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Services
Print a Brochure
Our
business is to increase your property value and maximize monthly
income.
Modern
Property Management, Inc. offers turn-key management of your income-producing
property. Our management system derives from processes and
procedures developed through the efficient, profitable management of
numerous properties in Fayette County and surrounding communities. We manage your property as we would our own. We
stand upon our experience and our reputation for straight talk,
honesty and integrity. If you don't stay rented, we don't make
money -- whether we're managing a single-family house or a large
apartment community.
What to buy?
Where to buy? When to sell?
Whatever your investment
strategy, we can work with you to identify likely properties, assess
pros and cons of particular offerings and represent you in your real
estate purchase. When it comes time to sell, we can help you
position the property and locate buyers. We are licensed
property managers and licensed real estate sales agents.
Location,
Location, Location & Management
Without sound, hands-on
management, the right property at the right price can still perform
below expectations. We are a full-service management company
providing management, maintenance and accounting services. We
are members of the
Lexington-Bluegrass Association of Realtors, the
Lexington Apartment Association and the
National Apartment Association.
Tenant
Management / Leasing
Tenant selection is a key
ingredient for the success of any income producing property.
We advertise when needed, and screen prospects for previous rental
history, credit history and criminal history. We lease only to
good tenants who meet your and our criteria. From a tenant
perspective, our management is hands-on, friendly, and fair but
firm.
Support
Services
Our in-house maintenance
team provides top-notch repairs and renovations of your property at
a fraction of the cost of most contractors. If we need
specialist assistance, our associated contractors provide reliable
service at quantity pricing, a savings we pass directly to you. We continually survey your property
for cost-saving preventive maintenance opportunities and offer 24x7
emergency maintenance service. We cover all day-to-day details.
Financials
We help you assess gross
income and expenses, prepare a budget, and compare that budget to
your property's performance on a monthly basis, suggesting and
making changes to improve financial performance (Net Operating
Income and Cap Rate). We issue monthly financial statements,
including a listing of invoices paid. Profit and loss
itemization and rent rolls are included.
Rates
Property management fees
vary with the type, age and location of the property, number of
rentable units and so forth. Our fees are reasonable and
competitive, generally ranging from 8 to 12 percent for smaller
properties and 4 to 5 percent for larger properties with on-site
staff. For managed properties, the initial start-up fee for empty
units varies from one to one-half month's rent, and is negotiable. Ordinary repairs are
pass-through expenses. There is
no renewal fee.
The decisions your property
manager makes has much greater impact on your bottom line than a few
percentage points on the compensation rate. The following list
of expenses represent the bulk of costs associated with owning a
building. The items in italics are those your property manager
can directly influence.
Experience and
professionalism make a difference. General consultation available. We will
gladly discuss a custom management plan for your property.
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