Contacting Property Manager...
Modern Property Management, Inc.
1501 N. Limestone Street
Lexington, KY 40505
Types of Properties We Manage:
- Multi-Family (2-4 units)
- Multi-Family (5 -19 units)
- Multi-Family (20-99 units)
- Multi-Family (100+ units)
Modern Property Management, Inc. offers turn-key management of your income-producing property. Our management system derives from processes and procedures developed through the efficient, profitable management of numerous properties in Fayette County and surrounding communities. We manage your property as we would our own. We stand upon our experience and our reputation for straight talk, honesty and integrity. If you don't stay rented, we don't make money -- whether we're managing a single-family house or a large apartment community.
What to buy? Where to buy? When to sell?
Whatever your investment strategy, we can work with you to identify likely properties, assess pros and cons of particular offerings and represent you in your real estate purchase. When it comes time to sell, we can help you position the property and locate buyers.
Location, Location, Location & Management
Without sound, hands-on management, the right property at the right price can still perform below expectations. We are a full-service management company providing management, maintenance and accounting services. We are members of the Lexington-Bluegrass Association of Realtors, the Lexington Apartment Association and the National Apartment Association.
Tenant selection is a key ingredient for the success of any income producing property. We advertise when needed, and screen prospects for previous rental history, credit history and criminal history. We lease only to good tenants who meet your and our criteria. From a tenant perspective, our management is hands-on, friendly, and fair but firm.
We locate and negotiate support services with independent contractors for plumbing, electrical, HVAC, lawn care, snow removal, renovation and other activities, as required. We monitor their work product for quality and fair pricing. We continually survey your property for cost-saving preventive maintenance opportunities and offer 24x7 emergency maintenance. We cover all day-to-day details.
We help you assess gross income and expenses, prepare a budget, and compare that budget to your property's performance on a monthly basis, suggesting and making changes to improve financial performance (Net Operating Income and Cap Rate). We issue monthly financial statements, including a listing of invoices paid. Profit and loss itemization is included. Property tax appraisals are reviewed and we work with you to negotiate with local government where warranted. Property and liability insurance are negotiated for best coverage and cost.
Property management fees vary with the type, age and location of the property, number of rentable units and so forth. Our fees are reasonable and competitive, generally ranging from 8 to 10 percent for smaller properties, and 4 to 5 percent for larger properties with on-site staff. For managed properties, the initial start-up fee for empty units is one month's rent and half of the first month's rent to fill the unit thereafter. If we are to rent only, the fee is one month's rent. Repairs or remodeling requiring significant project oversight carry a 10 percent management fee. There is no renewal fee. General consultation available. We will gladly discuss a custom management plan for your property.