Frequently Asked Questions

GENERAL:

  1. Do I need a property management company? Yes, if:
    1. You aren’t located close enough to oversee your property.
    2. Handling the business for your property stresses you or makes you feel overwhelmed.
    3. You own too many properties to handle on your own.
    4. You do not have experience with maintenance or repairs.
    5. You need help marketing your properties for occupancy.
    6. You cannot handle the accounting and recordkeeping for your property.
    7. You aren’t willing to be on call 24 hours a day, 365 days a year.
    8. You aren’t familiar with the laws governing the management of your property.
    9. You always feel like the “bad guy” when enforcing the rules.

BASIC COSTS:

  1. What is Beacon’s monthly management rate: 8% of income collected
  2. 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.

  1. Are there lease renewal fees? No

COMPANY INFORMATION:

  1. How long has Beacon been in business? Since 1988
  2. How many properties does Beacon manage? Approximately 1000
  3. Does the company do sales in addition to management? Yes

MANAGEMENT INFORMATION:

  1. What specific areas do the managers focus on? Rent collection, occupancy, lease enforcement, and resident retention.
  2. Can I terminate my management agreement early if I am not happy with the service? Yes, with a 30-day notice.
  3. Am I charged a fee for a vacant property? No management fees are charged while a property is vacant.

MAINTENANCE:

  1. Does the company have their own maintenance crew? We employ a fulltime maintenance staff.
  2. Does the company bill tenants if they are the cause of a maintenance issue? Yes
  3. 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:

  1. 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.
  2. What type of accounting system is used? PropertyWare
  3. Can the company pay my bills for my property? Yes
  4. Does the company require a monthly reserve? The amount depends on the number of units.