CONTENTS

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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

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 10 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.

• Mortgage

• Vacancies (loss of rent)

• Repairs and maintenance

• Neighborhood Association dues

• Management fee

• Taxes

• Insurance

• Utilities

• Advertising

Experience and professionalism make a difference.  General consultation available.  We will gladly discuss a custom management plan for your property.