I couldn't be happier with Lyndsey and her team. From the initial phone conversation right through to the closing and management they have always been there with sound advice and prompt service. As an out of town investor it is very comforting to know that they are there 24/7 looking after both my investment and my tenants.
Management Service Investment Planning
FRPM owners are available to consult with clients at no additional charge. Whether clients are interested in adding additional occupancy in the basement, splitting one apartment into two, building storage in the basement, upgrading common areas, splitting shared utilities or acquiring more property; it is our pleasure to strategize with you and lend our experience to the conversation. Rental property is a business and should be run as such. Our goal is to help you grow a sustainable business that will allow you to reach your financial goals.
Accounting
FRPM can customize financial reports with data points that are of interest to the client. Some of the most popular reports are available all the time on our portal but additional reports can be prepared at the client’s request. These reports can be scheduled to be sent at a time interval of the client’s choosing. In addition to providing peace-of-mind to our clients, our financial transparency and meticulous accounting standards make accountants jobs much easier.
Administrative
FRPM will work, on our client’s behalf, with minimum housing, housing authorities, fire inspectors, building department, public works and many more agencies. Not only does this save time for our clients but our clients are able to benefit from our stellar reputation with these agencies. FRPM is known by city officials to be an agent for change among some of the most challenged neighborhoods in our service area. Our clients are better off when we represent their interests than they are when they do it themselves.
Rent Collection
FRPM residents can pay rent using their checking account on the online portal, they can also send or deliver check or money orders to our office. Our office also has a credit card machine for residents who would like to pay in person using a bank card.
New for 2023 FRPM will be providing residents with credit reporting so that their credit benefits from timely payments. Credit will also be impacted for residents that pay late.
Our holistic approach to rent collection allows us to preserve tenancy for those who are willing and able to pay their rent. When a tenant falls behind, they are counseled by our staff about what is needed from them to continue tenancy. Our goal is to design a mutually beneficial payment arrangement that will get a tenant back on track with their rent payments. During the counseling and payment arrangement process tenants with arrears are also served with a 14-day notice to protect our client’s interest in the event legal action is needed. (see “eviction services” below)
In-House Maintenance Services
Routine and emergency maintenance requests are handled quickly and professionally. Tenants are able to request maintenance conveniently through our online portal and clients have the opportunity to approve and reject non-required maintenance through our portal. There is a 24/7/365 emergency maintenance phone line so clients can sleep soundly knowing there is always someone on call to care for their property. Unlike the other management companies in our area, we employ a full-time maintenance staff and only outsource when a specialty vendor such as an electrician or plumber is needed. We have valuable relationships with plumbers, electricians and other vendors and they always respond to our calls.
Eviction Services
Evictions are among the most expensive and uncertain aspects of being a real estate investor. The best course of action is to avoid eviction all together by placing tenants that meet FRPM requirements through our rigid tenant selection process. However, not all circumstances can be foreseen and many properties are purchased with tenants already in place.
Our office has overseen more evictions than we care to remember and each one has been nuanced. Our partnership with one of the south coast’s top eviction attorneys has helped us to navigate the tenant-friendly Massachusetts courts to obtain the best results possible for our clients.
Your eviction will be coordinated and attended by our office in close communication with the attorney’s office. Our goal is to keep our clients informed at every step of the process. For more information on our eviction services or the Massachusetts eviction process please don’t hesitate to reach out to Lyndsey for a complete consultation.
Syndication and Advertising
FRPM has a priority relationship with Zillow to ensure that our clients’ properties attract the best tenants. Our listings syndicate though our website to all of the major leasing websites. In addition to syndication, FRPM sends out a daily newsletter to all of the tenants who are actively looking for apartments in our service area. This newsletter provides an opportunity to schedule a showing and do a 3D walkthrough of the apartment.
Communication
FRPM clients and residents have access to our online portal where we maintain a thorough archive of all property maintenance projects and financial entries. The online portal is also where we document conversations with tenants and clients. All communication is documented so that nothing falls through the cracks.
Residents and clients also have access to a 24/7/365 emergency maintenance phone number. This ensures that no emergency ever goes unanswered.
Perhaps most importantly, all of our clients have a hard line to both FRPM owner’s cellular phones. While we value our family time we understand that our clients depend on us to manage some of their most valuable assets. We have found that our clients are respectful of our time and use this direct access with that respect in mind so we choose to keep our line of communication always open.
Tenant Relationships
FRPM will manage tenant relationships so our clients don’t have to. We endeavor to insulate our clients so that all communication with tenants is professional and solution focused. Tenant issues are handled quickly and discretely and a mutual respect is a common thread among all of these interactions.
For clients purchasing a new property it is beneficial to have our team reach out as the first and only point of contact to the tenants so that there is no confusion.
Pricing
Management fees:
1-12 Units = 8.5% of collected rent
13-50 Units = 7.5% of collected rent
50+ Units = 6.5% of collected rent
Maintenance:
$40/hour general labor
$62/hour skilled labor
Leasing Fee
1 Month's Rent or 50% of a month's rent for clients who use our rent ready service