At LEAP, we’re committed to keep our fees simple, transparent, and easy to understand. Let’s take a look at our services and typical property management fees so you know exactly what you’re paying for when you work with LEAP — and, just as important, exactly how much it’s going to cost you:
Typical Property Management Fees
There are two typical property management fees you can expect to pay: a tenant placement fee (also known as a “leasing fee”) and a full-service property management fee.
Tenant screening and placement is one of (if not the) most important part of the property management process. All of the horror stories you hear about managing investment properties — whether it’s people not paying rent on time (or at all), unauthorized pets, or tens of thousands of dollars worth of property damage at the end of a lease — stem from not having the right tenant.
Getting the right tenant into your property is crucial if you want to protect your investment — but it’s also the part independent property owners struggle with the most. At LEAP, we’ve leveraged our decades of experience in the property management industry to develop a tenant screening and placement process that ensures you get the highest-quality tenants into your rentals.
Our tenant screening and placement services are a key component of our full-service property management package. While some property management companies offer tenant screening and placement as a stand-alone service, we’ve found that it’s just not in the best interest of our clients.
No matter how in-depth the vetting process, there is always the potential for tenant issues over the course of a lease — and we want to make sure we’re available to assist you with those issues.
Full-Service Property Management
Full-service property management is the heart of LEAP’s business model. We’ve spent years managing properties in the Dallas-Fort Worth area and perfecting our process to offer unparalleled service and results for our clients.
Our full-service property management services include:
- A full onboarding process with each new client, which includes an in-depth interview to determine challenges, long-term goals, education on the property management process, and what to expect
- A full assessment of the property’s current condition, including a full walk-through, recommendations on improvements, and insights into what needs to be done to get the property listing ready
- Choosing the rental price to ensure the property stays competitive in current market conditions
- Managing all communications during the listing and showing process, including any potential pricing negotiations
- Full-service tenant screening including processes like credit and criminal background checks as well as vetting tenants for potential red flags prior to signing the lease
- In-depth documentation, including photos of the property, before tenant move-in
- Monthly rent collection and management of delinquent payments
- Managing all tenant communications
- Overseeing the repair process, including scheduling vendors and managing payment
Because we stand by our tenant screening and placement process, if a tenant we placed needs to be evicted for any reason (including non-payment), we’ll take back possession of the property at no additional cost. The only thing our clients are responsible for are court fees, which are typically less than $100.
Why Full-Service Property Management?
At LEAP, our goal is to save our clients as much time, money, energy, and hassle as possible — and that’s why we offer full-service property management instead of taking a more “itemized” approach. You don’t want to waste your Friday night dealing with a broken A/C system, tracking down a tenant to collect a late rent payment, or trying to find a contractor to fix a leaky pipe — and the good news is when you work with LEAP, we do all of that on your behalf.
We offer full-service property management because it’s the best fit for our clients. As an investor, you shouldn’t have to spend countless hours tracking down tenants for non-payment, dealing with property damage, or trying to manage the eviction process (which can take an entire week’s worth of work) because that’s our job.
When you work with LEAP, all you need to focus on is profits — so at the end of each month, we’ll send a report detailing how much you’ve collected in rental income, any expenses you’ve incurred, and your final balance.
LEAP North Texas Property Management Fees
Alright, so now that you know what we offer, let’s talk about what it costs.
Our monthly full-service property management fee starts at just 7% of the monthly rent (or a minimum of $99). We also charge a one-time tenant placement fee, which is 75% of the first month’s rent collected. The tenant placement fee is only due after we’ve successfully placed a tenant — with your approval — in your property.
There are no hidden costs, no start-up or setup fees — if we don’t produce, we don’t get paid.
There is also a one-time 15% renewal fee towards the end of each tenant’s lease term. This renewal fee includes a comprehensive analysis of the tenant’s history (including any late payments, damages, and repair requests as well as pricing changes in the current market) to determine whether it’s in your best interest to renew the client’s lease or start looking for a new tenant.
All the services we offer are included in our full-service plan — so you’ll never have to worry about paying any additional property management fees. That includes additional services you won’t find with other full-service property management packages, including:
- Professional photos of your property prior to tenant move-in
- Detailed first-look inspection (including HVAC, water heater, stove, microwave, oven, plumbing fixtures, and other appliances)
- Detailed move-out inspection
- Detailed reports on property condition prior to tenant move-in and move-out
Ready to get started? Get in touch today to learn more about LEAP’s full-service property management services — and how they can change the way you manage your property.