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Annual Management Services

 

Benefits  |   FAQs  |   Management Program  |   Documents & Forms

The Management Professionals with Coastal Vacation Rentals are very familiar with the real estate market and maximizing returns on investment property. This originates from our knowledge and experience as property managers and real estate investors. We have a first-hand understanding of the needs and expectations of property owners. Protecting and improving the value of your investment and maximizing your income potential are our top priorities. This is accomplished for our clients through strategic marketing, sound management practices and by building relationships through dependable service.

We service local and out-of-state owners in a variety of property scenarios. Some of these include: a new owner of a recent investment, an investor looking to purchase and lease a property, a current owner of a residence moving, upgrading or downsizing but interested in maintaining ownership, an owner of a property where the value is still recovering due to an economic downturn, a long time owner who wants to keep the property to leave to their heirs, a current owner of a 2nd home.

While we do not sell real estate, we do have real estate professionals in our network of preferred associates that we refer to our clients and customers. These agents have a high-level of experience with homeowners and investors in this market and have a proven track record of success.

Benefits of Joining Our Rental Program
There are many benefits to using our Management Team’s resources and experience to maximize the value and the return on your investment. We offer:

Comprehensive knowledge of the real estate market, the property management industry and the law.

Over 20 years of experience managing property, supervising tenants and executing transactions.

Strategic marketing practices utilizing a vast network of resources, technologies, professional associates and vendors.

Efficient and accurate accounting, timely monthly statements and annual reports.

Professional maintenance and services performed and regular property inspections conducted.

Fair and competitive fees and commissions.

Clear and effective communications by being available 7 days a week, promptly responsive, always positive and courteous.

Owners have the confidence that their investment is being managed and protected. While we maximize your financial return and reduce your anxieties, the available time spent on other areas of your professional and personal life increases. It’s a Win-Win situation for you!

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Frequently Asked Questions
How do I prepare my property for the rental program?
The expectations for the contents and condition of the property are outlined in the management package. The better the condition, the less likely you are to incur maintenance costs and the more likely you are to attract a better quality resident. Owners are provided with information for ensuring a healthy and safe environment for residents.

Do I have a written agreement with the Management Company?
Yes. We present property owners with a Management Agreement that outlines the terms and conditions for the management of your property. The Agreement along with several other forms should be completed and returned along with keys and access codes for us to put the property on the rental program. We also provide additional information which includes a description of our company and rental program, the services we provide, a fee sheet, property profile reports, disclosures and forms.

What fees are involved with the Management Agreement for an annual rental?
Our company collects a monthly management fee and a one-time leasing fee for each new tenancy. We do not charge extra fees for processing owners’ paperwork, advertising the property, accounting statements or routine supervision of the property and residents. While there are instances where other costs arise in connection to a property, we try to contain those costs and protect the property owner from excessive or unnecessary expenses.

Do you provide monthly statements for the transactions involved with my property?
Yes. We send out a monthly statement to property owners along with any funds due on or around the 15th day of the month. This statement shows all income and expenses for the month. We also provide an annual income/expense statement that owners can use to complete their income tax returns.

How do you market a rental property?
Initially, we will take marketing photos of the property. Photos, along with information from our inspection, a property profile report and our market analysis of the property allow us to present it effectively. We utilize a wide range of media and technology resources including our websites, numerous other websites that syndicate our information throughout the Internet (ie. Zillow, Trulia, Hotpads, etc.), Facebook, Craigslist, signage (if permitted by the HOA) and through our expanded network of associates, clients and customers.

Do I need to have reserve funds set aside for the property?
Yes. We recommend you have your own personal reserve for unexpected maintenance or improvements, however, we request owners maintain a reserve of $200 with our company to cover minor maintenance and expenses. This allows us to remedy minor issues without taking up the property owners’ time. Regardless of the issue or expense, we communicate all information to owners in a timely manner.

How is maintenance handled?
Our experienced maintenance team is utilized for repairs and services at the property. Our maintenance personnel are experienced and our vendors are licensed. Their work is handled with professionalism and their fees are competitive and reasonable. Charges for maintenance and repairs are a reflected on the owner’s monthly statement. If the expense is minor, it may be deducted from the owner’s reserve fund. If the issue is due to a tenant’s negligence or misuse, the tenant will be responsible for the charges involved.

How are emergencies handled?
CVR is always on-call for emergencies. Residents are provided with our contact information as well as contact information for police, fire and rescue services. Residents are also provided with information on preparations and evacuations for hurricanes or named storms that may include specific preparations for your property.

Do I ever have to deal with the residents or the property?
No. Our commitment to you involves screening, placing and managing all residents and property maintenance issues. We will communicate with owners but there is no expectation or need for owners to have communication with residents or services at the property. Residents are not furnished any personal information of the owner. We also assist with the eviction process through the local magistrate’s office in cases of default.

Is it ok to refuse to rent the property to certain types of people?
No. Based on Federal, State and Local Fair Housing Laws, applicants cannot be discriminated against based on race, color, religion, sex, handicap, familial status, or national origin. Our company follows the guidelines for offering equal housing opportunities to all applicants. However, applicants may be denied based on other acceptable criteria such as credit worthiness, criminal background history, employment status/references, insufficient household income, pet ownership and previous rental history/references.

