What are your fees?
Many first time landlords shop by price and then hope they get the service they desire. This is only because they’re unsure about what to expect. Experienced real estate investors may say “Tell me about your experience. How do you handle evictions? What would you recommend specifically for my property/situation?” We feel that the best way to ensure overall satisfaction is to ask questions and listen to your particular situation and goals. Next, determine what type of services you may need or desire. Then once we've found a good fit, discuss the details and pricing. Over the long run, a great manager who applies insight and care may cost you a few bucks more per month. It’s easy to miss how cheap management could cost you thousands over time in lost rent, vacancy, maintenance problems, turn time and property deterioration due to lack of oversight. We hear consistently how hard it is to get other managers to just return calls and emails. Experienced investors look below the surface to reduce avoidable expenses and increase tenant retention. If this is your first time to work with a property manager take the time to look at details beyond the contract. Many companies charge fees that you may not ask about up front. Some low cost providers charge to pick up the phone and many up-charge on third party bills. 48% of management companies charge 10% for monthly management services. Why would almost half of the industry charge such a similar rate? There are costs to do the work properly. Finding a low cost provider doesn't permit a budget to offer excellent service. It's basic math. You really do get what you pay for in this instance. You can always find a cheaper provider but will they be around tomorrow or actually show up and follow the law when needed? That’s the real concern. To stay in business low cost property management companies may skimp on software, staffing, 24/7 live call support for your tenants and maintenance needs, a physical office, the ability to move money electronically and much more. Keep in mind that if a weak manager gets you into a bad situation, attorneys may charge $320/hour or more to get you out. Lastly, keep a lookout for more than just the monthly fee when comparing prices. There are the initial leasing fees which are divided among the listing agent and renter’s agent. There are monthly management fees as well as service and renewal fees. What you want to see is an increase in the value of your home in years to come. If a company doesn’t help you maintain it properly or treat your tenants with common respect that won’t happen, the tenants will leave and you’ll spend more in vacancy, turnover and end up with deferred maintenance. Keep the fees in mind but look into the details to obtain the best results.
What are your ongoing or monthly prices (specific)?
We offer tiered pricing to ensure that customers have a choice of the best service for their property and needs. You can see a full breakdown of the costs and benefits on our PRICING page. No matter the tier you select we offer an excellent value for the money. Superior service will end up costing less over time than a cut rate competitor due to tenant satisfaction and retention and proper maintenance procedures. There is a direct connection to what you pay monthly and what a property manager can afford to provide in service, care and insight. If saving $10/month is more important for you than having the best company managing your investment, we might not be a good fit. If you understand that $10/month might save you $1000 over a year in controllable losses, call us today to get started. The largest expenses you will typically encounter are related to a tenant turnover. Poor customer service, slow response times and unprofessional interactions means tenants are less likely to renew. Save a couple bucks by skimping on quality and you’ll pay ten times as much in other areas. Let’s say you have a home that’s 10,000 sq. ft. with a pool, jacuzzi, massive irrigation system, private gates, customer appliances, multiple hot water heaters, air conditioning units and even a boat dock. Those items do not care for themselves. As the story goes more money, more problems. You need the staff and staff time to care for all of the things that can go wrong. You’ve got a condo downtown that has nothing to manage? The condo may not be but your tenants are probably more affluent than others. If you charge $5,000/month in rent and have a property manager that doesn’t return calls. See how long they stay. They’ve got the money to move and don’t have to stick around for poor service. The biggest avoidable cost in this game are all related to tenant turnover. They are vacancy, make ready expenses and leasing fees. Keep your tenants happy and you’ve just eliminated them entirely for one round. Offer poor customer service and you’ve just increased your expenses to the tune of about two months rent. Skimping on quality will cost you in the long run whether the cut rate property manager shares that information or not. When shopping around be sure to ask about technology fees, annual fees, monthly account maintenance fees and other up-charges charged by other companies.
Do we have to use your maintenance person or preferred vendors?
We will provide you with one estimate from our preferred vendors. If you’d like to obtain other estimates by licensed, insured and bonded (as required) service providers you’re welcome to do so. Finding a unlicensed unknown vendor on the web or craigslist is not acceptable just to obtain the cheapest rate. Problems will happen if you take this route. We’re happy to oversee new acceptable licensed and insured vendors at an hourly admin rate per your management agreement. We do receive greater performance and consistency from using the best vendors. They do the job right, do professional billing and are experts at what they do. Some of our owners live in town and may prefer to do minor maintenance themselves. We do not coordinate with or permit owners to work themselves or arrange work through their friends on occupied properties. We’ve been down that road before. Maintenance must be done to safety and code standards and on time. Anyone completing work at one of our properties is required to provide a copy of their insurance to us and sign an extensive vendor agreement. Comprehensively it’s sometimes better to pay someone to have a job completed correctly in one hour than to waste 6 hours trying to figure it a bid to save $50 then have to pay to have a babysitter for a cheap vendor. Nothing is as easy as it seems on the surface. Coordinating these type of repairs is what you pay us to do. We’ve had many owners attempt to google the cheapest service provider to save money then ask us to coordinate with an unreputable or uninsured vendor. This ends up in tenant dissatisfaction and many times hours of lost productivity in a good scenario. Ask us about the bad ones. Theft, damages, billing for work not completed are all common. For these reasons we have reputable approved providers that we can count on and who ensure client satisfaction.
Who does your maintenance?
It depends on what needs to be done. Our preferred maintenance company is the Wolf Pack Property Maintenance for most issues. We use and contract through this separate company to serve outside agents and other property management companies as well. Maintenance is not management. Contracting for maintenance allows property managers to effectively manage properties and keep tenants happy and renewing. Many property management companies charge 10% on top of every repair, charge an hourly rate or add on annual or monthly technology fees or other fees to cover the cost of maintenance oversight then send it to outside contractors who mark the same item up 20% - 40% more. Overseeing maintenance problems are very time consuming, expensive and never as easy as they may seem. By having an affiliated business relationship with Wolf Pack Property Maintenance we can cut your total cost typically by 50% or more. Repairing preexisting conditions and/or coordinating multiple vendors to complete a larger renovation or repair is the work of a contractor and needs the oversight on site that a maintenance provider can provide to ensure the job is correctly completed.