Q: What is the importance of choosing a property management company?
A: Choosing the right management company is critical to ensuring your investment goals are met. Your relationship with the management company should be trusting and long-term. The company should understand and help achieve your goals including maximizing the value of your property, increasing revenues, reducing expenses, and eliminating the daily stresses of managing the property yourself.
Q: What distinguishes you from other property management companies?
A: Levine Management Group, Inc. has over 40 years of experience and expertise professionally managing a variety of property types. Over the years, we have established many long-lasting vendor, client and government agency relationships. We have learned that tailored client care and excellent, timely communication are crucial to ensuring that your needs are met. In addition, our preventative maintenance program and consistent capital improvements policy have contributed to high resident retention and significantly lower vacancy rates than the industry standard.
Q: What is the management fee structure?
A: Our typical management fee structure is a percentage of gross collected rental income. This typically averages to around 5%, depending on many factors including size, location, building condition, type of property, and scope of services.
Q: What is the minimum number of units managed?
A: We typically seek to manage properties with a minimum of 30 units. However, this may vary on a case-by-case basis depending on a client’s particular circumstances.
Q: What types of properties do you manage?
A: We currently focus on the management of conventional and affordable multifamily and senior housing including but not limited to HUD tenant-based and project-based Section 8, Section 42 Low-Income Housing Tax Credit (LIHTC), and other special needs housing programs.
Q: What is your process for selecting residents?
A: We undertake a comprehensive prospective resident screening process, which includes background and credit checks, income verification, and rental history. After collecting the required information, we will decide if the prospective resident is a fit for the respective apartment community.
Q: When a unit becomes vacant, what process do you use to ensure it is filled quickly at the highest possible rent with the best resident?
A: We seek to reduce turnover costs by keeping our units in quality condition. We utilize our professional advertising and marketing services including listing services, and procuring rent comparables. Our comprehensive screening process ensures that we fill the unit with the best possible resident as quickly as possible.
Q: What type of accounting software do you use?
A: LMG uses the state-of-the-art YARDI© Voyager for all of our financial and accounting needs. We generate customized reports to all of our clients depending on their needs.
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