How Much Does A Property Manager Cost?
How much does a property manager cost? If you find it hard to manage your rental properties and take all the responsibilities that come with it, hiring property managers might be your best solution. Not only they are trained in the field but they will also help increase the profitability of your properties in the long run.
When choosing to hire a property manager, the first question you would probably ask is that, “How much does a property manager cost?”, this, however, will always vary and depend on a lot of factors.
Property Management Cost Arrangement
Proper management requires continual attention and around-the-clock availability. The management fees will vary based on the arrangement between the property manager or the property management firm and the landlord. They can either charge a flat fee, a percentage fee, or a one-time flat fee followed by percentage fees. This will also be different following various real estate rules per state.
Some property management companies charge a one-time leasing fee if it is included in the contract and a monthly fee for everything else. In Florida for example, the fee for finding tenants is different from maintaining the property and collecting rent. In general, you may pay about 8 to 10% of your monthly rental income to cover the cost of the property management fees. Property managers may also charge a separate amount for tenant evictions.
Factors Affecting Property Management Cost
Below are other factors that affect the cost of property management.
Size of the property for rent. Managing a larger property with many units available for rent requires more work so management fees are generally higher.
Type of rental property. The fees will also depend on the type of rental properties. A fee for residential home management for example is generally lower than managing a large commercial complex.
Property condition. New properties are easier to manage since they are predictable and can easily attract tenants. Older properties, however, often come with a lot of challenges, particularly about their condition. Repair and maintenance should be given priority when managing older properties.
Location of rental property. Property managers may charge more for located in urban or high traffic areas than in areas with lesser traffic and lower rent.
Services offered. The fees will also depend on the type of services you would require from your property manager. If their only job is to collect rent, the payment will be less compared to those who are handling property maintenance, tenants relation, taxes management, and other administrative tax. Property managers can also charge a separate amount for tenant evictions
Hiring A Property Manager
It might be helpful to get the service of a property manager when you own several properties for rent. Apart from taking daily responsibility and managing other tasks involving rent collection, tenant management, and maintenance, property managers are trained to improve the value of your properties in the long run. If you have properties located in various cities, a property management company can provide you with a team to do the job, helping you save time and save your investment.
Experienced Property Manager in Clermont, FL
How much does a property manager cost? At Bridlewood Real Estate, not only do we provide exceptional property management services from an experienced and reliable team, we also make sure our services are fairly priced at all times. Contact us 352-404-6484 to learn more and to schedule an appointment with an expert.