Property Management Services Pricing

Management Fees

The services we can provide for our clients include:

Acquiring Tenants
Marketing Properties
Screening Tenants
Lease Signing / Lease Negotiation
Handling Maintenance Request
Monthly report of each property and annual summary report
Responding to tenant concerns and handling maintenance issues
Project coordination for major projects if needed
Brokerage Services - Purchase / Sale of Property

Our traditional management rate is 8.5% of monthly income generated for most single-family residences, townhomes, condos and duplexes. Our minimum management fee is $95 per month / per unit, or 8.5%, whichever is greater. If there is a property that will require additional supervision a higher rate may be required. Please contact info@welchrandall.com to request a specific quote. Welch Randall will provide an analysis of each property prior to the beginning of management.

Multi-Unit

If you have a property that features 3 or more units please contact us for a property specific quote.

Bulk Discounts

Once an owner utilizes our services for five or more properties we discount the service 1% monthly.

What Does the Management Fee Include?
The current management fee includes the following:

Collection of Monthly Rent
Move-in Inspection - Initial walk-through of property to determine needs to make the property rent-ready and market ready
Move-out Inspection upon move-out of tenant
Collection and Distribution of Security Deposit according to Utah Law
Monthly owner financial summary reports
Communication to and from tenants. If you are hiring a PM they are meant to be the communication resource between parties
Authority to negotiate lease terms
Authority to collect rent and other fees
Preparation of notices to resident
Owner access to software portal
Owner access to annual trainings, events and education events exclusive for Welch Randall Clientele
Discounted brokerage fees for listing or purchase of properties as desired
Communication with Welch Randall team as needed

How are Owners Paid?

We pay our owners between the 10th and 15th of each month. The vast majority of our owners receive payment through an electronic transfer and disbursement. There is a small fee for an electronic transfer for our software transfer fee costs (typically the fee is $3 - $5 per transfer). Owners can have paper checks mailed to them but there is a paper check administrative fee charged (typically $10 - $15 per check).

How do Residents Pay Rent?

Residents have a five-day grace period to pay rent from the first and then a 10% of the monthly rent late fee is charged to them. We currently split all late fee revenue with our owners 50% / 50%.

Marketing, Advertising, and Screening

There is no start-up fee or initiation fee to engage our services. However, if you have us screen tenants, advertise, and hire a leasing agent

Marketing, Advertising, and Screening

The fee is: 50% of one month's rent, capped at $800. Including:

Screening of Tenants
Professional Photography of the property
A dedicated leasing agent from the Welch Randall team to help potential applicants and owners through the leasing process
Advertising on 40+ Websites
Text and phone service for interested parties
Showing coordination for both self-show through lockbox and in-person agent-led showings
Weekly updates on showings, feedback, etc.
Floor Plans created of each property we manage

For an additional fee we can also have a digital floor plan of the unit created, walk-through video or a 3D walk-through created.

What if you already have a tenant in place?

Generally speaking, most management companies have a 30-day termination contract. Have you reviewed your existing management contract on this? If you have a copy and want me to review it for that clause we are more than happy to do so. With a minimum 30-day notice we can work with the existing PM to obtain the following:

Tenant Contact Info
Tenant Lease Info
Security Deposit
Keys, Etc.
Move-in Reports, etc.

Many companies charge the equivalent of a marketing fee or close to it to transfer a new property over. Our company charges a flat $250.00 rate per unit and we complete the transition of the property management services and will get a lease signed with our paperwork, etc. with the tenants. We will transition them over to paying rent through our company, get them set up with work orders, etc. One of the biggest complications with transition of tenants is regarding the move-in / move-out report. Because we did not help to get the property "rent ready" we do not know what documentation was obtained by the current PM. But, we can work through those items if hired as manager.

FAQs

What if you want to show the property but just want help with screening?

Not a problem. If you want to show the property and then have potential applicants apply through our portal and be screened using our proven methods we can absolutely do that. The cost for this service is $250.00 and the fee covers screening, signing of the lease and getting the new tenant setup in our system. Please note if the # of applicants on the property exceeds six persons additional screening fees may apply.

How does Project Management Coordination Work?

Many PM Companies charge a per work order coordination fee or a % markup of each bill to account for coordination. Currently, Welch Randall does not mark-up any bills. If you have vendors you'd like to coordinate these items you are absolutely welcome to coordinate. This is for special projects including insurance claims, not-standard work orders, capital improvements, etc. If you'd like to have our team coordinate the scheduling of these vendors we charge a supervisory project management rate of $65 per hour for the supervision of the work which would include:

Finding & Contacting the vendors
Scheduling the vendors
Coordinating payment of vendors with you
Meet vendor onsite (if needed)
Visiting property when all the work is completed to verify it's done and the property is "Move-In Ready"

Let's say for example the total coordination of these items was 4.5 hours. As owners, you would pay each of the bills outlined and then $292.50 for the project coordination. We would have the vendors send all the bills to Welch Randall and you would deposit funds or pay the bill electronically.

Evictions - What is the Process?

With regards to an eviction, in the past if this scenario arrives this is how it works.

1) If a renter violates the lease or does not pay rent WR will deliver a 3-day notice. The cost for this delivery is added to the tenant ledger.

2) We will notify the owner the resident has not paid rent. We will consult with you first about your options.

3) We will also contact one of two Eviction Attorney's we work with to review options and recommendations.

4) At this point, we will work with you to determine the best plan forward to make you whole. We are not Attorneys so we cannot complete the eviction without legal help. The cost for this legal help is a cost initially charged to the homeowner. Attorney fees, our admin fees, etc. are added to the charges to be paid back from the collections of the resident.

5) If we have to fully evict we will also utilize the deposit funds to reconcile the account. If there are charges for making the property "Rent-Ready" again beyond the deposit we will outline those with you. As the owner you are required to provide the funds up front to get the property rent ready again. You are not charged a lease-up (marketing) fee again, but, your role is to help get the property rent ready by providing the funds. We help coordinate all repairs, etc.

6) We also provide all written statements, history, etc. to the Attorney to help build the case for the eviction.