PROPERTY MANAGEMENT

CB Properties was started in 2009 as a result of negative experiences by founders, Alex and Benolyn Craig had dealing with Property Managers for their own portfolio.

With those negative experiences in mind, CB Properties was formed on the core values of Excellent Communication, Transparency and being Cost-Conscious for their investors.

Getting Started

Whether your home is vacant or occupied or with another manager, get started is easy. Our step by step process:

  1. Schedule a consultation to discuss your property, verify it is in our management zone (there are certain areas we do not manage homes, these are typically located in lower rent areas), how we operate, discuss the management agreement fee structure along with answering any questions you may have.
  2. We will then send you a Property Management agreement via Docusign. Once that is signed, we can get to work, set up your portal and
  3. If there is an existing tenant in place, per our attorney, we will get them to sign our lease, which will benefit you in the case we need to file eviction.
  4. If the home is vacant, we will inspect the property and make suggestions of anything that needs to be done
  5. If you have another manager, we will work with that manager to get keys, leases, deposits, property statements and tenant contact information

If you have any questions, you have a dedicated single point of contact in your Investor Relations Manager to answer any questions you may have.

Communication

As more than 95% of our investors are located out of state, we understand that entrusting a local property manager with your investment home is a big commitment. We provide excellent communication in various ways which include:

 

  • Provide a single point of contact for customer service
  • Return all communications before we leave for the day.
  • Communicate all maintenance request as they come in. This allows our investors to engage us if they have any questions or concerns
  • Providing a portal for investors to check communications, expenses, rent payments, maintenance request, invoices and much more 24 hours a day
  • Provide an Investor Hotline # which almost guarantees that you will get someone on the phone
  • Provide a call schedule link to avoid phone tag with your Investor Relations Manager and make that call more efficient as to be prepared to discuss your property

Transparency

Simply put, we want to be upfront with everything.  Investors should never be caught off guard or surprised by a monthly statement or think maintenance billing has been marked up beyond the property management agreement –which unfortunately happens all the time in our industry. How to we provide transparency?

  • Communicate all maintenance requests as they come in to our investors
  • Cleary define all fees on the Property Management Agreement
  • No hidden fees! Clearly breakout all your expenses by fee on your monthly statement
  • Many PM companies mark up a vendor’s repair bill by creating their own invoice as if they completed the work, then add a maintenance fee too. That is the lack of transparency that can cost an investor huge sums of money of the lifetime of property ownership. We upload all original vendor invoices to your portal so that you can see the true cost of your repair.
  • Providing before and after pictures of all repair items
  • Detail breakout of your Rent Ready Cost

Cost Consciousness

Maintenance cost can kill cash flow. We do our best to keep costs low for all investors.  How do we hold cost down?:

  • Work with vendors who agree to the Favored Nations pricing principle.
  • Leverage our high volume of work to secure wholesale pricing from our vendors
  • Pass through material discounts that we received from our suppliers
  • We are a licensed Home Renovation Contractor, thus cutting out the need to hire Contractors and saving on their markup. Working with direct labor is a huge way to save money for our clients
  • Buy items in bulk when we can

Management for Investors by Investors

As investors ourselves, we know what poor management decisions can do for a property’s cash flow.  CB Properties ownership not only has a portfolio of homes, but some of our staff members also own property. We certainly empathize the impact expenses and lost rents can have on your bottom line.

  • Communicate all maintenance requests as they come in to our investors
  • Cleary define all fees on the Property Management Agreement
  • No hidden fees! Clearly breakout all your expenses by fee on your monthly statement
  • Many PM companies mark up a vendor’s repair bill by creating their own invoice as if they completed the work, then add a maintenance fee too. That is the lack of transparency that can cost an investor huge sums of money of the lifetime of property ownership. We upload all original vendor invoices to your portal so that you can see the true cost of your repair.
  • Providing before and after pictures of all repair items
  • Detail breakout of your Rent Ready Cost

