You won’t pay anything until your property is leased. After it is rented, OCPM charges a one-time rental/lease commission for the occupant as well as a small percentage of the monthly collected rent for the ongoing management of the property. If the same tenant renews their lease, no further commissions will be charged.
You will also pay a lease commission, which depends on the length of the lease. Our management fee relies on the level of services you require.
By providing you with a detailed and recent analysis of nearby leased properties, OCPM can help you to set the asking price for your rental property. OCPM will also perform an initial evaluation of your rental in order to discuss with you what repairs and maintenance services may be needed prior to putting your property on the market. This survey will include suggestions as needed which may include working with contractors, specialized tradesmen, handyman services or ADA Inspectors. Using your vendors or our own, we know and understand the practical side of keeping your investment in marketable condition. Also, please note that we do not receive nor do we ask for any compensation from our vendors. Copies of any and all invoices will always be sent to you naming the vendor and their contact information. We are fully transparent.
OCPM conducts both move-in and move-out (MIMO) inspections with the tenant/s and documents the condition of the property through photographs and a written MIMO agreement. We also collect the first month’s rent along with the security deposit before the occupant moves in and collect signatures on all necessary local and State disclosures and rental/lease agreements.
Once the property is ready and the amount of rent to be charged is approved, we will take photographs to document its condition. We will then begin the marketing process, which involves listing the property and promoting it online using professional quality photographs to highlight your rentals best features.
During the tenant’s stay, we will coordinate required maintenance and repair needs that you have authorized using our vendor or yours. The cost is either collected from the occupant, paid from the the rental proceeds or paid from your Reserve Account. In some cases, an HOA may be involved in the repair process.
As tenants start applying, we will be in charge of the screening process and provide you with the results. We run both criminal background and financial checks and do not rely on FICO scores supplied by applicants or their agents. Employment and past tenancies will also be verified. We apply the same minimum standards to all tenants.
Every month, we collect the rent payments, deduct the costs of repairs as well as our management fee, and remit the remaining balance to you. You can also make arrangements with us to pay reoccurring expenses for your property, such as HOA dues, insurance, and more.
We will give you the periodic accountings of the income and costs you have authorized for your property and provide you with year-end reporting and 1099s if needed. In the event of the rent not being paid on time, we will initiate the appropriate actions to collect payment and/or evict the tenant (with your authorization).