Bobbie Morgenstern Real Estate

Residential Property Management & Real Estate Sales

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Please consider working with us if you or your clients need hands-on Residential Property Management.  Our experience goes back about 30 years, when we began purchasing small apartment buildings in Scottsdale.  We manage other people's properties as if they were our own and we are a bi-lingual mother-daughter team employing a few other Realtors.  Please call and we’d be happy to answer any questions and forward a copy of our standard management agreement.

We are based in Scottsdale and work primarily in Scottsdale and Central Phoenix.  We manage approximately 250 units for 48 owners, including single family homes, condos, furnished dwellings, and multi-family apartment buildings, which is our niche.

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Key ways that we are different from other management companies:

  1. We don’t make money unless you make money!  Our management fee is a percentage of the rent collected and we charge a leasing fee for new tenants.
  2. Extremely low vacancy rate of 3% vs. 10% industry norm – this brings more to your bottom line!  (An extra month’s rent more than compensates for any differences there might be in fees.)  We believe in personal contact with tenants and owners.  We do our own leasing and screening of prospective tenants.  Tenants are given a repair request form each month along with an envelope to mail the rent.  This alerts us to the need for repairs and gives us a chance to resolve maintenance issues promptly, before problems become more serious and result in a tenant’s desire to move out.
  3. No Renewal Fee Charges – many management companies charge you a renewal fee every year that tenants stay. We don’t.  You’ll only ever pay 1 leasing charge per tenant and many of our tenants stay for years.
  4. No Start Up Charges  - We don’t ask you for any money up-front. (provided the rental is move-in ready).  After we rent your property the first time, we open a trust account for you and hold the tenant’s deposits, and a few hundred dollars to pay for future repairs, deduct our fees and send you monthly financial reports.
  5. No Advertising Fees, Postage Fees, Sign Fees etc.– These are all included!
  6. Ethics regarding Leases – Department of Real Estate regulations state that even if a tenant moves out after only 1 month, the brokerage is entitled to keep the leasing fee you paid.  Although it is not required, when a tenant moves out without fulfilling their lease our general practice is to replace the tenant and pro-rate the leasing fee for the replacement tenant…just because “it is the right thing to do”!
  7. Ethics regarding Sales – Our Management Contracts stipulate that owners who are referred to us by sales agents will be referred back to their agents when it becomes time to buy or sell.
  8. Your own Bank Account – Many of our clients chose us after being concerned because their previous company couldn’t account for their money reasonably.  We maintain separate trust accounts for each of our clients to alleviate any possibility of mixing other people’s money or bills with yours!  Yes, this means we incur more bookkeeping expenses and have to balance almost 50 accounts monthly…but it’s worth it!  We use industry specific software (Tenant Pro) and provide you with monthly statements showing every dime that went in and out of your account.  Tax time will be a breeze for you because we send an annual summary with the precise information you and your accountant need.
  9. Repairs and Repair Bills – We don’t Mark-Up Repair Bills.  We’ve been shocked to learn that so many companies mark up their repair bills!  They frequently do this by stating they have their own repair company (ie: Jo Plumber gives them a bill for $40 and they put it on their invoice as “Our Repair Company” for $65).  We do not believe that is ethical.  We have a few repairmen who work for us frequently and their charges are lower than contractor rates.  You pay exactly what they charge.  When repairs are serious and require licensed contractors, we get quotes and call you with the information so you can make an informed decision about your property.
  10. <!--[endif]-->No “Push 1, Push 2”…Voice Mail! – Everybody is given our cell phone numbers and we answer them ourselves absolutely as much as possible!  We find it odd that our competition is so reluctant to do this.  We retrieve messages multiple times throughout the day and return calls quickly.  Beyond being more pleasant, it means prospective tenants get information about our vacancies in a more timely manner, helping us achieve fantastic occupancy rates!

Please feel free to contact us to ask for references.

We look forward to speaking with you in more detail!  Thank you for considering us for your Property Management needs.


 Bobbie (602) 920-6863     Pam (602) 361-7058