What education and/or training do you have that relates to your work?
We are members of the National Association of Residential Property Managers (NARPM) and also take continuing education classes to maintain our licenses.
Do you have a standard pricing system for your service? If so, please share the details here.
Our pricing is very straightforward. We have a monthly management fee that is a percentage of the collected rent (we benefit only when our clients benefit) and a tenant placement / leasing fee that is collected from the 1st months rent after we place an owner approved tenant. The management fee is 8% for 2-6 units, 7% for 7-35 units and 6% for 36+ units. The tenant placement fee is the greater of $450 or 1/2 months rent for all management clients. For those property owners who wish to manage the property themselves but utilize our tenant placement service the fee is 1 months rent. There are no upfront fees.
How did you get started doing this type of work?
After a decade of managing our own investment property we realized there was a need for this service and that we could provide a value while improving our clients situations.
What types of customers have you worked with?
Nexus offers property management in Rhode Island & Southeastern Massachusetts. We are a locally owned and operated property management & realty investment company. We provide full service professional property management and property solutions for real estate owners that include Tenant Placement, Rent Collections, Maintenance, Tenant Communications, Online Payments, Marketing and 24 hour service. Nexus Property Management also offers investment advice, property analysis, and profit forecasts for those looking to invest in real estate or owners looking to add to their portfolio. Our mission is to provide a good value and a great place to live for our tenants, while creating exceptionally performing assets and increased equity for our clients. This is how Nexus Property Management is "Connecting You To Better Living."
What advice would you give a customer looking to hire a provider in your area of work?
Ask about fees, many management companies may quote a low management fee but can have sneaky fees such as "lease renewal fee" (basically pressing print at the end of the year), "vacancy fee", "set up fee", and some companies even keep late fees. (crazy that a company would reward itself for late rent collections, but many do!)
What questions should customers think through before talking to professionals about their project?
I would like customers to know that in the huge majority of situations they will actually make more money at the end of the year if they have professional management, this is the reality. Our service is essentially free for most of our clients.