UPSCALE PROPERTIES
FAQS
Some of our most frequently asked questions from our clients.
Welcome to our Help Center. We’ve pulled some of the most frequently asked questions from our users and compiled them all into one place. If you have any other questions, don’t hesitate to reach out.
HOW DO YOUR FEES WORK?
Unlike other companies, we do not have 1 set fee. Our fees, to investors, range from 6% to 10%, based on how many units you want us to manage, how much rent each unit is bringing in, and the complexity of the unit. The more units that we manage for someone, the lower the management fee will be. Furthermore, a property that rents for more will have a lower management fee percentage than one that rents for less.
What does a property management company handle?
We handle everything involved with making sure your property is being handled as if you were managing it yourself. This includes, but not limited to, collecting rent, doing rent collection calls (if the rent has not been paid), providing owners with monthly detailed statements, direct depositing their rental proceeds each month by the 12th of the month, evictions, handling maintenance issues, making sure maintenance issue are being taken care of, follow up with tenants, answering calls from tenants with concerns, and finding tenants.
How do you find and screen tenants?
As part of the property management services, we also find tenants. The associated leasing fee is 50% of the first month's rent. Example: if the property rents for $1000/mo, after we sign a lease with a new tenant, we will charge $500. This is good until we need to find another tenant for that unit (so it could be a year from now or maybe 8 years from now). We DO NOT charge any lease renewal fees, like more companies do. We are one of the more thorough property management companies in town with our advertising strategy and also with our tenant screenings. We:
1. Always get landlord references from their actual landlord (not their cousins or their friend).
2. Verify income can support their debt.
3. Verify background/eviction history.
4. Verify bank account.
5. Often rent units to non-smoking/no smoking only.
6. Verify address history is what's disclosed on their documents.
What areas do you service?
We service Lexington, Nicholasville, Georgetown, Winchester, Frankfort, Versailles, Harrodsburg, and Richmond.
More questions?
Call Michael Wang at 859.396.0204