Property management fees in Florida range between 8% and 12% of the gross monthly rental income. The amount a company charges depends on various factors, but in general terms, it lies somewhere in that range. It’s rare for companies to charge on a flat fee basis. (1)
Here are four factors that influence the average free rental property management companies charge in Florida.
Location Of The Property
Locations affect the average fee a property management company will charge you. If your rental property is in an expensive neighborhood, it requires more work to maintain its high standards. Naturally, this will result in a higher management fee on your end.
Another property in a busy business street will have higher maintenance costs, requiring constant cleaning and repair services. The logic here is the same: the higher the demand for maintenance services, the higher the management fee you will pay.
Type Of Your Rental Property
Property management fees are not a one-size-fits-all for all kinds of properties. They vary depending on the type of property. Some are more challenging to manage than others, and you can expect to be charged differently.
For example, if you own condos with minimal outdoor space, you can expect a lower fee than someone else who owns rental single-family homes. The reason is that the former requires less attention and care than the latter. Here are other types of properties that attract different management fees in Florida
- Single-family homes
- Commercial properties
- Vacation rentals
Condition Of the Property
How old is your property? What is its current state? These and other factors will determine the average fee a property manager charges you.
If you have a newer rental property, you will pay less than someone with an old one. The new one requires minimal maintenance and repairs besides regular checkups and cleaning. On the other hand, an old apartment requires constant attention with routine repairs ranging from plumbing to electricity. Naturally, it will attract a higher fee.
The Size Of Your Rental Property
A large property with multiple units requires extra personnel to manage and resources. If it’s a commercial building, it will need more security and cleaning staff. All this translates to higher management fees. On the other hand, if you have a smaller rental property with fewer amenities, your property management company will charge less fee.
Is Property Management Fee Worth It?
Absolutely! Managing a rental property is tiresome. It requires so much daily input that it turns into a day job. You also have to be available to your clients at all times. If you have other commitments, hiring a professional property manager is your best choice.
At Bridlewood Real Estate, we ensure you get value for your money. We manage all aspects of your property, from getting new tenants and collecting rent to maintaining it and offering emergency services. We proudly serve Clermont, Mount Dora, Minneola, Groveland, and Orlando with our industry-leading quality and service. Contact us today to learn more about our property management services in Florida.
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