Hello, greetings from Colorado Springs! My name is Lance Kohler, and I'm the broker-owner of the Cornerstone Real Estate Team.
Today, I'd like to talk about forms for new owner clients. If you've joined Cornerstone and hired us to manage your rental property, we have an onboarding process, and with that process comes a number of documents. It might feel like we're flooding you with things we need, so let me break it down for you.
1. Property Management Agreement (PMA)
This is by far the most important document. The PMA establishes our relationship and outlines:
- Everything we’re going to do for you
- The responsibilities on both sides
- Your signature and my signature
This agreement is the guiding document for our management of your rental property.
2. Property Information Form
This form is essential because you have the best knowledge of your property. If you’re turning over a single-family home to us, you’ll know details such as:
- When the furnace was last replaced
- When the hot water heater or roof was replaced
- Utility providers
- Property amenities (e.g., sprinkler systems, appliances)
This form provides critical information so we can manage your property effectively from the very start.
3. W-9 Tax Form
This is your tax form, and it can be filled out in your name or your business name. You can use:
- Your Social Security Number (SSN)
- Your business’s Tax ID Number (TIN)
Note: Our policy is that we don’t pay you rent income until we have this form on hand, so please provide it as soon as possible.
4. Banking and Contact Information Form
We need this form for two main reasons:
- Contact Information:
- Best way to contact you (address, email, phone number)
- Banking Information:
- This is required to send you your owner draws or rental income via EFT (Electronic Funds Transfer).
I hope that all makes sense! Thanks for your time, and make it a great day!