Comprehensive Property Management Solutions
Management. Maintenance. Cleaning. Inspections
We Manage Your Investment Properties so You Don’t Have to Worry About a Thing!
Successful property management works when a dedicated level of service matches the client’s needs and goals. We provide a higher level of service so you can get a higher level of results. Above all, we care about quality and satisfied property owners and tenants.
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Rent Collection
Collecting rent is easy if you have the perfect resident who pays on time! But what if they don’t? Having someone in your corner who knows resident law and the proper notices to send is critical!
If a resident has gone beyond the grace period of the lease we provide them with a late rent notice, where we collect the appropriate late fees along with the normal rent amount. Worse case, if we have a resident that does stop paying rent, we will assist in the eviction process and re-renting the property quickly.
We make paying rent easy for residents with the online resident portal that can be accessed 24/7. We encourage residents to pay online, which means we can pay you out faster.
Rent is due on the 1st day of each month.
We offer our residents a grace-period until the 5th day of the month.
If rent is not received by the 5th day of the month we initiate our internal collection process.
We have the state-required legal 5-day demand notice prepared on your behalf.
We continue to follow up with the resident during this 5-day waiting period.
If we have not received the funds due at the end of this 5-day period we will initiate the legal eviction process with our eviction attorney. We handle the entire eviction process on your behalf.
Although it is very rare, if necessary we will take the legal process all the way to the end by performing a physical eviction at the property with the local county sheriff.
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Residential Property Management
Having a successful rental property requires a lot of time, effort, experience and knowledge. Let us save you that time, effort and frustration that comes with gaining that experience. As a full service Richmond property management company, our team is responsible for taking care of all aspects of managing your rental(s).
We will improve your investment experience by:
Exercising effective marketing
Utilizing intensive screening
Collecting security deposits and monthly rent
Facilitating late fees, notices, and court filing when necessary
Implementing preventative inspections and requested maintenance services
Creating/sharing yearly reports for your records
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Commercial Property Management
We Build Value by Protecting Your Investment
Successful commercial property management goes well beyond everyday tasks like collecting rent and building repairs. That’s why we offer a comprehensive suite of services to Richmond-area owners and investors:
Property Maintenance And Compliance
Retail Vacancy Marketing
Resident Placement
Rent Collection
Accounting and Reporting
On-Call Property Managers
Web-based Portals For Property Owners And Tenants
What We Do as Your Residential, Multi-Family
or
Commercial Property Manager
We Eliminate the Stress of Property Ownership
1. A competitive monthly management fee, which can vary drastically. We have some owners who pay 3% and other owners who pay 10%. The monthly management fee depends on the number of units you have with Bay Property Management Group, the location of the property, and the expected rental amount on a monthly basis. Typically our management fee falls between 5-8%.
2. We charge one month’s rent to lease a vacant unit. This fee is only charged once the tenant moves into the property. We do NOT charge this fee upfront.
3. Our lease renewal fee typically ranges from $299 to 25% of one month’s rent, depending on the state and jurisdiction
4. To get started with our property management services, we charge a one-time onboarding fee of $299. This fee covers the setup of your account, initial property assessments, and the coordination of any necessary paperwork or service arrangements. It’s a small investment to ensure a smooth and efficient start to managing your property!
*some locations charge $199 to obtain or renew a rental license or U&O permit*
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Our main goal is to maximize your commercial property’s net operating income, so we monitor current market conditions to ensure maximum earning potential, cash flow and value.
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We utilize state-of-the-art, online management software to oversee every aspect of your building’s operation, and with our owner portal, you’ll have real-time access to your information 24/7.
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We will send you comprehensive financial reports on a monthly basis with detailed information, as well as an explanation of any budget variances.
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Our work order system allows tenants to generate and track requests online and allows us to monitor work orders to ensure they are completed in a timely manner.
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Resident retention is critical to the success of your investment. We not only ensure you have the best tenant, but work tirelessly to ensure they receive the best customer service to stay long-term.
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Our ability to mentor our clients sets us apart from the rest. With a proven track-record in the Richmond market, we are uniquely qualified to help you navigate the complexities of an ever-changing market.
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Our management services include:
Triplex
Fourplex
Townhouse
Apartments
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Our Maintenance Process
We streamline the maintenance experience for you and your tenants. We do this by providing a space for the tenant to log into our online portal to describe their maintenance request so we can diagnose the issue, and get one of our trained technicians to the property right away.
Our Qualified Preservation Teams
We have curated a list of qualified pros and specialists to help keep your property looking great.
When something goes wrong, we don’t cut corners. Your property is a big investment and we treat it as such.
Our team will ensure your tenants are cared for by our experts and that your property stays profitable no matter what happens.
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These services can include:
Repairs
Property repairs can help you sell or rent your property for a higher price.
Trash removal
Junk and debris removal can help ensure your property is not damaged during the process.
Remodeling
Remodeling can help you bring your property up to current market standards.
Bid service
Bid services can help you manage bids for outsourced services.
Property preservation
Property preservation can help ensure that hazardous materials have been removed from the property.
Remediation services
Remediation services can help with fire or water damage, mold, or asbestos removal.
Pre-market cleaning
Pre-market cleaning can help ensure your property is ready to show potential buyers and renters.
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1. Expert Tenant Screening
Our comprehensive tenant screening process ensures you get quality renters. We consider credit history, rental history, and background checks and much more. Gain peace of mind by utilizing the powerful tools and resources available Klenwise Management to screen your tenants. By securing reliable tenants, you reduce risks of missed rent payments and property damage.
2. Time-Saving
On average, landlords spend 20-30 hours marketing a property, scheduling and conducting viewings, and processing applications. Our 'Lease Only' service handles all of these tasks, freeing up your time for other pursuits or properties. We have consistent processes and policies, and are equipped with in-house customer service centers and online showing scheduling more so that prospects are receiving a high level of attention and care.
3. Professional Marketing
According to a 2019 study by the National Association of Realtors, over 93% of renters use online websites to find their next rental property. We utilize cutting-edge marketing strategies and platforms to advertise your property to the widest audience possible. This not only fills vacancies quicker but often secures a higher rental rate.
4. Legal Compliance and Documentation
The average eviction, if mishandled, can cost a landlord between $3,500 to $10,000 in court costs and legal fees (source: TransUnion). With our expertise in the ever-changing landlord-tenant laws, we consistently work with local Landlord attorneys to ensure all lease documents are compliant.
5. Competitive Rent Pricing
Setting the right rent price can increase your yearly revenue. Undervaluing or overvaluing can lead to longer vacancies or tenant turnover. Our local property management team conducts thorough market analysis to set competitive rent prices, ensuring maximum return on your investment.
6. Streamlined Process with Technology
According to a 2018 Buildium study, over 72% of renters expect a digital application process. We provide an efficient online application and lease signing process, meeting and exceeding the expectations of modern renters while speeding up the leasing process.
7. Personal Touch with Local Expertise
Being based in Richmond with a sole focus on property management services, we have an in-depth understanding of the local market and neighborhood nuances. This local insight ensures your property is presented in the best light to the right audience.
BONUS: You’ll have an existing relationship with Klenwise Management. Our team will be available after leasing should you need additional assistance as a Landlord.
While we recommend contacting our team 60-days or more before the rental availability date, we can typically get a unit listed for rent (to include getting professional photographs) and begin to schedule showings within 5-7 business days of signing a Lease-Only agreement.
With Klenwise Management's Lease-Only product, Landlords enjoy the benefits of professional management during the most critical phase – securing a qualified tenant. Let us handle the intricacies of leasing while you enjoy the benefits of your investment.