Our Fees & Philosophy
We keep things simple. Our monthly management fee is calculated on a negotiated percentage of the gross monthly rental income. When a property is vacant, we charge a minimal flat rate monthly to cover our expenses advertising, showing, and getting it rented. We also retain any late fees.
We do recognize that not every owner is a good fit for our business model. Some feel that our focus on building trust and happiness among all parties (managers, owners, residents) is nice, but nevertheless ought to be fully subordinate to a maximization of the bottom line. We encourage these owners to find another property management arrangement that will better suit their needs. It is our guiding philosophy that the bottom line takes care of itself when residents feel like their needs are met and their happiness with their home is a priority.
As property owners ourselves, we treat your home as if it were our own. We always seek quality tenants who are stable and looking to settle down in a place they can call “home”—people we would want for our own next-door neighbors. We treat our owners as partners and friends. We work with our contractor-partners to mitigate all short and long-term, major and minor, maintenance issues. Our goal is to make owning a rental property as simple and stress-free as possible.
Property Management Made Simple and Stress Free.
Many people try, with varying levels of success, to manage their own properties before contacting us. There are a number of difficulties commonly encountered.
The top three difficulties are:
1. Unfamiliarity with the most current information regarding Landlord-Tenant Law
Landlord-Tenant laws are constantly changing. There are specific forms, timelines, and compliances that are incorporated annually into the existing legal framework. It can be difficult for property owners to ensure they are complying with state and federal law unless they are willing to spend a fair amount of time researching and notating the various changes, and then putting those changes into place—be it installing carbon monoxide detectors, complying with local recycling ordinances, or refunding tenant deposits both within the proper timeframe and with the proper documentation. By hiring a professional property manager, owners mitigate the possibility that a disgruntled tenant could sue based on an innocent breach of current law.
2. Difficulties in approaching their rental without troublesome emotional entanglements.
Having owned rental properties ourselves, we know from firsthand experience what it is like to feel personally affronted when a renter doesn’t treat your property in precisely the manner you feel is appropriate. Objectively discerning what constitutes “normal wear and tear” can be especially difficult when the rental property in question has been in the family a long time. Hiring a professional property manager can help establish an emotional barrier that owners desire—you can enjoy the benefits of owning a rental property (long-term equity growth, steady ancillary income, tax advantages) without the uncomfortable feelings associated with having people who are essentially strangers moving into a home that you have invested sweat equity in or even, perhaps, grown up in.
3. Finding trustworthy maintenance contractors who do quality work at reasonable prices.
Equally as difficult as navigating changing laws and unexpected emotional pitfalls is finding someone to perform maintenance work who is both qualified to perform quality work while not looking to unduly enrich themselves at your expense. Most reputable contractors look down on property maintenance as being beneath them—they simply won’t do it. On the off chance that they do, their bills are often shockingly large. This is not a surprise; they often have to ensure large profit margins to cover their overhead. On the other hand, many “handymen” that one is likely to find on Craigslist or in the newspaper seem to exhibit common, troubling behaviors: a lack of haste, a general difficulty with promptness, inconsistent quality of work, an inability to clean up after themselves, a tendency toward myopia (seeing the job they’re there to do while missing other things in need of attention nearby that ought to be called to the owner’s attention), and dodgy billing systems.
Since relationship-building is at the heart of our business, it should not come as a surprise that we have invested substantial time and energy in finding and developing contractor relationships that make sense for everyone involved. We think of the specialists we work with as contractor-partners, rather than simply people we hire. Like our owners and our residents, they are treated as equals, not lackeys. Most of these relationships extend back a decade or more. We never have to worry if we are getting accurate information, or being overbilled on materials, or if they can be trusted around a resident’s belongings when no one is home—we trust our contractor-partners explicitly, because a history of mutual respect exists between us.