The owner is responsible for direct advertising costs incurred to rent his or her rental property. In most cases it is not necessary to advertise the property beyond yard signs and our dynamic website.
Owner's checks are mailed out on the 15th of each month and direct deposit is scheduled on that day. Bank processing times vary therefore funds may show up a few days later. We do our best to see that you have received your funds by the 20th of the month. Please understand that Tenants have until the 5th to pay their rent and many wait until that day to pay. We allow a minimum of 5 additional days for checks to clear the bank before processing owners' checks.
Maintenance & Repairs Calls
The Residential Management Agreement allows Cope Property Management to handle any maintenance or repair costing less than $500 without approval. The owner will be consulted if the repair is expected to cost more. In ALL cases the owner will be notified of the issue via an email work order. Monies for the repair will be taken out of the rent payment unless other arrangement are made with the owner.
Monthly Financial Statements
Each month we send a detailed monthly financial statement which includes all income received and expenses for repairs or maintenance. Unless otherwise requested this statement is emailed.
Liability & Rental Insurance
Our policy is to require that each owner maintain at least $300,000 of liability insurance for their protection against liability claims. In addition, it is the owner's responsibility to maintain current rental/fire insurance on their property. This is NOT the responsibility of Cope Property Management.
Rates & Fees
Our standard commission is 10% of the monthly rental rate. If extra services are requested this rate may higher, but will not exceed 15%. Late fees imposed on tenants are not passed on to the owner.
Rent is due on the 1st of each month unless otherwise stated in the lease. Tenants have until the 5th before late fees apply. Although eviction proceedings can legally begin after the 5th day, it is our policy to give the tenant until the 15th to deliver the rent before we proceed with eviction proceedings. If a tenant is chronically late, we may use our discretion to file the eviction sooner than the 15th.
Residential Management Agreement
In all cases a Residential Management Agreement will be required to employ Cope Property Management services.
Each prospective tenant will be required to fill out a rental application and submit a $30 application fee to cover the cost of a credit and background check. References will be called to verify their information. We also require income verification. We do our best to fill your vacancy promptly, and with good tenants. Tenants that do not meet our minimum requirements are denied. If an owner would like to set higher standards for their rental, they may do so in writing.
We abide by all Fair House Laws
We CANNOT discriminate based on race, color, national origin, religion, sex, familial status or handicap as stated in the Fair Housing Law. We also cannot deny an applicant if they have a Registered Service Animal unless they do not meet our minimum standards nor can we charge them a pet deposit or pet fee for the service animal.