Property Management FAQs
Local Professional Advice
This property management FAQ answers the questions Collegeville-area property owners and landlords ask most before hiring a property manager — how our fees work, when and how you get paid, how we market and screen tenants, how maintenance and inspections are handled, what onboarding looks like, and why our management agreement is month-to-month with no cancellation penalty. If we haven't answered your question here, call (484) 222-0495 or email manager@firstlockpm.com and a member of our team will help.
Property Management Services
What does a property management company actually do?
We handle the full lifecycle of your rental so you don't have to. That includes pricing your property with a custom rental market analysis, make-ready project management, professional marketing and photography, showings backed by a live agent phone service, a 12-point applicant screening process, lease preparation and signing, move-in documentation and coordination, rent collection, 24/7 maintenance coordination, lease enforcement, annual inspections, eviction services when needed, HOA administration, security deposit disposition at move-out, and complete financial reporting. Throughout all of it you have one Executive Property Manager as your single point of contact.
What areas do you serve?
First Lock is based in Collegeville, PA and manages residential and commercial rental properties throughout Montgomery County and the surrounding area. If you're not sure whether your property falls within our service area, reach out and we'll confirm.
Do you manage both residential and commercial properties?
Yes. We manage single-family homes, multi-unit residential buildings, and commercial properties. Because no two owners have the same goals, we build an individual management plan around your portfolio rather than forcing every property into the same package.
Fees & Pricing
How do your property management fees work?
We keep pricing simple and transparent, with no hidden fees. Full-service management starts at 8% of collected rent plus a leasing fee when we place a tenant. Lease-only service is 100% of one month rent with no ongoing monthly fee.
When do you charge the monthly management fee?
Only when we successfully collect your rent. If the rent doesn't come in, you don't pay a management fee that month. That's our Management Fee Guarantee, and it keeps our incentives aligned with yours — we get paid when you get paid.
What is the leasing (tenant placement) fee?
For full-service clients, the leasing fee is 50% of one month's rent, and you don't pay it until there is a signed lease and the tenant has paid — our Leasing Fee Guarantee. For lease-only clients, the fee is 100% of one month's rent, charged at completion. By comparison, many companies charge an up-front leasing fee of 50% or more before a tenant is ever in place.
Are there any hidden fees?
No. The main charges are the monthly management fee (from 8% of collected rent), the leasing fee when we place a tenant, a 10% coordination fee on maintenance we manage, a $250 lease renewal fee when an existing tenant renews, and an optional premium marketing package at $250. We walk you through every line in your proposal up front, so there are no surprises on your statement.
How does your pricing compare to other property managers?
Industry pricing often means a flat management fee of up to 15% charged whether or not rent is collected, plus a 50%-or-more leasing fee billed up front. We start at 8% of collected rent, charged only when rent actually comes in, and we tie the leasing fee to a signed, paid lease. The most expensive mistake a real estate investor can make is hiring a cheap manager who costs far more in vacancy, bad tenants, and deferred maintenance — our pricing is built to protect the investment, not just win on sticker price.
Owner Payouts & Accounting
When and how do I get paid?
We deposit your tenant's rent directly into your bank account by ACH by the 20th of each month — our Rent Deposit Guarantee. No waiting on a paper check in the mail.
How do I see my income, expenses, and statements?
Every owner gets a secure online portal with 24/7 access to monthly statements, inspection reports, copies of invoices, year-end tax reporting, and full rental history. You can review everything with a click instead of having to request it.
Will you handle bill pay and year-end tax documents?
Yes. Full-service management includes bill pay and utility administration, and we provide year-end tax reporting so your accountant has what they need at tax time.
Tenant Placement & Screening
How do you market my property, and how fast will it rent?
We price the property with a comparative market analysis, prepare it to rent-ready standard, and market it with professional photos, a video walk-through tour, and listings across the major rental sites — all backed by a live agent phone service so prospects reach a real person. Time-to-lease depends on price, condition, and season, but accurate pricing and strong presentation are what fill a vacancy quickly. You can see our full leasing process on our Leasing and Property Marketing pages.
How do you screen tenants?
