All Forum Posts by: Shawn Gerber

Thanks Greg!  Your input was very helpful.

Thanks Chole,

I'll be sure to ask about how they screen tenants. I should have mentioned that the property I'm interested in having managed is a 6 unit multifamily building.  Given this, do the fees still seem reasonable?

Hello,

I received this feedback from a property manager and was hoping to get some feedback on it.  Are there any red flags here or does this look fairly typical?  Thanks in advance. -Shawn

Services Provided:

• Market and show vacant properties
• Negotiate and facilitate new lease agreements
• Ensure vacancies are move in ready
• Conduct inspections
• Initiate new tenant move in transition
• Collect rent
• Handle customer service inquiries
• 24/7/365 emergency maintenance calls and dispatching
• Receive and handle routine maintenance requests
• Research market data for appropriate market rent increases and renewals
• Handle tenant disputes
• Conduct move out inspections
• Reconcile and refund security deposits
• Monthly and year-end owner accounting
• File IRS form 1099’s on owner behalf
• Handle any accounts payable (utilities, taxes, insurance, etc)
• Coordinate capital improvement projects
• Full unit turnover coordinating
• Tenant evictions
• Coordinate lawn care and snow removal
• Connect and disconnect tenant utilities
• Facilitate City of GF Certificate of Occupancy inspections
• Enforce late fees and tenant maintenance charges

Fee Schedule:

1. 10% of gross monthly receipts.
2. Minimum of $100 per month.
3. 100% of all late fees.
4. $250 for all new lease agreements.
5. $100 for all renewals.
6. 5% of any capital improvement project over $5,000
7. Advertising is billed at cost during times of vacancy only, average is $150/month.
8. Maintenance is billed at $45-$55 per hour, depending on the service (painting, cleaning, maintenance).
9. One-time $250 onboarding fee.

@Blake La Grange Finally got through this thread. Thank you for sharing it. Alabama is on my list due to their low property taxes and I'm very interested in Spartan Invest. Can I ask why you chose to use the HELOC over a home equity loan? I'm asking from a beginners point of view.

Thanks again and also to everyone else who added information to this thread.

-Shawn