Thank you for your interest in hiring Urban Pharm to manage your property. We have assembled the best team of honest and hard-working property managers and contractors available and are eager to learn more about your investment property goals. The information below aims to provide a quick overview of our services. Please contact us directly with any further questions.
Summary of Management Services
We advertise properties using various media, including dozens of websites, signs, walk-in traffic, referrals, and through our relationships with other housing organizations. Applicants are vetted based on criteria for income, housing history, credit records, and criminal history. Once approved, we execute leases with the tenants and handle all paperwork, security deposits, unit checklists, keys, etc.
We actively monitor tenant receivables. Tenants who are more than 5 days late are subject to a late fee. Tenants who do not pay their rent by the end of the month are subject to eviction. We manage the eviction process from start to finish. The process takes about 60 days from the date rent was missed to complete and costs $250-300 in total. Any tenants who are evicted or vacate a unit with a balance due after the security deposit is applied are sent to collections.
Bookkeeping and Account Management
Owners must continue to pay any mortgages, property taxes, or insurance policy. We handle all other bills as well as managing utility transfers during periods of vacancy. Expenses are paid during the first two weeks of the month and net proceeds are deposited via ACH into owner bank accounts mid-month. Owners also receive an itemized statement of revenues and expenses mid-month to accompany the rent deposit.
Maintenance is handled based on priority. High priority maintenance and emergencies are handled quickly and owners are generally notified after we respond. General maintenance is completed in the order submitted and we notify owners of any expenses exceeding $200. Low-priority/preventative maintenance is completed based on input from owners. Recurring maintenance, such as lawn or snow contracts, is generally set up when we begin management and continues indefinitely. We subcontract all maintenance activities and bill out only what is charged to us.
Rental Inspections & Registration
All properties are registered as rental properties with the proper municipality with our name as “manager” so we are able to monitor issues such as rental compliance inspections and other housing complaints. Other housing agencies may also require inspections. We schedule and complete all applicable rental inspections as they are due.
Consultation and other support services
We provide consultation and other real estate and property management services upon request. For instance, many of our customers ask for input about prospective property purchases; including rent estimates and opinions about repairs to complete. Also, as a brokerage, we have the capacity to aid customers with buying and selling real estate. We have a great team with many areas of expertise.
We are proud to offer a straightforward fee structure. There are no hidden fees and we do not markup maintenance charges.
A base fee is charged monthly as a percentage of the rent collected. The fee can vary depending on the rent of the property or the number of properties in a management portfolio. Standard rates vary from 8-10 percent of gross rent collected. Further discounts may be available upon review of your portfolio.
A fee of 50 percent of the rent is charged in lieu of the Management Fee for the first month of a new tenancy. This fee helps us recoup the costs of marketing and leasing.
There is no fee for lease renewal.
There is a fee of $15 for property inspections. These are completed twice per year in addition to any time a tenant moves out. During these inspections we also change furnace filters.
Expectations of Property Owners
We are happy to consider your property for management and will work hard to maximize occupancy rates and revenues. We will make it our goal to maintain your property as if it were our own. Therefore, it is expected that owners are willing and able to make repairs necessary to meet housing code. We cannot rent properties that have deficiencies. Furthermore, it is expected that our clients have a willingness to make investments that make their properties attractive to tenants and the surrounding community. The word “slumlord” gets thrown around a lot in our line of work and we will not put ourselves in position to ever receive that label. We know you’ll understand.
There’s no way to address all of the questions you will have about property management in a web page, so please contact us for more information.
We aim to facilitate hands-off and responsible rental property ownership by pursuing excellence in property management. We are passionate about housing and strive to provide high quality customer service to both residents and property owners. We care for others’ homes as if they were our own.