiated
on the last business day of each month.
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How often are financial statements prepared & delivered?
Always and monthly. All of our owners are able to sign up & login to our system to view their financial information anytime,
24 hours a day. All that is needed to enroll is a valid email address. Also, at the time of owner proceeds disbursement, the
owner statement is delivered via email, and at the end of each month, statements are posted to the Owner Portal.
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How are owner proceeds disbursed?
We are 100% direct deposit for owner disbursements.
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When are proceeds disbursed?
This depends upon the management package selected. Disbursement dates range from the 15th to the last business day of the month.
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Who handles maintenance and repairs?
We have a team of in-house techs, as well as a pool of competent, trusted vendors, that we use for maintenance. We can handle any type of problem or equipment failure that your property may suffer. All maintenance techs or vendors that do any work on your property are properly licensed and insured.
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What is the cost for maintenance and repairs?
Our in-house maintenance fees are $50-60 per hour during regular business hours, depending on the management package selected. After-hours rates are $75-85 per hour. Vendor rates are set by the individual vendors, however, we have negotiated below-market rates from any vendor that we use in order to keep your costs to the absolute minimum. Anytime a single repair is expected to reach or exceed $500, we make every effort to reach you and advise that you will soon be seeing an interruption in your revenue.
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Do you check on occupied units periodically?
Yes. We do a drive-by of each unit periodically. If we note any kind of issue or concern, we schedule an inspection on the unit, and take a closer look. If we find that there are tenant-caused or tenant-related problems, we address those directly with the tenant, requiring them to resolve the issue promptly. We schedule follow-up inspections as needed to ensure compliance.
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Do you conduct interior inspections periodically?
The Property Manager conducts an interior inspection at the time of offering a lease renewal. This is included in the renewal fee. In addition, we offer an optional inspection plan that you may sign up for. This provides an extra measure of peace of mind for owners. The inspection is intended to be a method of early detection for any type of leaks, roof or gutter problems, tenant abuse or neglect, and to confirm that the HVAC filters and smoke detector batteries are being properly changed by tenants. This is not intended to be a thorough home inspection such as you might get at the time of property acquisition, nor is it any kind of appraisal.
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How long does it take to get a vacant unit ready for occupancy?
We can have a vacant unit ‘turned’ and rent-ready within 10 business days from the date of receipt of funds to do the work. This can include complete painting, re-carpeting, repairs, cleaning, etc. If you authorize us to do so, we can hold the final months’ rent from the exiting tenant, which can then be applied, again with your approval, toward the costs of turning the unit. This eliminates the delay for mail time. If significant and unusual repairs are necessary (such as sub-floor replacement or re-roofing), additional time may be required. A complete itemized estimate of turnkey repairs and anticipated costs will be sent to you for approval before any work begins.
