MANAGEMENT, LEASING SERVICES AND FEES
Full Service Property Management
Our Routine Property Management Services & Basic Property Management Fees generally include:
Personalized bank account. Collection of rents into a bank account specifically opened for you. All clients are signatory on their own checking and saving accounts. We do not use a trust account for regular property management clients: A client's money is always in their separate bank account.
Timely payment of fees such as property taxes, insurance and debt service based upon cash flow.
Timely payment of all vendor service invoices based upon your cash flow.
Owner distributions monthly, quarterly, semiannually or on any schedule set by you.
Complete double-entry accounting services (not merely bookkeeping), using GAAP (generally accepted accounting practices or principles).
Preparation of GAAP financial statements: balance sheet, income and expense statement, aged payables and receivables, deposit reporting, and vendor payment list or check register, based upon cash or accrual accounting methods, whichever is appropriate for you.
Monthly reconciliation of all owner bank accounts.
Monthly property management reporting including a rent roll, security deposits, and vacant units.
End of Year reports for your CPA.
Coordination of routine building and unit maintenance and repair.
Routine tenant relations and correspondence.
Use of all LPG custom forms at no additional charge.
Reasonable modifications of LPG forms at no additional charge.
Lease preparation and move-in. (May be additional charge.)
Monthly site visit or drive-by visit.
Additional Fee-for-Services Include
Asset management functions (e.g. loan and insurance procurement).
Complex resident problems.
Coordination of legal case or matters.
Insurance claim processing.
Rent Board Petitions, preparation or representation.
Rent Board Appeals.
Complete payroll services and employee oversight, when required.
Vendor 1099 reporting, when required.
Residential Lease Renewals with Federally mandated annual lead notice & documentation of same.
Annual Rental Increase Audits, Rental Charge Account Reconciliation, Security Deposit Interest Payment Audits.
Sub tenancy documentation (to protect future rights to unlimited increases at turnover) and sub tenant application processing.
Emergency site visits and repair work oversight and coordination.
3rd Party vendor work, Repairs and maintenance (such as locksmith, plumbing, painting, electrical, etc.).
Coordination of contractor improvements (contract RFP, bids, negotiation, documentation, review and standardized contract addendum for Owner’s protection are included).
Building renovation contractor oversight and management.
Insurance claim processing and coordination of insurance repair work.
Quarterly and Annual property inspections with contractor.
Annual unit inspection.
Annual vender insurance confirmation and documentation.
Leasing of rental unit when no resident manager in place.
Pre-move-out inspection(s) when requested by resident.
Marketing Support and Social Media promotion of vacant units.
Vacation back-up of on site employees.
Any items not included in Routine Property Management Services.
Residential Set-up Charges
02-10 units = $ 750
11-20 units = $1000
21-30 units = $1500
31-40 units = $2500
41-50 units = $3500
051-075 units = $4,500
076-100 units = $5,000
101-150 units = $6,500
151-300 units = $7,000
301-500 units = $10,000
$25 per vendor (includes insurance verification)
Commercial Set-up Charges
$25 to $100 per tenant
$25 per vendor (includes insurance verification)
First Building - $300
Second Building - $185
Min. Monthly per Residential Unit - $75-$100 per unit or percentage of collected rent, whichever is greater
Min. Monthly per Commercial Unit/Suite - $100 per tenant
Min. Monthly per Commercial Sq. Ft - $0.10 per square foot
Commercial or Industrial Property - Typically 3-5%
Residential Property: 2-4 Unit Property - $125 per unit or Typically 6%
Residential Property: 5-15 Unit Property - $110 per unit or Typically 5.5%
Residential Property: 16-99 Unit Property - $95 per unit or Typically 5.25%
Residential Property: 100 or More Unit Property - $85 per unit or Typically 5%
Single Family Home - $250 or Typically 10%
Leasing services are provided and charged for when there is no on-site manager;
No leasing fee is charged when there is an on site manager. A fee to reimburse the company for marketing and advertising support services, as well as the costs related to professional lease documentation and review are charged. However, these charges are always less than the cost of a leasing commission, thereby saving the owner money.
Lightner Property Group uses top services to research current rental rates and do a unit analysis for each unit that is marketed by Lightner Property Group. This ensures that rental rates that are set are both aggressive, yet feasible. Additionally, our on-staff rental rates expert, Art Swanson, uses his 20 plus years of experience to help set rates for each unit that is marketed through LPG.
We of course, market available units on Facebook, Craigslist, our website and more, to ensure our available listings reach the largest market.
We typically charge 6% of one year's rent or $1,200, whichever is greater.