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Last weekend I was out of town, enjoying my family in California, when I got a call from the sweet, darling lady who lives in one of my rental properties. She needed an electrician. At 6 p.m. On a Saturday night.
If you have rental properties, you know this story. Hire a manager, people say, and let them take care of the 6 p.m. Saturday night electrician call. But to do that, you often have to pay a management company a hefty fee.
Not anymore! REAP Management is an exciting new property management company that charges a flat-rate fee of only $125 a month per property regardless of size or rental rate. Their team has years of experience working with investors and renters providing personal management services in combination with a hassle-free process.
Yes, you read that correctly. $125 per property regardless of size. House, townhome, condo. Most management companies charge 10-20 percent of the monthly rental fee, or sometimes a whole month of rent. REAP (or Real Estate Asset Property Management) is a transaction-based property management company now transferring the uniquely dynamic culture of JP & Associates Realtors into the rental management market.
Of course, I was thinking the same thing you are, noodling my brain over just how they could accomplish this for a flat fee as I scrambled to sign up.
“We are using a purely online and secure management system,” says Naddia Morales, President and Senior Property Manager with REAP. “Being online-based saves a lot of overhead. Then we transfer that savings to our property owners.”
No checks are sitting around waiting to be printed, cut, signed and mailed. Owners work through the REAPM.com portal where they can track all expenses and rents and even pull full reports come tax time. All rents are deposited electronically in the landlord’s bank accounts.
“We take over from the application onward,” says Naddia. “We evaluate the tenant for criminal records and and do a background check. Of course the property owner still has full veto power over all applicants, and can be as involved in the process as they like.”
REAP Management also keeps up to date on Texas property laws and the ever-changing codes.
Once the tenant is approved, REAP prepares the lease and does a final walk-through. Anything the property needs can be noted to the landlord for repairs, and REAP can even handle them. Invoices for repairs are paid out of the rent.
“This is a great option for the solo investor or even a larger real estate investment firm,” says Naddia. “The investor can utilize the online service portal to collect rents for a very low fee.”
While the new management company is servicing all the D/FW market, the company will be up and running with out-of-state clients in the near future.
What makes REAP a success that stays true to its name of REAL ESTATE ASSET Property Management?
They have some of the best agents in DFW to help price, evaluate and market the property to the best tenants and network or REALTORS and clients in DFW via the MLS and internet.
“We work very closely with some of the best contractors and service providers to ensure our investors and property owners real estate assets are constantly being protected,” says Naddia. “We do our part in protecting their equity and investment.”
Sounds like every real estate investors dream.
“We even send tenants an official notice of property management,” says Naddia. “We aim to take the headaches out of property management, do it for as little as possible for our property owners, and offer the best possible service.”
REAP is finally combining technology to reduce costs and increase efficiencies to home owners and real estate investors by bringing property management to a new modern standard.
