Owner Service Plans
Full Service
Our full-service management option is what typically comes to mind when people think of management services. With this option, we are full service. Coldwell Banker Rick Canup Realtors will: Market the property and show the property to prospective tenants. Once tenants apply we will qualify tenants, execute leases on the owner’s behalf. After that on a monthly basis, we will collect rent, schedule repairs with tenants and vendors, pay vendors on behalf of the owner, send monthly owner statements, 1099 reporting for owners and vendors and day to day details.
In addition to the above services, we will also analyze future purchases to see how they will fit in your existing portfolio. We often will go with the owner on showings to give an idea of future rent potential and make recommendations on what repairs or improvements will need to be done to maximize profitability.
This option is perfect for those that are out of town and do not have a network and for owners that own multiple properties that want to focus on other aspects of their investments and grow their property count.
FULL SERVICE MANAGEMENT OPTION
Management Fee: 10% of Monthly Rent Collected
Leasing Fee: 50% of 1 Month’s Rent
Following fees are only charged when applicable
Transition Fee: $200 per lease in place at the time of signing and for future purchases
Tenant Lease Renewal Fee: $100
Service Fee: 10%
Utility Service Fee: 10%
Late Fee Split: 50/50 with the owner
Social Media Advertising: $0.00
Leasing Fee (Management Option and Leasing Only)
Leasing fee is earned when a new tenant has signed a new lease. The will be paid when the tenant takes possession of the property. Leasing fee amounts will depend on which option an owner is under.
Monthly Management Fee (Management Option)
The standard monthly management fee is 10% of the rent that is collected. There are no fees that are paid when the property is vacant or if rent has not been collected. This fee will also apply to new properties for any back rents collected on behalf of the owner that we were not collected from the previous management company or if the owner self-managed. There are reduced management fees for those owner that own multiple properties and meet minimums revenue and average rent specifications.
Renewal Fee (Management Option)
Renewal Fee will be $100 with the renewal of a new lease with an existing tenant on the property they are currently occupying.
Transition Fee (Management Option)
If we take over a property that is currently occupied there will be a Transition Fee will be $200.00 dollars per lease that is in place. This in essence is a setup fee. We will send out the necessary documentation to tenants. We will enter their existing leases into our system and will work with them on the transition. This fee is also applicable to future purchases an owner may make and then choose us to manage for them under the listing agreement that we have in place. If the property is vacant at the time we take over management there will not be a transition fee assessed.
Utility Service Fees (Management Option)
Owner will pay Broker a service fee equal to 10% of the utility bill or any other monthly service invoice if the respective services are being charged back to the to the tenant(s) to pay. No fee will be paid if the Broker does not have to bill back to the tenant for payment. The service fees are earned at the time the utility payment is made. This is not applicable for most single-family properties, but for those that own properties where there is only 1 service meter and the owner wants to recover utility expenses.
Service Charge Fee (Management Option and Leasing Only Option)
Each time Broker arranges for the Property to be repaired, maintained, redecorated, or altered as permitted by this agreement, Owner will pay Broker a service fee equal to 10%. The service fees are earned at the time the repair, maintenance, redecoration, or alteration is made and are payable once the repair or alteration has been made. Typical repairs on single-family homes will average $500 per year. In a Leasing Only agreement owner shall have the right to make their own repairs and use their own vendors and coordinate their own repairs.
Late Fees (Management Option)
This is not a fee. This would more accurately described as a revenue split. Any Late Fees are Any amounts collected from late fees from the tenant shall be split 50/50 with the owner of the property. Late fees are paid first and then remaining funds are applied to delinquent rent.
Leasing Only
Tenant screening is another vital part that separates us from your everyday homeowner. New residents pose certain risks. We try to minimize that chance through our screening process. We screen for five different categories. Credit History, Criminal Check, Sex Offender History, Employment Verification, and Rental History. Our Leasing Only option is exactly what it sounds like. The owner will take responsibility for the property after the property has been leased.
Coldwell Banker Rick Canup Realtors will: Market the property, show the property to prospective tenants and qualify tenants. Leases will be sent to owners for review and executed by the owner. Coldwell Banker Rick Canup Realtors will collect the security deposit, first month’s rent, and prorated rent. We then will deduct the leasing fee and other owner-authorized expenses and send disbursements to the owner on the upcoming disbursement date.
This option is perfect for those that have experience with renters and are comfortable with rent collection and day to day operations of the rental property. This option is also not a bad option for those that know they will be moving back into their home with 2 years of leasing the property.
LEASING ONLY FEES
Leasing Fee for Leases 12 months or Less: 75% of one month’s rent
Leasing Fee for Leases 13 months or More: 6% of Gross Rents to be collected
– Service Fee (owner approval first): 10%
– Social Media Advertising (owner approval first): 100% cost the ad
Leasing Fee (Management Option and Leasing Only)
Leasing fee is earned when a new tenant has signed a new lease. The will be paid when the tenant takes possession of the property. Leasing fee amounts will depend on which option an owner is under.
