As a rental property owner, you know that it is crucial to keep costs down. Professional Meridian 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 vary, so it’s crucial to locate a company that extends high-quality service and competitive rates. Let us discuss the circumstances affecting how much you should pay for property management and tips to get the one that works best for you.
What fees are included in your property management agreement?
Even though 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. Although commonly, 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 situated in a major city, you can therefore expect to shell out money because of their higher management fees than if it were located in a smaller town. This is because managing a property in a big city will take more time and effort than managing a property in a smaller town.
- Services Offered. Some companies extend 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 have someone in mind who is perfectly content with their property management company, they’ll be more than happy to give you the name of their company.
As soon as you have a few companies in mind, make sure to check their online reviews. This will give you a better understanding of the quality of each company’s services.
Contact your top picks and note how they handle calls and questions. Working with a property management company is an essential partnership, and it’s important to find one that prioritizes good communication.
Remember to compare rates and services between different companies. While doing so, be careful not to compare like to like. For example, one company may charge less, but also offer fewer services. The concept is to find a competitively priced property management company that is a good value for your money.
By following these suggestions, you can find a property management company that offers quality services at a competitive price. With the assistance of a good Meridian property management company, you can keep your costs down and maximize your rental income!
At Real Property Management Boise, we offer quality services specific to your needs. Contact us online today to learn more or get a quote!
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