What to Expect & Overall Fees
With Ohio Elite Management (OEM), you receive transparent pricing and a fee structure that's beneficial to you and your investment.
Property Reserves & Repairs
Each property will maintain a property reserve of $300.
Any routine repair under $250 will not require owner approval.
Reafco Ohio Elite Management will perform repairs needed to resolve emergency issues (fire, flood, blood, or security of the property) and will not require prior owner approval.
Owner Disbursements
Owners can expect disbursement of funds on the 26th of each month.
Owners will be paid the rent amount less any fees, such as property management fees and repairs for that month.
Owners will be paid by via ACH transfer.
One-Time Unit Set Up Fee Per Property
This fee is $50 for the first unit and an additional $25 per unit at that property.
The set up fee includes:
Delivering notices to tenants about new management
Getting tenants set up with their online portal
Walking each unit to document the location of the electrical breakers and water shut-off valves (TBD)
Example
1 SFH = $50 set up fee
1 duplex = $75 set up fee
1 triplex = $100 set up fee
1 quadplex = $125 set up fee
Monthly Management Fee
We charge the greater of 9% of gross rents or $75 per month per unit.
Examples
A: If your monthly rent for a unit is $500, since 9% is $45, you will be charged a minimum of $75 as a monthly management fee.
B: If your monthly rent for a unit is $1,200, you will be charged $108 (9%) as a monthly management fee.
Late Fees
We keep all late fees.
When a tenant doesn't pay, we spend time working with the tenant to see if we can get them funding from either government rent assistance programs or community groups.
Leasing Fee
We charge 1 month's rent for leasing a vacant unit and a $150 flat fee for lease renewals.
Leasing services for Ohio Elite Management (OEM) include:
Taking pictures of the property.
Pre-approval of tenants before showing.
Showing of the property to pre-approved tenants.
Handling applications.
Assembling qualified tenants files for owner selection.
Owners have final approval on the lease details (including renewals).
Vendor Mark Up Fee
We mark up any invoices from third party vendors by 10%.
- Vendors consist of contractors, lawyers, and anyone else who does work for the owner.
- Example: If a plumber is hired by Reafco Ohio Elite Management to fix a leak and the plumber invoices $120, the owner will be charged $120 + $12 charge (10%) = $132.
Lock Upgrade Fee
- All properties under management will require:
- Electronic Keyless Deadbolt Smartkey Locks on the front door and Deadbolt Smartkey Locks on the back door. (See list of materials below.)
- Pricing
- The materials for this upgrade will be given at cost. Approximately $188 + tax at the time of writing.
- Labor will be $100 subject to more if the doors don’t align. The doors need to be able to perfectly lock. These upgrades are required and tenants tend to be very happy with this upgrade.
[Optional] Furnace Filter Replacement Fee
- This is optional but highly recommended.
HVAC professionals recommend changing furnace filters quarterly to extend a furnace's life. This can also serve as a quarterly inspection for your unit(s).
Labor is $25 for the first unit at a property plus $10 for each additional unit at the property.
- The materials for this upgrade will be given at cost. Approximately $188 + tax at the time of writing.
- Labor will be $100 subject to more if the doors don’t align. The doors need to be able to perfectly lock. These upgrades are required and tenants tend to be very happy with this upgrade.
[As Needed] Renter's Liability to Landlord Insurance
[As Needed] Renter's Liability to Landlord Insurance
This applies to when leases require residents to carry liability insurance ($100,000) for damage to the landlord's property during the term of their lease.
All tenant's placed by Reafco will use Reafco's standard lease, which requires this insurance.
Tenant will have the option to provide their own insurance. If the tenant fails to provide their own insurance, We will automatically enroll the tenant for Landlord Liability Insurance and add a monthly fee of $12.50 to be paid by the tenant. Please Click Here for more information.
- In the case the tenant DOES NOT pay their total monthly dues, the owner will be charged $12.50 a month to cover the Liability to Landlord Insurance and will be reimbursed by the tenant once tenant dues are received.
Clarifications:
It is $12.50 per unit / NOT per individual tenant.
The unit is what is covered, not the tenant or their belongings.
