Introducing the Owner Benefit Program from Cornerstone Real Estate Team
Hello, greetings from Colorado Springs!
My name is Lance Kohler, and I'm the managing broker for the Cornerstone Real Estate Team. Today, I'd like to talk to you about a brand new program that we're just now implementing. We're rolling this out for our owners—it's an Owner Benefit Program.
I'm pretty excited to bring this to our owners because it provides an extra level of protection and benefits. We've been studying this program—and others like it—for a while. They're not brand new; they've been in place for a while in other markets, and so we're excited to bring this to you. I'd like to tell you a little more about it today.
Launching November 1st, 2024
We plan to roll this out on the 1st of November 2024, and this program provides two levels of protection for an owner:
Shield
Plus
Let me explain what each of those includes.
Shield – $20/month
The Shield program is the lower-cost option at $20 per month. The benefit that provides for an owner—that I'm interested in providing for you—is $1,000 to the owner to cover legal costs and re-tenanting expenses if we have to go through an eviction.
So if we have an eviction on your property, you can apply that $1,000 to any legal costs, legal expenses, and leasing fees for getting a new tenant into your property. That’s the biggest benefit out of the Shield plan.
Plus – $40/month
The Plus program is $40 per month. It also provides that same $1,000 to the owner for legal and re-tenanting expenses. But the big difference with Plus is that it also includes:
Two months of rent protection
It’ll give you two months' worth of lost rental income if you have a tenant that breaks their lease, moves out early, disappears, or gets evicted. You’ll receive two months of rent at the same rate you were collecting from the tenant.
Optional: Rent Advance
Another opportunity or potential benefit of this program is the option for a rent advance—that's up to 12 months of rent upfront.
If you’re looking for capital to purchase another property, or you need capital to make repairs on a second property, you may be able to get a rent advance on this property using the Owner Benefit Program Plus. That’s up to 12 months of rent in a lump sum.
It varies—we’ll have to fill out some paperwork, and they’ll assess the tenant and the property—but you'll typically get between 90 and 94% of the rent income upfront.
Other Perks Included
Both of these plans also include legislative updates, helping keep you informed on changes that could impact you as a landlord or property owner.
We’re going to put up a flyer soon that shows you a little more detail on the program.
Final Thoughts
I hope this is of interest and value to you. Like I said, I’m excited about this program and being able to offer it to our owners.
Thanks—and have a great day!