© 2022 Compass Property Management LLC
1st months broker fee (new lease)
Monthly management fee
Yearly lease renewal fee
Eviction fee (plus court costs)
New owner onboard fee
Termination of PMA (with notice)
Optional billing management
1st-month broker fees are paid to CPM once CPM has secured a qualified tenant that meets our minimum requirements of the tenancy.
Monthly management is the percentage of the monthly rent, paid to CPM for management services. (2% surcharge remains in effect for Coatesville properties due to required license and inspections)
Yearly lease renewals with yearly rent increase adjustments as needed to reflect market changes.
Eviction fee covers document preparation, physical filing and scheduling to attend the court hearing, servicing notification to tenants of legal action, in-court appearance, follow-up court filing of possession documents if the balance remains unpaid, appearance for possession, etc.
New owner onboard fee covers the processing of the Property Management Agreement, new lease and or review of the current lease and other legal documents, data entry of owner information as well as property information into our system, activation of an electronic portal for the owner to access at any time, initial photos of the property, initial advertisement write up (description) of property, etc.
Termination of PMA with proper notice (60 days written notice of intent to cancel PMA) includes document retrieval and preparation for owner / new property management, notice to the tenant of change of management, reconciliation of all account activity, removal from system and files, etc.
Some owners utilize CPM to manage their bill payments for the property. This service includes bill payment/accounting for utility services, HOA fees, property associated fees, and many others.
*Compass property management retains late fees paid by tenants since these late payments cause additional work for our staff. Most tenants pay on time, but at times, some pay late.
Let’s face it, most families have pets. Statistically, single-family households have an average of 1.9 pets. Over 55% of tenants who rent have pets. Over 20% of tenants who do not have pets, desire a pet. Tenants of properties that do not allow pets, tend to “sneak” pets in, or pursue ESA letters from online sources, forcing landlords/owners to accept pets with no oversight or management.
Compass Property Management utilizes a 3rd party pet verification partner that screens and rates pets, as well as documents vet and pet temperament records. By having pets screened in this manner, CPM is able to track, manage and provide oversight of pet-occupied rental units. At our discretion, we can implement periodic pet inspections to ensure the property is being well maintained, which tends to lower the overall pet damage risk at move out.
This guarantee DOES come at a risk for Compass Property Management LLC. Owners can have peace of mind knowing that CPM will cover all pet-related damages up to $2,000 at the time of move out, for an approved pet-occupied property. Compass Property Management charges a monthly “pet fee” that is paid directly to CPM, so at no time is the owner paying out of pocket for this guarantee.
Initial inspection of the unit
If an issue is found, we address it.
Update photos in between tenants to monitor property condition.
This includes our website and numerous other 3rd party sites.
Accept online applications
Screen applications thoroughly. Run and analyze credit history. Verify and confirm employment. Verify and confirm correct income, from all sources. Verify residential history. Cross verify that residential history matches up with credit report, income docs, etc. Submit and process rental history verifications from current and prior landlords.
Approve QUALIFIED applicants
Collect certified funds for the security deposit. Assist tenant with the move-in procedure and required actions prior to moving in. Set tenant up with a personal Appfolio tenant account for payments and maintenance needs. Set tenant up with renters insurance that protects both owner and tenant. Generate detailed lease agreement. Submit lease to the tenant for signing. Collect certified funds for 1st month’s rent.
Finalize move-in for the tenant, giving tenant access to the property and the TBP. Conduct follow-up to ensure the tenant is happy in the new unit after move-in.
Conduct monthly rent collection. Pursue collection activity for late/unpaid rent balances. Ensure tenant is following lease rules, regulations, and policies. Manage and coordinate maintenance and repairs with tenants. Manage and coordinate inspections, as needed/required with the tenant.
Coordinate move out with tenants, owners, and maintenance personnel. Take inventory of any damage and needed repairs; coordinate this work. Process security deposit in accordance with the law CPM provides a pet damage guarantee, covering pet-related damages for up to $2,000 at move out. (Pet damage guarantee is for pet occupied properties with approved pets).
Provide the owner with an owner portal for easy access to documents and payment info. Provide the owner with a detailed monthly statement for all payments/fees. Manage/coordinate maintenance activity with qualified vendors. Provide end-of-year tax documents.