Frequently Asked Questions
- Do I need a property management company? Yes, if:
- You aren’t located close enough to oversee your property.
- Handling the business for your property stresses you or makes you feel overwhelmed.
- You own too many properties to handle on your own.
- You do not have experience with maintenance or repairs.
- You need help marketing your properties for occupancy.
- You cannot handle the accounting and recordkeeping for your property.
- You aren’t willing to be on call 24 hours a day, 365 days a year.
- You aren’t familiar with the laws governing the management of your property.
- You always feel like the “bad guy” when enforcing the rules.
- What is Beacon’s monthly management rate: 8% of income collected
- What is Beacon’s cost for filling vacancies: 50% of the first month’s rent.
If we do not manage the property, the fee is one full month of rent.
- Are there lease renewal fees? No
- How long has Beacon been in business? Since 1988
- How many properties does Beacon manage? Approximately 1000
- Does the company do sales in addition to management? Yes
- What specific areas do the managers focus on? Rent collection, occupancy, lease enforcement, and resident retention.
- Can I terminate my management agreement early if I am not happy with the service? Yes, with a 30-day notice.
- Am I charged a fee for a vacant property? No management fees are charged while a property is vacant.
- Does the company have their own maintenance crew? We employ a fulltime maintenance staff.
- Does the company bill tenants if they are the cause of a maintenance issue? Yes
- What is the maximum the company will spend on repairs without contacting me? Maximum of $500, although owners are automatically contacted when a work order is prepared.
STATEMENTS AND FINANCES:
- Are monthly statement sent out? Statements are sent out on the 15th of each month. Year-end statements are sent with the January monthly statement.
- What type of accounting system is used? PropertyWare
- Can the company pay my bills for my property? Yes
- Does the company require a monthly reserve? The amount depends on the number of units.