Properties managed by homeowners or his/her relatives tend to have more tenant problems than properties managed by Cornerstone Group. There are many contributing factors including and not limited to lack of knowledge regarding real estate laws and changes, lack of experience, lack of fast and reasonable responses, lack of quality service providers, lack of documentation and 3rd party validations, ineffective communication, misunderstanding, unacceptable/illegal actions, unreasonable expectations, etc.
Since many laws today are developed by politicians instead of seasoned and experienced field experts, increased laws are in conflict with each other causing confusion. Even attorneys and judges are interpreting the same laws differently.
With our more than 20 years of real estate success, track records and experiences, Cornerstone Group provides Property Management Services to provide updated law changes, diligent record keeping, and consistent Landlord/Tenant education of circumstances. We seek a fair and reasonable win-win result whenever possible and establish a positive reward system that benefits both sides. Most of our clients came to us due to unpleasant past experiences with other Property Management Companies that are unlicensed individuals or is not a member of a MLS association board. This has increased the risk of liabilities to the property owners.
Why is it important to hire a person with an active real estate license and a member of the MLS board? Because of these entities, the Department of Real Estate and Board enforces a higher standard of ethical and professional expectations. There are higher costs for a professional to belong to both of these entities. There are law updates, certification courses, and court cases presented to strive for higher client benefits with lower liabilities.
Although 100% perfection is not possible with constant market changes, law changes, economic changes, etc. However, when things are performed as well as possible, this decreases the chances of legal liabilities. As a result, Cornerstone Group Commercial and Residential property management division does not have any eviction record yet for over 20 years.
Alisha Chen, CEO of Cornerstone Group has accepted a few court cases for property owners self-managed properties in the past and won every case accepted. These property owners realized the degree of legal liability they have placed on themselves for lack of knowledge and constant law changes. The cost of one legal case often exceeds the entire year or two of rental income collected.
Property Management has one of the highest legal liabilities in the real estate industry with one of the lowest income-generating categories in the field with the greatest amount of unceasing work. This has been the main cause of substandard qualities in this category.
Conflict of interest and lack of proper documentation/responses in owner-self-managed properties often have been the highest factor of legal disputes. Contact Cornerstone Group today to help you reach your investment goals while minimizing legal liabilities.