While property management fees are important, they must be viewed considering what other firms are charging, the services provided, and the quality of those services. The company you hire will be managing one of your biggest assets and the last thing you want to do is make your decision based solely (or even primarily) on who charges the lowest fees.
Residential property management fees but the average management fee ranges between 4-12% of monthly rent.
TBH Management charges 10% of the monthly income
Vacancy fee~ Some management companies charge a monthly vacancy fee ($50) that is prorated when a tenant is landed. Other companies expect to collect the full monthly property management fee even though there is no rent coming in.
TBH Management doesn’t charge a vacant fee nor do we collect management fees when there is no income.
Set-up fee~This fee is for the time invested in setting up a new account. It ranges from 0$-300$.
TBH Manage doesn’t charge a set-up fee.
Leasing fee~ Leasing fees compensate the manager for the time, effort and cost associated with getting you a new tenant. Leasing fees can range from anywhere 25%-100% of the first month's rent. 50% is standard.
TBH Management doesn’t charge a leasing fee
Advertising fee ~ Some companies charge you to market your rental. This is usually between $100-$200.
TBH Management doesn’t charge Marketing Fees.
We post on our website, turbo tenant, Zillow, Trulia, Hotpads, Craigslist, as well as our For Rent Sign. We have even used Facebook Marketplace.
Lease renewals~Some property managers charge this fee whenever they have to draw up the paperwork to renew a tenant’s lease. The fee typically ranges from 0-200$
TBH Management doesn’t charge a lease renewal fee
Maintenance fees ~policy may be to notify you if an expense exceeds a higher figure like $500-$1,000, but you may want to ask if this can be set lower ($100-$200) starting out.
TBH Management consults on anything over $300.
Eviction fee ~Fee for serving notices, dealing with attorneys, court appearances, evictions, etc. Hourly rates are typical $25-$50 while a flat fee for the whole eviction process usually comes in between $500-$600 (plus court costs).
TBH Management handles all Center Township Evictions for $200. This includes the filing fees, court, damages, and sending to collections. Anything outside of Center Township, we use Landman & Beatty Lawyers and they charge a roughly $243 flat fee.
Unpaid invoice fee~This is a small service charge (typically 1.5%) that is added each month to all unpaid invoices that are past due.
TBH Management doesn’t charge an unpaid invoice fee
Bill payment fee~This fee for making owner payments such as a mortgage, insurance, homeowners association dues, etc. Some management firms don't charge a separate fee, while others don't even provide this service.
TBH Management provides this service at NO cost to you.
Payment to Owners~ What day of the month do they mail checks to owners?
Will the check be for that month, or will the management company hold back a month?
Do they provide a direct deposit?
TBH Management provides Owner Payouts on the 26th of each month. We do not hold back a month. TBH Management provides direct deposit, ach, or we can mail you a check.
Taxes~ Can you pay taxes from your rental income
TBH Management can pay your property taxes from your account. The cost is $0.95 for them to do it online. You will be provided a receipt.
Security Deposits~How do they handle security deposits?
State laws require funds to be held in a non-interest-bearing trust account. TBH Management has an account just for your Security Deposits.
Rent Collection~ How is rent collected
1) Pay in person
2) Pay online
3) Pay at several locations in the Indianapolis Area.
How do they deal with delinquent payments?
All tenants that are in arrears will receive a reminder call that they owe their rent on the 6th of each month. On the 7th, they will receive a letter via email or a maintenance staff member will drop the letter off at the unit. On the 8th, the tenant will receive another call. If the tenant hasn’t paid their rent by the 10th of each month, we file an eviction.
How much are late fees? What is the “grace” period?
TBH Management charges $25 after the 5th of the month and $5.00 each day until the rent is paid in full. All tenants have a grace period of 5 days.
Tenant Screening~ No landlord ever wants to land a bad tenant, but regretfully all screening processes were not created equally. Applicants put their best foot forward and the more they have to hide the greater lengths they will go to hide facts that would eliminate them from consideration.
TBH Management runs a credit check, case summary report, and we verify proof of income. All applicants must provide us with all the information. We do require that they make 2.5x the amount of rent before being approved. This is based on their NET income, not Gross. This is to take into consideration of their child support or any garnishments from their check.
Size of the company~ How many people are on staff.
TBH Management employs 2 full-time office staff members and 2 part-time office staff members.
We also have 5 full-time maintenance technicians to perform our daily work orders.
TBH Management is open Monday – Friday from 9 am until 4 pm. We are closed on all Major Holidays. We do have 24-hour emergency maintenance.
I hope that I have helped make your process of finding a property manager easier. If you would like to discuss TBH Management managing your property give us a call at 317-542-1141 or firstname.lastname@example.org