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CVR’s Annual Management Program
Coastal Vacation Rentals strives to conduct business in a professional manner, maintain clear communications with clients and customers, demonstrate dependability in protecting our clients’ investment interests, and expand our network of associates and resources in order to better serve our clients. The following information outlines our approach to servicing our property owners.
Our residential management program offers services for annual, long-term, seasonal, short-term and vacation rental properties.

We service all locations on the Grand Strand and have experience managing all types of residential property that includes single family houses, multi-family properties (2-4 units per building), townhouses, condos, and apartments. While many annual rentals are offered unfurnished, if an owner chooses to offer a furnished unit, we have additional resources available for those owners to assist in preparing the property for leasing.

I.Marketing and Advertising the Property

Our Management Team effectively markets each property to generate a high level of interest and increase the chances of identifying qualified applicants in a timely manner. We have an extensive database of renters and vacationers and we are the preferred management company for numerous real estate companies. Some of the marketing resources we utilize may include:
-Our websites (which syndicate our listings throughout the internet to Zillow, Trulia, Hotpads, etc.)
-Craigslist
-Internet and Google Ads
-Facebook
-Flyers and mailings
-Email notifications
-Broker/Agent referrals
-Presentations to professional groups and businesses
-Network of professional associates, vendors and local businesses
-yard signage (if HOA approved)

II.Placement of Tenants

After generating the inquiries for a property, we screen and evaluate each applicant using consistent criteria and determine the most qualified candidate for the property. Our screening process includes interviewing applicants and completing verifications for credit history, income, employment, rental history and national criminal background checks. This assessment confirms we are selecting quality renters that minimize the risks, maximize returns and protect your investment. Our Team has years of experience coordinating showings on the property, interviewing and evaluating applicants, negotiating leases, handling transactions, conducting inspections, maintaining accurate documentation and supervising new residents taking possession of the home.

III.Management and Supervision

Our professional staff performs many functions for the property owner during the course of the lease. In addition to monthly duties of rent collection, accounting and correspondence with tenants and owners, we conduct periodic inspections of the property, supervise vendor services and do random drive-by observations. We also take advantage of opportunities to speak with tenants in person, which enhances the relationship and generally creates a positive rapport. This improves the chances of residents treating the property in a positive way. Unfortunately, the need can arise to visit the property for problems or issues and our qualified staff is skilled in handling these occurrences as well. In the event the solution rests with pursuing a legal remedy, we are more than prepared to seek those remedies and if necessary to make court appearances. Owners can relax knowing we take care of these issues and that their privacy is maintained.

IV.Maintenance

Our network of professional associates, vendors and maintenance personnel enables us to provide owners with the best service/work for the best price. Our associates and vendors are licensed and have established a level of dependability in their profession. Maintenance requests and problems are verified by our office to eliminate unnecessary service calls or expense to the owner. If a problem occurs that is due to the tenant’s negligence or misuse, they will be billed for the repair. We oversee the work being performed and do not pay for services until all work has been completed in a satisfactory manner. If the repair or expense is the owner’s responsibility and is not a major expense, our company may have the work done and utilize the reserve fund set aside for this purpose. Anytime maintenance is performed or the reserve fund is used, we will communicate with the owner in a timely manner.

V.Monthly Financial Reporting

Our management professionals perform routine monthly collections and record keeping. All rents and deposits are placed into our Trust account and distributed appropriately according to our agreements and the SC Real Estate Law. Owners are sent a monthly statement on or around the 15th day of each month along with any monies due. The statement lists all income and expenses for the property and describes all service activity at the property for the month. At the end of the year, owners are provided with a similar (annual) statement that will assist in the filing of income tax returns.

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Explanation of Documents
Property Preparations Sheet

This outlines many of the considerations an owner will need to assess their property and have it in move-in condition for tenants. These include: cleaning the unit and carpets, status of current utilities, yard maintenance, repairs and replacement, warranties and manuals, HOA documents, Insurance coverage and a checklist of items to be furnished or provided.

Owner’s Checklist

Owners are provided a list of items and documents needed by CVR to service the property.
Property Information Sheet: This is completed by the owner to give our management professionals the information needed for access and use, identify systems present, initiate marketing and lease the unit. The sheet also includes questions about owner preferences, HOA restrictions and contact numbers, furnishings and utilities provided, and warranties in place.

Commission/Fee Detail

This shows a breakdown of our company’s fees and commission for our services. These rates and fees are competitive with others in this market area and better in many cases. We attempt to be fair, reasonable and consistent. While we do not control the pricing for all of our vendors and associates, we typically use the services of professionals with whom we have experience and that provide the best work or service for the best price. This reduces costs for our owners and maximizes their return on the investment.

Management Agreement

This document covers the interests and responsibilities for both parties. The agreement includes sections for property information and term, broker/manager responsibilities, repairs, compensation, property insurance, communications, warranties and disclosures, handling of funds, and several other topics. If there are additional requirements that need to be included in the agreement, an addendum outlining those details and expectations can be attached as part of the document.

W-9 Form

Owners complete to provide income reporting information that enables CVR to create an annual statement.

Lead-Based Paint Disclosure

This must be completed to provide tenants if the property/unit was built before 1978.

SC Fair Housing Brochure

Provided to inform owners of Federal and State Laws as related to leasing the property.

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