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>> Request a Management Proposal
Finders fee details: We market the unit for rent, once we pre screen a tenant on the phone then we will set up a showing. At that point the prospect must fill out an application of $30 for an individual or $45 for a couple. We charge $60 if friends or roommates and they must qualify individually as far as income verses the debt they have on their credit report. We run a credit, criminal background and a recent eviction check. If we feel at that point they are the right prospect we then will collect a security deposit in the form of a certified check or a money order and inform the tenant if they choose not to sign the lease before moving in then the deposit is non refundable. We then prepare the lease and move in check list, ask for utility company account numbers to confirm that they have the utilities switched into their name and collect the first months rent or pro rated rent and deposit into our operating account. We also carefully review the lease with the tenant prior to signatures. This is a very important step that most landlords neglect. We carefully explain the lease to make sure that the tenant understands their and our rights and what we can and will do if they are not paying the rent or are in breach of the lease in any way.
Fee is the 1st months rent (Negotiable on Larger Accounts and Properties)
Management fee details: Once the tenant is in place they will pay their rent by the Fifth or be charged a late fee of $50 of which we pass on to you. Some companies actually keep this extra amount but we chose not to. We do bend this rule for good tenants or ones that have a very good track record with us. Once we collect the rent we then pay any repair costs for the month if any and at the end of the month we send your check along with an accounting statement and copies of any bills for the month. We handle any emergency repairs 24 hours a day. If an eviction is needed we post appropriate notices, attend hearings if needed at the magistrate level where we usually 95% of the time win on the first try. Tenants will appeal very rarely. If it goes further than the magistrate level then we have our attorneys handle the situation from there out. Once the attorneys get involved the cost is passed on to you from that point on. We very rarely have to get to that point but is can happen.
Fee can be between 6% and 15% of the gross monthly rent collected depending on the account, location of the property, number of units and services rendered.
We must explain that when you become a landlord things can go wrong. You are dealing with people and where they live so it is much more involved than just collecting rent, fixing toilets and evicting tenants. It is always best to prepare for the worst and hope for the best. There is no for sure thing no matter who is managing the property. We have been doing this over 7 years and we do our best to make sure you are satisfied with our service. We at Mace just want our owners to know that we cant turn a bad investment into a good investment but we can and hope to be able to help the investment run at its maximum potential. We will also provide references upon request.
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