Service Charge Fee (Management Option and Leasing Only Option)
Each time Broker arranges for the Property to be repaired, maintained, redecorated, or altered as permitted by this agreement, Owner will pay Broker a service fee equal to 10%. The service fees are earned at the time the repair, maintenance, redecoration, or alteration is made and are payable once the repair or alteration has been made. Typical repairs on single-family homes will average $500 per year. In a Leasing Only agreement owner shall have the right to make their own repairs and use their own vendors and coordinate their own repairs.
– Service Fee (owner approval first): 10%
– Social Media Advertising (owner approval first): 100% cost the ad
Management Only
With this option, we will not market the property. The owner will be responsible for marketing and showing. The owner also has the option to do their qualifying process or can use us to qualify tenants. Once the owner has approved a tenant we then will type up and execute leases on the owner’s behalf. After that on a monthly basis, we will collect rent, schedule repairs with tenants and vendors, pay vendors on behalf of the owner, send monthly owner statements, 1099 reporting for owners and vendors and day to day details.
This option is geared towards parents that purchase investment properties for their kids while they are attending Texas Tech or Lubbock Christian Universtiy but want rental revenue either from their children or friends of children.
This option affords the owner or the kid to pick roommates that they are comfortable with, but do not have to deal the management or rent collection. Typically leases are done on a per room basis, and sometimes are all bills paid to simplify living arrangements. With this option, we can customize how you want to structure this lease.
In addition to the above services, we will also analyze future purchases to see how they will fit in your existing portfolio. We often will go with the owner on showings to give an idea of future rent potential and make recommendations on what repairs or improvements will need to be done to maximize profitability.
This option is perfect for those that are out of town and do not have a network and for owners that own multiple properties that want to focus on other aspects of their investments and grow their property count.
Management Only Option
Management Fee: 10% of Monthly Rent Collected
Leasing Fee: 25% of 1 Month’s Rent per lease signed
Following fees are only charged when applicable
– Transition Fee: 25% 1 Month’s Rent per lease signed and for future purchases
– Tenant Lease Renewal Fee: $100
– Service Fee: 10%
– Utility Service Fee: 10%
– Late Fee Split: 50/50 with the owner
Leasing Fee (Management Option and Leasing Only)
Leasing fee is earned when a new tenant has signed a new lease. The will be paid when the tenant takes possession of the property. Leasing fee amounts will depend on which option an owner is under.
Monthly Management Fee (Management Option)
The standard monthly management fee is 10% of the rent that is collected. There are no fees that are paid when the property is vacant or if rent has not been collected. This fee will also apply to new properties for any back rents collected on behalf of the owner that we were not collected from the previous management company or if the owner self-managed. There are reduced management fees for those owner that own multiple properties and meet minimums revenue and average rent specifications.
Renewal Fee (Management Option)
Renewal Fee will be $100 with the renewal of a new lease with an existing tenant on the property they are currently occupying.
Transition Fee (Management Option)
If we take over a property that is currently occupied there will be a Transition Fee will be $200.00 dollars per lease that is in place. This in essence is a setup fee. We will send out the necessary documentation to tenants. We will enter their existing leases into our system and will work with them on the transition. This fee is also applicable to future purchases an owner may make and then choose us to manage for them under the listing agreement that we have in place. If the property is vacant at the time we take over management there will not be a transition fee assessed.
Utility Service Fees (Management Option)
Owner will pay Broker a service fee equal to 10% of the utility bill or any other monthly service invoice if the respective services are being charged back to the to the tenant(s) to pay. No fee will be paid if the Broker does not have to bill back to the tenant for payment. The service fees are earned at the time the utility payment is made. This is not applicable for most single-family properties, but for those that own properties where there is only 1 service meter and the owner wants to recover utility expenses.
Service Charge Fee (Management Option and Leasing Only Option)
Each time Broker arranges for the Property to be repaired, maintained, redecorated, or altered as permitted by this agreement, Owner will pay Broker a service fee equal to 10%. The service fees are earned at the time the repair, maintenance, redecoration, or alteration is made and are payable once the repair or alteration has been made. Typical repairs on single-family homes will average $500 per year. In a Leasing Only agreement owner shall have the right to make their own repairs and use their own vendors and coordinate their own repairs.
Late Fees (Management Option)
This is not a fee. This would more accurately described as a revenue split. Any Late Fees are Any amounts collected from late fees from the tenant shall be split 50/50 with the owner of the property. Late fees are paid first and then remaining funds are applied to delinquent rent.
Talk to Us About Your Property Needs
Still uncertain about property management? Give us a call to see if we can help.