Owner's Guide

Welcome to the CoRental Property Management, Inc. owners guide. We hope that you will find this page to be a useful tool for managing your investment decisions. Please contact us at 406-752-5600 to setup a time to go over our management agreement.

Rental Market Comparisons

There are many methods utilized when setting a market rate for a rental unit. Some landlord's science might boil down to licking their finger and sticking it up into the wind while others may choose a complex model with statistical analysis. Of course it doesn't really matter how you get there as long as you arrive. It's important to understand the market trends when determining your rent amount. One thing to consider is how long you can wait to find a tenant willing to pay what you're asking. In a strong market, renters line up at the doors and you have a pretty good chance of renting the unit in a short amount of time. In a soft market you can throw all the rules out the window. Market value fluctuates so often that it might be wise to set your rent aggressively. You should weigh the loss for a twelve-month period. For example, if you have been receiving $1500.00 a month in rent and the unit is vacant for 3 months because you want to rent at that amount, you are losing a total of $4500.00 in rent along with any expenses accrued throughout the three month period. Over a 1-year period you stand to lose $600.00 if you reduce the rent to $1,450.00.

Along with our market analysis, we think the newspaper offers the strongest pulse on market value. We like to start at the high end of the spectrum, but we encourage flexibility from our owners as to the lowering of the rent amount. If you want your property to rent quickly, price it at the bottom of the rent range and you will at least get response to your advertisement. Rarely is a property rented without a potential tenant viewing the home first. If they look at the rental property, you have accomplished half of the battle.

Landlord and Tenant Laws

Owning an investment property can be exciting and frustrating. It can also leave your personal assets exposed. It is important to know your rights and the rights of your tenant when dealing with issues concerning tenancy, notices and ownership. Of course, our legal guru can answer most questions that may come up and we often make those decisions with our clients, but if you like to be an informed owner, feel free to click on the links below for an overview of landlord / tenant law and the HUD library.

Landlord Tenant Information

HUD Library

Curb Appeal and More

Historically, owners were able to get a substantial return on their investment with little money going into the property. Today, the way your home shows to the tenant is crucial to quickly renting the home. Updating appliances, flooring, painting, and in some cases remodeling areas of the home can improve your chances of finding a quality tenant at a reasonable rent. Call it karma if you like. It is the condition of the property that determines the type of tenant you'll find. A property kept poorly, will attract a tenant that is comfortable in that environment and don't expect them to have a sudden change of heart when they move in. Over time, letting go of your property becomes a trend for the tenants. They see how little you care about your property and so they in turn treat it with the same level of respect or lack thereof. A property in ill repair can only lead to lower rents and more problems with tenants down the road.

That is where we come in. We work with vendors who offer special pricing for remodeling and general repair items. Our contractors get special pricing for the materials we use. It can improve the curb appeal of your home and help it attract the right renters for the community and for you.

In our long history in the industry, we have come to understand that sometimes less is more. When the market is strong, many owners tend to think that it is okay to let certain things go. Because the demand is high, tenant's demands are low causing fewer expenses for the home. However, when an owner is receiving a high rent on a consistent basis, it is the right time to invest some of that income back into the property. It is a good idea to replace little things here and there as they break down or as a means of maintaining the look and feel of the property. It will reassure your tenant that you take pride in the property and value them as tenants. Owners who do these things tend to hang on to their tenants longer and have fewer issues over the term of the tenancy. When the tenant does decide to leave, you have left yourself in a good position. You will have to spend less money to bring the property up to expectations and you'll re-rent the property faster and collect a higher rent in some cases. Talk with our agents about leveraging the equity in your property if necessary to help finance your project. The choice is yours.

Property Owners Services

Today's property owner faces the continuous challenge of meeting new requirements and responsibilities in managing their valuable investment profitability.

CoRental Property Management, Inc. can provide the expert management your property deserves. As experienced professionals, we can ensure you the maximum net return from your property, based on its highest and best use.

Services Offered by CoRental Property Management, Inc.

Here at CoRental Property Management, Inc. we provide monthly services for our owners to receive thorough and competent service. Listed below are some of the management services CoRental Property Management, Inc. provides:

Financial Responsibilities

Monitor all income and debit activity from your account, explaining amount received, explanation of debit and income and maintain a monthly running balance.
Create and maintain a computerized summary of your account, displaying incomes and expenses in detail.
Send out a computerized monthly statement to all owners displaying monthly activities and owner funds.
Owners have the option of automatically deducting from their accounts mortgage payments, property taxes, insurance, repairs, and owner funds.
Electronic payments to the owner's account with e-mailed statements.

