Our management company was created to provide owners an ethical and efficient solution to property management. After bad experiences with another management company at his own properties, Peter started his management company to provide the quality of service he wished he had received. Ethics and transparency are at the forefront of our business practices, so here you’ll find our fee schedule and a questionnaire we’ve created to answer many of the questions an owner should ask a potential property management company.
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On the management side, our value-added approach to construction and rehabilitation continues with our operating philosophy at Mogul Property Management LLC. We provide full-service management, which includes administration, marketing, tenant relations and facility management. We provide clients with every bit of information that we would want about our own properties. That means monthly status updates which include any issues with the property, tenants, or anything else relevant that we ourselves would want to know. We use Appfolio as our management software. This solution provides owners and tenants (and us) with many useful and convenient features, such as 24/7 online access through the Owner Portal.
On the 15th of each month we send the total profits after fees to our clients along with any updates about the previous month. We’re able to offer direct deposits to our owners thanks to Appfolio as well. Our management clients enjoy the full range of our construction and rehabilitation services at a rate near actual cost, so we’re able to handle almost any issue with a property that might arise without the need to bring in costly contractors.
If there’s anything else you’d like to know about our management services, please feel free to contact us so we can answer your questions.
How long have you been managing properties?
As a company we’ve managed properties since 2009. Peter has managed properties since 2003.
What is your occupancy rate?
How do you advertise the property?
We advertise our vacancies online on all the major rental websites.
What is your tenant screening process?
We check to make sure they have income 3 times the monthly rent, have OK credit, no past evictions, no felonies, and they must be able to get the utilities turned on in their name.
How long does it take you to fill a vacancy?
On average it takes us about 2 months to place a tenant. We’d rather place quality tenants than have to deal with evictions and other tenant issues, so our timeline might be a bit longer. The result, however, is less trouble for everyone.
How long do your placed tenants normally stay?
Our average tenant placement lasts 2 years. We have some who’ve been placed for over 5 years.
Do you renew tenant’s leases or let them go month-to-month? Is there a charge for renewing leases?
We renew our tenant leases, but are also willing to do month-to-month if the owner wishes. There is a $60 charge for renewing leases.
Do you charge for evictions? What is the average cost? How long do evictions typically take?
We do charge the lawyer’s fees, which is a flat rate $400 fee. Evictions can take up to 3 months. We’ve had 1 eviction in the last 5 years, which took us 2 months.
If a unit is empty, do you charge a monthly fee?
We don’t charge for empty units. Our success depends on yours, so we only want to be paid when you’re making money.
How often do you inspect properties?
After placing a tenant we’ll be back for an inspection within 1 month to see how things are going. If that goes well, we’ll check back in another 3 months. If the second inspection also goes well, then we’ll inspect the property every 6 months once we’ve established trust in the tenant.
Do your contractors/handymen give you an update if anything unusual is going on in a property when they’re on a service call (do they do mini-inspections)?
Absolutely, and we also have them take before and after pictures of the work. We verify the job ourselves before payment to the contractor.
Do you require your contractors/vendors to be licensed, bonded or insured?
We require all 3.