Every applicant goes through our 12-point applicant screening process, which includes background checks, credit checks, employment and income verification, and rental history. We also offer pet screening. The goal is simple: place qualified, reliable residents who pay on time and take care of your property.
What happens if the tenant you place doesn't work out?
If we place a tenant and they break their lease within the first 12 months, we'll find a replacement at no additional leasing cost to you. That's our Tenant Placement Guarantee.
Maintenance & Inspections
How is maintenance handled?
We monitor maintenance 24/7 and coordinate repairs through a network of pre-screened vendors, with cost-control protocols in place. After a repair, we follow up with the resident to confirm the work was done correctly. Maintenance we coordinate carries a 10% coordination fee.
Do I have to approve repairs, or can you just handle them?
You set the rules. We typically establish a spending threshold in your management agreement: routine repairs under that amount we handle right away so small issues don't become expensive ones, and anything above it we bring to you for approval first. The exception is a genuine emergency that threatens safety or the property, which we act on immediately. Your preferences are written into your custom plan.
Do you inspect the property?
Yes. We perform periodic exterior inspections plus at least one full interior inspection every year, documented with checklists and photos that you can view in your owner portal.
Rent Collection, Late Rent & Eviction
How do you collect rent?
Tenants pay through their own secure online portal, which makes on-time payment easy and gives us clean records. We handle collection, follow-up, and enforcement, so you're never the one chasing a payment.
What happens if a tenant stops paying or has to be evicted?
We enforce the lease in full compliance with Pennsylvania's habitability, application-screening, and right-to-cure laws, and we manage the eviction process and court coordination if it comes to that. Eviction services are part of full-service management.
Getting Started & Onboarding
How do I get started with First Lock?
It starts with a short interview so we understand your goals and which services you need. We then present a written, custom management plan over Zoom or in person. If it's a fit, we move forward with a signed management agreement. We take the time to build the plan around your portfolio because no two owners have the same needs.
What do you need from me to begin managing my property?
Three things to start: a signed management agreement with your intake documents completed, copies of keys for all units, and copies of your business and rental licenses for each property. If the property is already occupied, we'll also collect the current lease, rent due dates, and proof of renters' liability insurance.
Can you take over a property that already has tenants in it?
Yes. For occupied properties we collect the existing lease and intake forms, confirm that requirements like renters' liability insurance and rent due dates are in place, and transition the tenant onto our portal and processes with minimal disruption.
Owner Responsibilities & Rent-Ready Standards
What are my responsibilities as the owner?
Keep the property safe, habitable, and properly insured; fund approved repairs and make-ready work; and maintain the required licenses. The day-to-day operations — leasing, rent, maintenance coordination, communication, and reporting — are ours. We'll make it clear exactly what's yours and what's ours before you sign.
What does it take to get my property rent-ready?
A rent-ready property is professionally cleaned to a hotel-room standard, freshly painted corner-to-corner with no mismatched touch-ups, and cleared of all personal property, with working appliances and mechanicals (HVAC, plumbing, and electrical), fresh caulking, smoothly functioning doors, windows, and locks, and blinds on bedroom windows. It also needs the required safety devices: a smoke detector on every floor and in every bedroom, plus wall-mounted carbon-monoxide detectors within 15 feet of each bedroom. If your property isn't there yet, our make-ready project management can get it ready for you.
Contracts & Cancellation
How long is your management contract?
There's no long-term lock-in. We offer what we believe is the only month-to-month management agreement in Pennsylvania, because we think we should earn your business every month rather than trap you in a multi-year contract.
Can I cancel, and are there cancellation fees?
Yes, you can cancel, and there are no termination fees or penalties. Our Contract Guarantee means you stay because the service is worth it, not because a contract forces you to.
What guarantees do you stand behind?
Our owner guarantees include a month-to-month contract with no termination fees, a 12-month tenant placement guarantee, rent deposited by the 20th of each month, a management fee charged only when rent is collected, a leasing fee charged only on a signed and paid lease, one direct point of contact with a 24-business-hour response time, and full legal compliance. You can see the complete list on our Owner Guarantees page.