What will it cost me?
Don’t you hate it when you’re considering a purchase and the salesperson is just going on and on and on telling you all the benefits when all you really want to know is how much it will cost you? That is why the following is not at the bottom of this page but at the top.
Our fees are competitive. They have to be, or we couldn’t stay in business. What many owners don’t consider is that, in many cases, management fees are tax deductible.* When they factor in their time, the absence of stress, and what we save them on maintenance, many of our owners find that our services have cost them next to nothing. Also, we don’t ask for one penny upfront. As far as I am concerned, we’re not entitled to be paid until we perform. Consequently, we don’t get paid until your property is leased; our fees come from rent proceeds. We’ll be happy to discuss our fees in person; just give us a call.
I once had an owner call to inquire about our services. We chatted for a few minutes and set a time for me to come out to his property. After we had had a chance to look each other over and talk a bit, we finally got around to talking about fees. I said I was curious as to why he hadn’t asked me about our fees during our earlier phone conversation. He said, “Well, if I don’t like you and I don’t feel I can trust you with my property, it really doesn’t matter to me what your fees are.” He is one of our owners.
*We encourage owners to consult a tax professional regarding the tax implications of investment property.
How long will it take to get my property leased?
Here is the short answer: We don’t know, and I would not trust anyone who tells you they do. This is our long answer: We have developed a marketing process that seems to be working well. Every property is different, and it isn’t uncommon for us to lease a property before we have even posted it due to a list of prospective renters who have called on other listings we have had that were already leased. We’ve leased some properties in a couple of days while a few have taken months. It’s all about finding a qualified, acceptable tenant for whom your property is a good fit, and that can happen quickly… or not. As stated above, we don’t get paid until your property is leased, so it is in our best interest (and that of our clients) to secure a qualified, acceptable resident as quickly as possible.
What do you do in terms of marketing my property?
Marketing means something different today from what it meant even ten years ago. Today, it means being where the most qualified and most ready to act consumers are looking, and that happens to be the Internet. Almost anyone who takes the time to try and find what they are looking for on the Internet is a highly qualified and motivated prospect in terms of them being ready, willing, and able to act. If you wish, Google the keywords “property management brentwood” or “property management nashville” and you will see our firm near, if not actually, the top listing on the page. That is where most of our residents find us and we connect with them.
However, there are other means of marketing. Having spent over 14 years in the relocation side of the real estate brokerage business, many realtors who work with transferees know me and know that I am easy to work with and that we will bend over backwards to make our properties easy and available for them to show. They also know that when they bring one of their customers to one of our properties, they can count on that property being in tip-top shape and, for them, never an embarrassment.
What is the process?
Once a management agreement has been executed and a comprehensive analysis performed to determine an appropriate monthly lease amount for your property, we make any preparations necessary to present the property in its best character. Then we market the property extensively; any prospective tenant is taken through our complete screening process (which begins even before they are shown the property) including credit scores and rental histories, employment and income verifications, and criminal background checks. Finally, we execute the lease documents, but that’s not the end for us. Who is on the other end of the phone when it rings at 3:00 a.m. and there’s a problem with your property? We are. Rents are collected, maintenance/repair invoices (if applicable) are processed and paid from rent proceeds on the owner’s behalf, and owners’ proceeds are deposited to their accounts electronically, accompanied by monthly statements.
What other services do you provide?
We are able to leverage our extensive background in both real estate and construction to our client’s advantage. Our good relationships with colleagues in the real estate industry and trustworthy subcontractors who do good work for a fair price enable us to do pretty much everything, from property acquisition and sale to cleaning to painting and drywall to hardwood and carpet installation, and from plumbing, electrical, and HVAC maintenance to landscaping, irrigation, and lawn care. We’ve done termite treatment, mold abatement, tree removal, and window and countertop replacement. The list goes on, and we don’t mark up our subcontractors’ invoices. What they charge is all you’ll pay.
What about pets?
Ours is a pet-friendly society. Over 80% of households have at least one pet. An owner may choose not to allow pets to occupy his or her property, but it is important to understand this market reality. That said, we are highly selective when it comes to the number, size, and breed of pet allowed to occupy any pet-friendly property.
Why don’t you charge a pet deposit?
For many, and especially pet lovers, their pet(s) are like their children. We don’t charge a child deposit although perhaps we should. In sum, we feel a pet deposit is needlessly punitive. Also, there are residents who have paid a deposit and consider that the full extent of any liability they might have in terms of any damage for which their pet might be responsible. We would rather have the residents’ commitment to be responsible for their pets than their money. Our lease simply says that the resident is totally responsible for any damage to the property that can reasonably be attributed to their pet(s) even if the cost of those repairs exceeds the amount of the security deposit.