Hi, this is Joe. I want to welcome you to Grow Property Management. Before you sign on with us, I want to walk you through our property management agreement and pre-answer any questions you might have. It’s based on the State Board of Realtors document and our pricing page, so there really shouldn’t be any surprises in it for you.
Who We Are — and Who We Are Not
We’re the top-reviewed property management company in Philadelphia, and we’re the only property management company in the top 10 of those reviews that’s exclusively located in Philadelphia. Most of the other companies don’t even maintain an office in the state, much less inside the city.
There are two things you need to know before you sign with us:
1. We’re an eyes-wide-open company
Tenants, owners, and any contractors we refer to do work on your units know exactly who we are and how it’s going to be to do business with us. No surprises, no games.
2. We’re a tech-forward company
Our protocols are high, our systems are high-end, and nothing gets missed. The flip side: we don’t alter our way of managing a property to adjust to a single owner. Our protocols, policies, and terms of service are 100% set in stone.
I’ve been at this for over 20 years, and I’m always going to think I know how to manage your property better than you do. You’ll have input on asking rents and on repairs and improvements — but you won’t have direct contact with the tenant, and we won’t make changes to our lease, policies, or procedures.
How We Communicate — Text and Email, Not Phone
You’re also not going to get me or my staff on the phone. We communicate through text and email, and that’s foundational to how the business runs. I’m a hands-on property manager — I’ll often physically be at your property — and I do call owners when the management warrants it. But you won’t get update calls, and a request for a call back is typically going to be answered by text or email.
If you want a brokerage that answers calls and does check-ins, you should find a company like that. There’s nothing wrong with wanting that. But if that’s what you want, you’re going to be very disappointed with my business — and that’s the last thing either of us wants.
What I will say is this: my way is the least expensive, the most profitable solution for an owner, and it’s what’s made us the top-reviewed company in Philadelphia.
The Agreement Is Non-Negotiable — Here’s Why
The agreement is non-negotiable. No changes can be made. I know some investors feel like to be a good investor, they have to negotiate. But this is already an extremely fair agreement, and it’s already oriented to favor the property owner.
It’s the same agreement we use for owners with a single-family home. It’s the same agreement we use with owners that own large portfolios. It’s the same exact agreement we use with banks and financial institutions.
Why the Top-Reviewed Company Is Often the Cheapest
People sometimes assume the best company commands the highest price. I understand the perspective, but here’s what I’ve learned: the best company often charges the least. It’s far easier to do a good job than it is to do a bad job.
Look at the property management company that places just any tenant in a rental and has a chronic need for evictions. That happens all the time. We inherit owners from other property management companies all week long, and they typically come to us with extremely bad tenants placed — to the point where the previous management almost gave up on the property.
If your property management company is spending its day doing evictions and navigating the nonsense that comes with bad tenants they placed, you’re the one paying for their time and hassle. It doesn’t matter if it’s their fault or not. If that’s how they’re spending the day, you’re paying for it.
The Numbers in the Agreement
Pricing Tier
Once you’re a client, you can switch between the Silver and Gold tiers at any time. Just sign the agreement even if you’re still undecided — send us a text or email and we’ll change it.
Out-of-Pocket to Get Started
We waive the first 2 months of fees if the property is vacant. That’s more than enough time to place a tenant and get rent coming in before you have any expenses. The only fee we collect before management starts is the property reserve, which is your money held by us. Most property management companies hold a reserve — it’s a state best practice.
Repairs: 11.3% vs. a GC’s 100% Markup
This one matters. A general contractor on a $1,000 repair is typically going to bill you $2,000 — a 100% markup. With us, that same repair is $1,113. We charge $113 to oversee it, not another full thousand. The GC has to make their living off the markup. We just need to cover our cost.
Credit Card Authorization
As of this recording, we’ve never charged an owner’s credit card. But if the property has an expense we need to recover, we’ll use the authorization on file.
Termination Fee
If you terminate abruptly and without notice, we charge a termination fee. It offsets some of the expenses we put into your property — marketing photos, video inspections, and so on. It’s very expensive to onboard a property, and the termination fee doesn’t even come close to covering our out-of-pocket, never mind the man-hours.
Lock Installation Termination Fee
Rarely charged. In some cases we’ll determine a property needs a new lock system — maybe the existing lock isn’t working well, or it’s legally required. If we install a new lock and you terminate abruptly, we want to be compensated for that lock.
Onboarding Charge
We waive this after 3 months of service. We don’t collect it up front. We only charge it if you terminate before 3 months. The reason: it’s not uncommon for a landlord to list a property for sale and for rent at the same time (which is against our policy, but it happens). If the property sells, this helps offset our marketing and onboarding cost.
When Should You Sign? ASAP.
If you’re not moving out for 3 or 6 months, you should still sign today. We build out most of the marketing immediately to build seniority and gain traction in the marketplace. We also want to add your property to our wait list.
We get over 121 calls a day on average. Most of that is prospective tenants looking for a place to live. We also get current tenants reaching out — they get pregnant, married, divorced, they want to drop a roommate — and our waiting list lets us line them up with units that are about to become available. It’s not uncommon for us to place a tenant the very day the property becomes available.
Welcome to Grow Property Management. My team is excited to get started with your property. Any questions at all, reach out — by text or email, of course.
This is Joe White, with the Grow Real Estate Investing Podcast. Happy Investing!
