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MANAGMENT
"How to Get Started with Costa Rica Living.Org"
"Why choose property management?"
"Once I start with CRL, who do I talk to? Who handles my property? Who do tenants call?
"How do you decide what rent to charge when there are vacancies?"
"How do you advertise your vacancies?"
"How do you handle Security Deposits?"
"How often do you visit the property?"
"Who collects rent?"
"Can I use my own vendors?"
"I am really nervous about racking up big maintenance expenses. How do you control expenses? Can I approve all work?"
"Are your prices competitive? "
"Why should I choose Costa Rica Living Properties?"
"How to Get Started with Costa Rica Living.Org"
Getting started is easy! Follow these simple steps and Costa Rica Living Properties will soon be managing your investment so you can experience the hassle-free experience of doing business with CRL.
1. Contact CRL Properties and we can review your specific needs. We will provide you with a management agreement and can answer any of your questions.
2. If you currently have a property manager that needs to be terminated:
A. Check your current property management contract to see what type of notice is required. It is typical that you will be required to give a written 30 day notice. If possible, call the manager to see if they will accept a shorter notice. Many will, especially if they know that you are unhappy. If you do not have a written contract, assume 30 days is required.
B. Compose a brief letter such as the sample below: As of _____________ (date), your services at ______________ (property address), will no longer be required. A representative of CRL Properties will be in touch with you prior to the termination date to pick up keys and any pertinent files. Please send remaining funds in my account directly to me including tenant security deposits.
C. Please send a copy of the letter to CRL Properties.
3. Compose a letter notifying your current tenants as to the change in management. We can help you distribute this letter by enclosing a copy of it along with our letter to the tenants introducing CRL Properties and our policies.
4. Along with a signed copy of our management agreement and funds to open a trust account, provide CRL with the following items (if applicable) in order to enjoy a smooth transition
a.Copies of all recent bills, including mortgage, property tax, insurance and utilities
b. Name and phone number of any regular vendors, including landscaping, trash, elevator, cleaning, security and laundry
c. Name and phone number of all employees, and copy of employee contract
d. Name and phone number of Home Owner’s Association and copy of CC&Rs
e. Rent roll, including:
Name, address and phone number of tenant
Copies of leases (if new purchase, copy of estoppel letters)
Amount of security deposit, date and amount of last rent raise, balances owed and last rent payment
f. Copies of keys, including storerooms, intercom, elevator and laundry
g. Information regarding any pending 3-day notices and/or unlawful detainers
Copies of three day notices served
Name of tenants under eviction, name and phone number of attorney handling case
Pending court dates and evictions
h. Pending inspections, if any, such as Section 8, SCEP, Health Dept.
i. First page of insurance policy, showing coverage, and name and phone number of agent
j. Rent stabilization certificate and business license
k. Copy of recorded grant deed
l. If management commences with new purchase:
Name and number of broker and escrow officer
Copy of closing statement
m. Letter of Authorization to Tenants, if units are occupied (see attached)
n. Letter of Authorization to Insurance Company (see attached)
o. Funds to open a trust account in the amount of $________
5. We will begin sending you your monthly report on the 15th of the month.
6. You will be able to enjoy your investment free from the day to day responsibilities.
"Why choose property management?"
Maybe you have just inherited a property and don’t have the experience or you are a busy professional with no time. Maybe you are relocating or finally retiring. Perhaps you administer a trust and need a third party to handle the trust’s affairs. Whether you are a first-time home buyer, property investor or an experienced apartment owner, CRL Properties can assist you with all your real estate needs. We have great success in making sure that properties are leased to qualified tenants and that they are properly maintained. CRL Properties approaches property management as an income-generating business. We are not doing our job if we do not keep your expenses low and your income high. To do this CRL Properties maintains a high standard of reliability and accountability, and gives owners the true peace of mind that comes with knowing that their property is in the best hands possible.
"Once I start with CRL, who do I talk to? Who handles my property? Who do tenants call? "
Communication is the key to a successful property management relationship. You are assigned an experienced Property Supervisor familiar with the area in which your property is located. The Property Supervisor is available via cell or email, and will be your day-to-day contact. Many questions can also be answered by our staff, including bookkeepers, maintenance supervisors and senior staff members.
"How do you decide what rent to charge when there are vacancies?"
Your Property Supervisor will do a market survey of rents charged for similar rental units in your area. We are also leasing units on a daily basis, and are very familiar with the market and changing rents. Based on this information and consultation with you, the Property Supervisor will determine an asking rent that appears competitive.
"How do you advertise your vacancies?"
CRL Properties markets vacancies by whatever means that have proven effective, we start the marketing process as soon as we are advised of a vacancy. We place ads on our website www.realestatetree.net as well as on Craigs List, encuentra24 and many other online rental searches. We update these ads EVERY DAY until your vacancy is rented. Because of our reputation many prospects contact our office for a free list of our vacancies and look at our website on a daily basis. Applicants are also able to apply directly through our website. We will also put eye catching signs and banners on your property giving rental prospects access to our services and distribution of flyers.
"How do you handle Security Deposits?"
When your tenant vacates, we will provide all required accounting of the tenant's security deposit within the time legally allotted. If there are damages they will be deducted from the security deposit. We are allowed by law to charge the resident's deposit for rent, damages above normal wear and tear, and cleaning. We want you to know that we consider this an important time in the management cycle, and we will protect your interests.
"How often do you visit the property?"
When a property first comes under CRL management, an interior and exterior inspection is scheduled as soon as possible to determine if there are any health and safety issues which need to be addressed. This includes such items as smoke detectors, water leaks, or trip hazards. Obviously, if there is a vacancy, the property will be shown as appointments and open houses are scheduled, sometimes on a daily basis. Once the property is full and the initial inspection has been done, the Property Supervisor will schedule regular drive-by and walk-through inspections not less than twice per month. All interiors of units are inspected a minimum of twice a year.
"Who collects rent?"
Tenants can pay rent by either mailing or dropping it off at our office or paying through our website by the first of the month. When rent is received it is immediately placed in your client trust account. At this point all bills that CRL is directed to be paid are paid. The remaining disbursements are made on the last day of the month electronically, or can be mailed in check form with your monthly report, whichever you prefer.
"Can I use my own vendors?"
CRL often continues to use an owner’s regularly scheduled vendor, such as the gardener or pool service. While we are happy to use your own vendors, one important benefit of CRL’s management is that we have developed relationships with vendors, such as plumbers or electricians, who charge low rates and are reliable, because CRL gives them a significant volume of business. You, as the owner, benefit from these vendors’ excellent service and prices.
"I am really nervous about racking up big maintenance expenses. How do you control expenses? Can I approve all work?"
CRL always attempts to improve your bottom line, and one way is to control expenses. For major repairs, such as re-piping or re-roofing, several bids are obtained, and CRL will get your written approval. However, if there is an emergency, such as a burst water heater, or a government inspection requires certain work, or, a routine repair is requested, such as a leaking faucet, or broken toilet, then CRL will go ahead with the work and keep you informed. Our vendors are reasonable and reliable; otherwise CRL would not utilize their services. In addition, if it is discovered that a tenant caused the damage, we charge the tenant for reimbursement of the repair expense.
"Are your prices competitive?"
Our management fees are very competitive and reflect our expertise and commitment to excellent service. We have found that poor management can have a very high cost. When ALL fees are considered, we are actually less expensive than most companies around.
"Why should I choose Costa Rica Living Properties?"
When we say, Professional Property Management, we mean it! There is no better choice for your investment and peace of mind. Call 1 800 260 7280 or (506) 2228-6574to sign up with CRL Properties today!
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