As a rental property owner, you know that it’s good to keep the costs down. Professional Cedar Park property management may help you cope with 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 greatly, so it is important to find a company that presents excellent services and competitive rates. Let us discuss the circumstances 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?
Even though no two property management companies and fee schedules are exactly alike, on average, nearly all single-family rental property owners pay around 8 – 12% of the monthly rental value of the property for property management services. Although some companies prefer to charge a flat rate, others calculate their services as a percentage of the rent. Normally, 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 large city needs more time and energy than managing a property in a smaller town.
- Services Offered. Some companies offer basic services such as rent collection and maintenance, while 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 anyone happy with their property management company, they’ll be more than happy to give you the name of their company.
When you have some companies in mind, check out online reviews. This will give you a good idea 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 important partnership, and it is 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 example, 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 practicing these tips, you can find a property management company that offers quality services at a competitive price. With the help of a good Cedar Park property management company, you can keep your costs down and maximize your rental income!
At Real Property Management All Connect, we offer quality services specific to your needs. Contact us online today to learn more or get a quote!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
