Are there onboarding charges to have Grow Property Management manage my property?
There Isn’t Set Up or On Boarding Fees
Grow Property Management does not typically charge new clients a set up fee to have us manage their property. Todate of this the posting of this article we have not charged a property owner a fee to become a client. If we are to charge you this fee it would be detailed in your Property Management Agreement.
Even though we generally don’t charges these fees, we do have costs when onboarding a new property owner and their property. We often choose to pay theses expenses ourselves, and not pass these on to the property owner. We do this in anticipation of a good client relationship. Onboarding a new property, and a new property owner, into our systems can be expensive and we have monthly administrative costs and accounting fees that are charged to us, per unit. Considerable documentation and data entry needs to be uploaded to create a profile for the property and also for the owner. Much of this will be foundations for an end of the year tax preparation and marketing. Professional quality photos are required for marketing and also for tenant move out inspection purposes and a video highlighting the property typically gets made. At this point a we audit the property for federal, state and City of Philadelphia compliancy.
Is there a termination fee if I cancel my service?
We Do Have to Charge an Early Termination Fee
To date of this article, Grow Property Management has not had a request from a client for early termination. Nor have we had a property owner that has discontinued service with us in any form. Our company manages your rental property from an investment perspective. In that respect, using our services should be a good investment, and not one a client should want to end.
But we do typically have a termination fee in our Property Management Agreement if a property owner decides to terminate the Agreement prematurely. The specific amount is detailed in your Property Management Agreement.
The charge isn’t mean to be punitive, nor is it meant to deter a client from considering early termination. It is actually in place because terminating a client is costly for us. It requires a transition.
Transitioning Can Require
- Accounting Fees to a 3rd Party Accounting Firm.
- Security Fund Management and Transfer.
- Administrative costs of notifying tenants, security fund management
- Transfer of Documentation. Leases, Invoices, Rental Licenses, Rent Suitability Certificates can become considerably involved.