We believe that retention of good tenants is our first priority on behalf of client owners, and our management style and practices are geared towards that goal. For example, we don’t charge an industry-standard lease renewal fee. Signing that document is an easy task. Rather, we suggest to owners that they offer renewal incentives to tenants, like a new dishwasher or fresh coat of paint in a room of their choice. And we will manage that for free.
Tenant placement should be a fixed fee for any property since the amount of work is fairly consistent across home sizes and rents. Basing that fee on a percent of, or equivalent to one month’s rent seems excessive.
From our own experience, we know that in general older homes require more TLC and management time. Newer homes are easier. So management fees should be less for newer homes. It’s simple math that has been overlooked by the industry.
Lastly, volume discounts have disrupted many an industry and consumers have come to expect them as standard. Owners of multiple properties should be offered similar discounts. As relationship-focused property managers, we value our own clients and desire to grow with them.