Property Management And Rentals
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Residential Properties, Inc. charges 5% of the monthly rent per month, with a cap of $100 per month, to manage your property. As an example of our fee structure, if you owned a property which rented for $2,200 per month, the monthly management fee would be $100.
Other real estate property management firms charge between 8 and 10% of the monthly rent per month to manage your property. At this rate, the example property renting for $2,200 per month would cost your $176 per month at an 8% fee. That’s $2,112 per year.
Residential Properties’ charge of $1,200 per year represents a real savings of $912 a year.
Also, most other firms charge one month’s rent to re-rent a property. Residential Properties, Inc. charges their property management clients ¾ of one month’s rent to re-rent property. That represents a 25% savings compared to other firms.
Our company size and low overhead allow us to charge you less, and offer a higher level of services and satisfaction. If you contact any of our current property manage clients, you will find that almost every one is a very long-term relationship which has developed through the purchase, sale, and rental of a number of personal and investment properties.
Residential Properties, Inc. also provides financial statements three times per year including a year-end statement. We provide a year-end 1099 showing total rents collected. Residential Properties, Inc. also sends you a financial statement in any month when a repair or any other expenditure occurred. Residential Properties, Inc. maintains a repair escrow account for each property management client. Each owner authorizes a maximum allowable amount for a repair expenditure. Any repairs or expenditures over that amount are required to have owner approval.
Residential Properties, Inc. charges $50 for lease extensions less than six months, and $100 for extensions over six months. Most firms are now charging as much as 25% of the monthly rent for lease extensions.
Residential Properties, Inc. also takes responsibility for filing a "five day notice to quit or pay" should a rental payment problem occur with a tenant. Residential Properties, Inc. is also willing to go to the courthouse and file an "Unlawful Detainer" notice to start eviction proceedings and will attend the initial court appearance for a charge of $100.
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