Property Maintenance and Upkeep

Coordinate and dispense all repair work to quality contractors. Work in close connection to all contractors for quality control and efficient follow through. For repairs, monies are deducted from the owners account. For repairs exceeding $200.00 owners will be notified to receive authorization.
When property is vacated, all repairs and necessary cleaning is coordinated through CoRental Property Management, Inc..
All rents are collected on a monthly basis by the 5th day of each month. Timely payment is recorded and supervised by the property manager. If needed, our company works in collaboration with eviction services that has an attorney on staff.
CoRental Property Management, Inc. schedules utilities to be turned on and off for coordinating maintenance and viewing of the property.
State law requires we hire attorneys to do evictions. This service is at the owner's expense.

What is Property Management?

Our objectives in Property Management are:

To preserve and safeguard the capital asset.To secure and maintain the greatest net return possible at minimal cost over the life of the asset.To maintain good working relationships between management, clients and tenants.
To enhance the value of the property through skillful management and well considered improvement.

Activities

The activities that CoRental Property Management, Inc. undertakes to accomplish these broad goals are many and diversified. Listed below are a few services available.

Handle tenant relations and communications.
Coordinate written rental\lease agreements and determine appropriate method and terms of such agreements.
Screen and qualify perspective tenants.
Evaluate property periodically to determine rental value through market surveys.
Review the physical condition of the property and develop maintenance programs.
Rent collection and security deposits.
Disburse expenses with vouchers through trust account and provide monthly computer generated accounting statements.
Resolve delinquent accounts, including hiring collection agencies.
Control and interface maintenance problems with tenant and maintenance person(s).
Consultations

Fees

Fees charged are among the most competitive available and will vary depending on the amount of services you request or require, for the Management Program you feel best suite your needs.

We look forward to introducing you to our complete property management services, each diversified enough to best serve your individual needs.

Eight most frequently asked questions

We have found that when prospective clients call to ask about our services they often ask the same types of questions. We decided to create a list of frequently asked questions. Now when you speak to one of our agents, you will already be an informed investment property owner.

Question # 1
How do you find a tenant?
Answer: We utilize many resources when marketing your property. We post Properties on our website that links up with the major search engines and we will place a sign at the property. We highly encourage propertiy owners to advertise on other online services such as Craig's List.
Question # 2
How do you qualify a tenant?
Answer: We follow the guidelines provided by Montana Landlord/tenant law. We qualify on the following: Credit, Landlord, criminal background check and Employment.
Question # 3
How do you determine the rent price for my property?
Answer: we do a comprehensive search of similar properties in your community. We compare like properties and included amenities side by side with your home. Based on our extensive knowledge and experience with most communities in northwest Montana, we are able to determine the right price that will help your home to rent quickly.
Question # 4
How long will it take to find a tenant for my property?
Answer: There are many factors that contribute to a property's value. Location, price and condition of the home play the largest role. It is difficult to say that your home will rent in a specific timeframe but if your property is in good condition, in a good neighborhood and priced right, it should rent quickly. A typical home will rent in 45 days on average. It could rent in a week or it may take longer than the average based on market conditions and other factors as we mentioned above.
Question # 5
Why is my property a good investment?
Answer: We believe there are four main benefits in owning investment property.
Income: Cash flow
Equity Buildup: While the tenant is paying your mortgage, your mortgage is decreasing
Tax Savings: Tax laws may provide a shelter for depreciation.
Appreciation: Over time your property will likely appreciate in value.
Question # 6
How is maintenance handled?
Answer: Our tenants have the option of emailing, faxing or calling in a non-emergency maintenance request. Our vendors are required to contact the tenant within a 48-hour window. If the tenant has an emergency maintenance issue, they are instructed to call our 24-hour pager. We return those calls within 1 hour. These issues (such as water, sewer, etc.) typically require immediate approval and will be repaired within 3 business days.
Question # 7
How long do we sign an agreement for?
Answer: Our agreements are for 1 year and automatically renew unless we written notice at least 60 days prior to the renewal date.
Question # 8
Can you pay my bills?
Answer: We can pay the following: Mortgages, insurances, HOA fees, utilities, property taxes, maintenance,and more.