As professional property managers, we are always talking to people who have questions about hiring a management company, particularly when it comes to fees. We’re talking about some of the things we would look for when hiring a property manager.
Consistent Management Prices
First, I am looking for a consistent fee process when I’m hiring a property manager. As an owner or investor, I want to see the rental or management fee set at a consistent price. I don’t want to be nickeled and dimed every month, and I don’t want to be in the position where I’m not sure what I’ll be charged from one month to the next. Look for a fair, consistent monthly management fee that’s easy to understand.
Understanding Extra Services
Sometimes, property managers will provide services that are outside of the normal scope of your management agreement. That might be something like an eviction. With extra services like evictions, you are also looking for consistency. If the property manager places a tenant who later needs to be evicted, you probably don’t want to be charged for that first eviction. You also don’t want to see extra charges just for placing a new tenant after the old one was evicted. Property managers are responsible for placing qualified tenants who won’t need to be evicted. Look for a flat, consistent charge across the board.
Collecting Late Fees
Finally, when considering property management costs, I also want to see some benefit when the tenant pays rent late. When I don’t get my money due to late rent payments, it costs me. So, I want any late fees collected by the property manager to be shared with me.
If you have any questions about property management costs or how you should balance the cost of professional management against the services you receive, please contact us at Bradstreet Proper.