Multi-Family Management
What Option Is right for you?
With this option, the apartment community is managed by our corporate office. The community will be put in the corporate portfolio and managed and leased by our team. This option is best suited for multifamily properties that do not require an onsite manager. This decision is made between the owner and Coldwell Banker. Many factors are considered when deciding what management options are appropriate for the property. Typically this option is for apartment communities that are less than 40 units. However, depending on the layout of the apartment complex type, there is no limit on the number of units that can be managed from the corporate office.
Fee structures are determined by gross rent, average rent per unit, and condition of the property.
Coldwell Banker Residential Property Management will: Market the property and show the property to prospective tenants. Once tenants apply, we will qualify tenants and execute leases on the owner’s behalf. We then handle the day-to-day operations of your rental. 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 analyze future purchases to see how they will fit into 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 are needed to maximize profitability.
This option is best served for those communities that offer special amenities and onsite laundry facilities or are designed and built in a way that requires more of a presence from a manager. Typically these apartments will have more than 40 units.
The onsite staff are employees of the owner but are managed by us. We will provide accounting software, communication software, oversight of all marketing and leasing standards and practices, budgeting, and operations. We will also handle human resources, and facilitate debt service payments, taxes, insurance, and payroll for your employees on-site.
This option is best served for those communities where it is possible to have an apartment manager and or maintenance staff service multiple properties. Personnel expenses are shared between different apartment communities and even different owners. This offers the benefit of still having a manager presence but doing it cost-effectively.
The onsite staff are employees of the owner but are managed by us. We will provide accounting software, communication software, oversight of all marketing and leasing standards and practices, budgeting, and operations. We will also handle human resources, and facilitate debt service payments, taxes, insurance, and payroll for your employees on-site.
Corporate Managed
Minimums: $500 Leasing Fee-
Leasing Fee 50% One Months Rent
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Lubbock Apartment Association Membership
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Bluemoon Subscription
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The following fees are charged when applicable.
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10% Service Fee
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Late Fee Split 50/50
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Tenant Renewal - $100
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Lease Onboarding - $150 per unit
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Quarterly Inspections - $35-$65 per inspection
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Services Offered
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Leasing
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TAA Lease Preparation
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Comprehensive Tenant Screening
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Pet Screening (Coming Soon)
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Resident Benefits Package
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RHINO Security Deposit Alternative Options
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Credit Building for Tenants (Coming Soon)
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Marketing and Advertising
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Preferred Maintenance Pricing
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Self Scheduling and Self Showing Options
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Monthly Accounting
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Online Tenant and Owner Portal
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Market Analysis
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ACH Owner Distributions
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Detail Accounting
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Custom Reporting
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1099 Reporting and End of Year Statements
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Quarterly Inspections
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Move-Out Video Inspections
Onsite Management
Requires Onsite Personnel-
Onsite Personnel Salary
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Lubbock Apartment Association Membership
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Bluemoon Subscription
-
-
Lease Onboarding - $150 per unit
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-
Services Offered
-
Comprehensive Tenant Screening
-
Pet Screening (Coming Soon)
-
Resident Benefits Package
-
RHINO Security Deposit Alternative Options
-
Credit Building for Tenants (Coming Soon)
-
Self Scheduling and Self Showing Options
-
Online Tenant and Owner Portal
-
Preferred Maintenance Pricing
-
Dedicated Bank Accounts
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Monthly Accounting
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Budgeting
-
Human Resources
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Training and Staff Development
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ACH Owner Distributions
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Detail Accounting
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Custom Reporting
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1099 Reporting and End of Year Statements
-
Quarterly Inspections
-
Move-Out Video Inspections
Shared Onsite Management
Requires Onsite Shared Personnel-
Onsite Personnel Salary
-
Lubbock Apartment Association Membership
-
Bluemoon Subscription
-
-
Lease Onboarding - $150 per unit
-
-
Services Offered
-
Comprehensive Tenant Screening
-
Pet Screening (Coming Soon)
-
Resident Benefits Package
-
RHINO Security Deposit Alternative Options
-
Credit Building for Tenants (Coming Soon)
-
Self Scheduling and Self Showing Options
-
Online Tenant and Owner Portal
-
Preferred Maintenance Pricing
-
Dedicated Bank Accounts
-
Monthly Accounting
-
Budgeting
-
Human Resources
-
Training and Staff Development
-
ACH Owner Distributions
-
Detail Accounting
-
Custom Reporting
-
1099 Reporting and End of Year Statements
-
Quarterly Inspections
-
Move-Out Video Inspections
Management Fee and Leasing Fees are not charged when a property is vacant or if rent has not been collected.
Leasing Fee (Management Option and Leasing Only)
A leasing fee is earned when a new tenant has signed a new lease. The fee is charged and paid when the tenant takes possession of the property. Leasing fee amounts will depend on which option an owner is under. The minimum leasing fee is $500.
Monthly Management Fee (Management Option)
The standard monthly management fee is 10% of the collected rent. There is a minimum of $100 per property. No fees 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 the property. There is portfolio pricing for those owners who qualify.
Renewal Fee (Management Option and Leasing Only)
The Renewal Fee is charged with the renewal of a new lease with an existing tenant on the property they are currently occupying. The preferred renewal period is 12 months, but maybe less if there is an advantage to the owner and getting the property on a better leasing cycle. Management Options $100 renewal | Leasing Only $250 renewal
Lease Onboarding (Management Option)
If we take over a property that is currently occupied, there will be a Lease Onboarding Fee of $200.00 per lease that is in place. We will send out the necessary documentation to tenants. We will enter their existing leases into our system and work with them on the transition. This fee also applies to future purchases an owner may make and then choose us to manage for them under the management agreement we have in place. If the property is vacant when we take over management, a Lease Onboarding Fee will not be assessed.
Utility Bill-Back Service Fee (Management Option)
10% of the utility bill or any other monthly service invoice if the respective services are being charged back 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 one service meter and the owner wants to recover utility expenses. This Utility Bill-Back is passed to the tenant and is recoverable.
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, the Owner will pay Broker a service fee of 10%. The service fees are earned when 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, the owner shall have the right to make their repairs, use their vendors, and coordinate their repairs.
Late Fee Split (Management Option)
Late Fees collected from the tenant are split with the owner 50/50. Late fees are paid first, and the remaining funds are applied to delinquent rent.
Quarterly Inspections
Quarterly inspections are not a fee but an actual expense to the owner. We help offset the owner’s cost so quarterly inspections can be performed. The cost will vary and depend on the number of AC filters the homes has.
Home Assist Fee
The home assist fee is a fee that is charged and collected from the tenant
Talk to Us About Your Property Needs
Still uncertain about property management? Give us a call to see if we can help.