Services

Vacant Home Process

  1. Begin to Market Home as Soon as 30 Day Notice is given by a tenant.
  2. Upon moveout, inspect the home, take pictures and video and develop the rent ready estimate. Those items, along with a new Property Management agreement, within 72 hours of move out.
  3. Once the PM Agreement is signed via DocuSign and project is funded, the rent ready can begin.
  4. Complete Ready – typically within 5 days of receiving the signed PM agreement
  5. Show property/Screen Tenants/Approve Tenant
  6. Routine property visits while the home is vacant
  7. Collect tenant reservation fee & set move in date
  8. Sign lease with tenant inside our office
  9. Tenant will submit a move in report that we will review upon move out

     

Property Marketing

Simply placing a sign in the yard and a few online leads is not enough to consistently rent out houses quickly. A solid marketing plan and process is critical to get your home rented quickly. It all starts with maximizing your exposure and getting your home on the market. Because of the difficulties to show a property with a tenant in place, many Property Management companies will wait until the tenant moves out before they begin to market the home. We start to market home when the tenant gives us their 30 day notice to vacate, thus increasing your chances of a short vacancy. Other parts of our marketing plan and process include:

  1. List your home on our site when the tenant gives a 30-day notice. Our website will syndicate to all the relevant websites such as Zillow and Trulia.
  2. Place our branded sign in the yard
  3. Full time commission based in house Leasing Agents
  4. Utilization of 3rd Party Leasing Agencies
  5. Employ a full-time leasing consultant whose role is to follow up on every lead that comes through our marketing. This could be an online lead or a phone message
  6. Utilization of Rently Boxes that allow 24 hour showing access
  7. Offer referrals to our existing tenants

Tenant Placement

There is nothing more critical to the success of your rental home then placing a qualified tenant. We screen methodically to make sure that a qualified individual who can afford your home is placed. We underwrite tenants based on the following:

  • Good job history
  • 4x the amount of provable income
  • Criminal Background & Credit Check
  • Verify the applicant is in good standard with their landlord
  • Review of the past 12 months of payment
  • Applicant must be able to get utilities in their name
  • No prior evictions or bankruptcy within 5 years 

Rent Collection

Rent is due on the 1st and considered late after the 5th. We provide many convenient ways for our tenants to pay that include: Online via their portal, in office drop off, US Mail and Renttrax. RentMoney is the newest service we offer our tenants that allows them to pay at kiosk in locations such as Wal-Mart whose extended hours make it easier to pay rent on time. Our monthly management fee is collected on the amount we collect from tenant. We distribute rents to our investors via ACH (the preferred method) or a live check via USPS.  When we distribute your rent, you will also receive a detailed statement clearly defining income and any charges that may have occurred. If you have any questions, you have a dedicated Investor Relations Manager to assist you.

    Maintenance

    We do not want to spend your money, but maintenance does occur forcing us to do so. We will communicate all maintenance with a message via the Property Management system to the owner as soon as we receive any maintenance request. This is our investors opportunity to engage their Investor Relations Manager with any questions or concerns. By Tennessee law, all maintenance requests must be completed within 72 hours of receipt.  We strive for complete transparency of all maintenance. Upon a completed work order, you see uploaded to your portal:

    • Original vendor invoice with a complete scope of work completed
    • Before and after pictures
    • Some vendors will utilize our credit lines at various suppliers—for those types of vendors you will see the material invoice too
    • If necessary, a comment in your portal from the Investor Relations Manager discussing the repair made

      Eviction Management

      Evictions are unfortunate, but do happen from time to time. Historically, about 1% of tenant placements result in an full scale eviction.  When the tenant is not pot paying or communicating, we have no choice but to file, typically this is done around the 15th of the month. Just because we file eviction does not mean an actual eviction will happen. An eviction is an attempt to collect a debt and set a court date. More often the not, before the actual court date, the tenant will have made a payment. If they have not made a payment by the court date, during he hearing one of two things will happen, either they will make a payment and provide a clear plan of repayment or possession will be given to the owner, which allows us to move forward with the set out.  Our Eviction Process is outlined as follows:

        Property Inspections

        We provide an optional inspection at least twice a year wherein we visit the home to take pictures, change filters, check mechanical units and smoke detectors and send a full report to the owner. This report can alert you to some items that may not necessarily need to be addressed now, but can be put on you radar to budget in the future. This is a good way to verify the tenant is taking care of your property. (Provide example report)

            1060 Brookfield, Memphis, TN 38119

            (901) 620-6787

            info@cbpropertiesmemphis.com