As a rental property owner, you already know how important it is to keep costs down. Professional Warrick property management can help you control costs and optimize your rental income. You may ask, how much should you be paying for property management? Property management firms and fees can change significantly, so it is important to locate a company that offers quality services and competitive rates. Let’s talk about the considerations affecting how much you should pay for property management and tips to locate the one that works best for you.
What fees are included in your property management agreement?
While no two property management companies and fee schedules are exactly alike, on average, most single-family rental property owners pay around 8 – 12% of the monthly rental value of the property for property management services. While some companies prefer to charge a flat rate, others calculate their services as a percentage of the rent. Typically, this rate does not include extra expenses, such as repairs, lease violations, evictions, and late payment fees.
What factors influence that cost?
- Property Location. If your property is located in a major city, you can expect to pay higher management fees than if it were located in a smaller town. This is because managing a property in a big city requires more time and effort than managing a property in a smaller town.
- Services Offered. Some companies offer basic services such as rent collection and maintenance, whereas others offer more comprehensive services such as marketing and leasing. The more services you need, the higher your management fees will be.
How can I find quality property management services?
Start by asking for recommendations from friends, family, and fellow landlords. If you know somebody who is delighted with their property management company, they’ll be more than happy to give you the name of their company.
Once you have a few companies in mind, check out online reviews. This will give you a good idea of the quality of each company’s services.
Check with your top picks and note how they handle calls and questions. Working with a property management company is an important partnership, and it’s important to find one that prioritizes good communication.
Don’t forget to compare rates and services between different companies. As you do so, be careful to compare like to like. For instance, one company may charge less, but also offer fewer services. The idea is to find a competitively priced property management company that is a good value for your money.
By applying these tips, you can find a property management company that offers quality services at a competitive price. Thanks to the help of a good Warrick property management company, you can hold costs down and maximize your rental income!
At Real Property Management Results, we extend quality services specific to your needs. Contact us online today to learn more or get a quote!
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