Compensation Structure
Property Intake Fee: $0
At the time we are assigned a property our team facilitates and oversees a comprehensive "tenant ready" intake process. This includes a professional intake inspection, rent market analysis to establish the best rent rate for the property and the coordination of any necessary repairs to get the home to market/tenant ready condition. The normal fee for this process is $250 and we waive this fee when you sign a 12-month management agreement with our team.Tenant Procurement Fee: 100% of First Months Rent
Longwood Property Management oversees and facilitates a comprehensive marketing and advertising campaign for each your properties. We show the property to prospective tenants and carry out a thorough screening process for each applicant. Once approved we oversee the execution of a professional lease agreement and conduct a complete tenant on-boarding and move-in /move-out inspection. For this process, we charge one full month's rent.
Monthly Management Fee: 10% of Monthly Rent Collection
Each month various activities are performed as part of the ongoing management and maintenance of each of your properties. This includes collecting rent, overseeing and managing tenant maintenance requests, managing tenant issues (not related to maintenance) and providing a monthly owner statement. Fees are withheld from monthly rent and accounted for on your monthly owner statement(s).
Lease Renewal Fee: $250
Each year we manage the negotiation of increased market rate rents and oversee the execution of a new lease agreement with the tenant. Unlike many property managers, we do not charge a half months rent for this service for this service. Our fee is just $250.
Maintenance Service Dispatch Fee: $0
Properties by their nature will experience problems from time to time. Longwood Property Management strives to handle critical issues in a timely manner and, as such, we have a streamlined process for handling routine maintenance items and repairs for your property and tenant. Any expenditures estimated to be over $300 shall be subject to approval by you as Landlord.
Turn Overs / Renovation: 20% of Cost of Work
Longwood Property Management is a full service management company and as such we are equipped to handle everything from routine maintenance to full scale retail renovations. We do this because it allows our property owners to take advantage of our wholesale pricing that we receive due to long term relationships with contractors and our volume discount. Typically even with the small fee to professionally manage the project we are still able to keep our costs to owners below retail.
Evictions: $124 - $862
There are a variety of steps that may be needed for an eviction. The first step is to file a Dispossessory Warrant with a court cost of $124. If the delinquency is not resolved at that stage then a court appearance will be required with a cost of $250. Depending on what happens at that stage it may become necessary to file a Writ of Possession which has a court cost of $88. If the tenant does not move out of the property at this stage then we would have to schedule a date and time with the Marshal to have the tenant removed from the property. We are required to have five people onsite with the Marshal to remove the Tenant and the cost for this action is $400.00.
