Services
One mission:
Increase property value, optimize income, provide responsible management.
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.
Modern 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 apartment community.
We can help your property realize its full potential. We provide remodeling & renovation services 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 investment 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.
Leasing & Tenant Management
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 firm.
Commercial Management
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.
PVA Tax Protests
Modern Property offers annual tax protest services on your behalf. In 2011 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.
Accounting with Internal Portal
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.
24/7 In-House Maintenance
Our in-house maintenance 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.
Renovation & Remodeling
Our 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.
Our professionals 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 and more.
Real Estate Sales
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.
Rates
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.
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: Mortgage, Vacancies (loss of rent), Repairs and maintenance, Neighborhood Association dues, Management fee, Taxes, Insurance, Utilities, Advertising.
Experience and professionalism make a difference. General consultation available. We will gladly discuss a custom management plan for your property.
About Us
Company History
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 and 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 upstanding.
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 to relocate raccoons, skunks, and more.
