Our topic today is the fees and services that you can typically expect to hear a property manager talk about when you are interviewing him or her. There are two kinds of fees that are the most common when it comes to property management and those are the lease up fee and the ongoing maintenance fee. Property managers have different ways of charging for these.
The fee associated with finding the tenant would be referred to as a lease up fee. This usually covers the cost of advertising your property, showing it to potential applicants and then screening tenants and overseeing the lease signing. The fee for this service can range from a flat fee that is charged when a tenant is moved in to a percentage of the first month’s rent.
Then there is a fee for the ongoing management of the property. This usually includes rent collection, inspections and handling repairs or maintenance issues as they occur. Again, that fee is typically charged either as a flat fee to the landlord or as a percentage of the monthly rents that the property manager collects on the owner’s behalf.
Fees are important to talk about when you are trying to decide on a property manager, but this topic should not be your primary source when it comes to choosing a professional who will manage your property. You have to remember that the fees will be directly related to the services you receive and the quality of those services provided by the property manager. You want to keep in mind that you are turning over your most valuable asset to this company for professional management. So, you want to look at the whole picture when making your decision. Take the time to research the company’s reputation, get to know the quality of the overall services that are provided and figure out if you are really getting what you are paying for when you are making this decision. Simply looking at what they are charging will limit your ability to make an educated decision when it comes to choosing a professional property manager. What you get for the money is extremely important.
I hope this information has been helpful to you, especially if you are trying to decide which property manager to use and how to understand the fees and services. If we can be of assistance or you have any questions, please contact us at Real Estate Eight Three One.
