mission: Increase property value, optimize income, provide responsible
Without sound, hands-on
management, the right property at the right price can still perform
below expectations. We are a full-service management company
providing management, maintenance and accounting services. We
are members of the
Lexington-Bluegrass Association of Realtors, the
Greater Lexington Apartment Association and the
National Apartment Association.
Property Management, Inc.
offers turn-key management of your income-producing
property, including anything from single-family homes to
multi-family apartment complexes, HOAs (Home Owners Associations)
and REO properties. Our management system derives from
processes and procedures developed through the efficient, profitable
management of numerous properties in Fayette County and surrounding
communities. We manage your property as we would our own. We
stand upon our experience and our reputation for straight talk,
honesty and integrity. If you don't stay rented, we don't make
money -- whether we're managing a single-family house or a large
We can help your property
full potential. We provide remodeling &
for properties up to and
including complete multi-family apartment complexes.
Including electrical services, painting & drywall, HVAC services,
carpentry and a lot more, we get
the job done, on budget and on or ahead of schedule. We
do it right or make it right.
We offer sales agent, buyer's agent,
brokerage services, and consulting. Whatever your
strategy, we can work with you to identify likely properties, assess
pros and cons of particular offerings and represent you in your real
estate purchase. When it comes time to sell, we can help you
position the property and locate buyers.
We are licensed
property managers and licensed real estate sales agents.
Our brokerage is a
member of the Lexington-Bluegrass Association of Realtors® and we
are a RealSource™ associate.
Tenant selection is a key
ingredient for the success of any income producing property.
We advertise when needed, and screen prospects for previous rental
history, credit history and criminal history. We lease only to
good tenants who meet your and our criteria. From a tenant
perspective, our management is hands-on, friendly, and fair but
We provide management for
commercial and mixed-use properties.
From office suites to shopping centers, we've got the right set of
tools and experienced personnel to handle commercial property
effectively and efficiently.
Property offers annual tax protest services on your behalf. In
we challenged the taxable values of 35
properties representing 14 clients who requested the service,
and achieved a 100% rate of success.
The 2011 Fayette County Property Value Administration property
value tax appeal hearings were held between May 2 and May 16.
Successful challenges resulted in out-of-pocket tax
reductions totaling $13,200 and an average 14.7 percent
reduction in property values, reflected in the 2011 tax bills.
We help you assess gross
income and expenses, prepare a budget, and compare that budget to
your property's performance on a monthly basis, suggesting and
making changes to improve financial performance (Net Operating
Income and Cap Rate). We issue monthly financial statements,
including a listing of invoices paid. Profit and loss
itemization and rent rolls are included. For your convenience,
financials are available 24/7 via an online Owner's Portal.
team provides top-notch repairs and renovations of your property at
a fraction of the cost of most contractors. If we need
specialist assistance, our associated contractors provide reliable
service at quantity pricing, a savings we pass directly to you. We continually survey your property
for cost-saving preventive maintenance opportunities and offer 24x7
emergency maintenance service. We cover all day-to-day details.
remodeling & renovation services
include electrical services, painting & drywall, HVAC services,
carpentry and a lot more. We have the tools, experience and
credentials to get the job done, from turning a single-family house
to renovating/remodeling a complete multi-family apartment complex.
span the full range of skills needed to get the job done, on or
ahead of schedule. Past projects have taken us
to apartment complexes, homeowners' associations, houses, townhomes,
a community center, the U.S. Marshals' Office in downtown Lexington
We offer sales agent, buyer's agent,
brokerage services and consulting.
Our brokerage is a member of the Lexington-Bluegrass Association of
Realtors® and we are a RealSource™ associate. We know the
Lexington-Fayette County multi-family and single family housing
market well. If you are new to the area or new to buying
investment property or unsure what to look for in your first
house, let us be your guide. We will proudly and knowledgeably
serve as your consultant and/or buyer's agent.
Property management fees
vary with the type, age and location of the property, number of
rentable units and so forth. Our fees are reasonable and
competitive, generally ranging from 8 to 10 percent for smaller
properties and 4 to 5 percent for larger properties with on-site
staff. For managed properties, the initial start-up fee for empty
units varies from one to one-half month's rent, and is negotiable. Ordinary repairs are
pass-through expenses. There is
no renewal fee.
The decisions your property
manager makes has much greater impact on your bottom line than a few
percentage points on the compensation rate. The following list
of expenses represent the bulk of costs associated with owning a
building. The items in italics are those your property manager
can directly influence.
professionalism make a difference. General consultation available. We will
gladly discuss a custom management plan for your property.
Modern Property Management, Inc. was
formed in 2005 using the management structure, operations practices
and contractor base developed to meet the challenges of managing a
portfolio of multi-family properties acquired by MPM's founders
beginning in 2003. Our company stands out because of our
experience and our approach to the property management business. Our select, time-proven contractors represent some of
the best, cost-effective craftspeople in the Lexington-Fayette
County area. Over the years, they have become functional
partners in our business.
Tim Scott, president and
principal broker of Modern Property Management, Inc., acquired his first rental house in
1994. In addition to years of experience in real estate and
property management, he has over 20 years of experience with
service and manufacturing companies of all types and sizes. He
has been general manager of an international product testing/engineering company, an operations
manager and a quality assurance engineer. He has audited quality
assurance/business processes and procedures of over 170 companies
around the world and served as in-house consultant for process
improvement. Mr. Scott knows the value of balancing
cost-effective customer service with solid business practices to
produce maximum yield on investment.
From Leasing to Maintenance, Property
Management to Real Estate, we have professionals with the knowledge
and experience to get the job done right, on or ahead of schedule.
Volunteer & Community Work
As an integral part of our
business, MPM takes an interest in the well-being of any
neighborhood in which we manage property, and as managers we have
the opportunity to help keep communities clean and
MPM's Tim, Jeanne & Nathaniel Scott are avid
animal rescuers, stopping to help dogs, turtles, opossums or anyone
else in need. As managers, we use humane live trapping methods
raccoons, skunks, and more. If we discover an
injured animal, Pennyroyal
Animal Hospital (located off Regency Road in Lexington) usually receives
a visit and a donation.