When you own several properties, it can be incredibly time-consuming to take care of everything that goes along with being a landlord. From property maintenance to handling incoming calls from tenants and showing empty units, your time can be incredibly limited. This is the primary reason why most landlords choose to bring in a property management service to help. If you are concerned about hiring property management services because of unfamiliarity with pricing, you probably want to know more. Here is a look at some of the ways a property management service determines how much they will charge for their service package.
How many properties do you have to be handled by the service?
Naturally, multiple properties mean handling multiple tenants, which is going to mean higher costs for property management services provided. Most property management services will ask how many properties or units you have right up front because this is an important factor in determining costs. If you have apartment complexes instead of single-family units, your costs may be a little lower, since single-family units tend to require a little more ongoing maintenance.
What parts of property management do you want to be handled on your behalf?
Most property management services have a full list of services you can pick and choose from to create your own plan. Some of them will charge so much for specific service offerings, but a lot of times, service offerings will be bundled together for one lump-sum price. Some of the services that may be a little more costly would include things like property maintenance and handling incoming property maintenance calls or cleaning vacated units. You can expect services like accounting, marketing empty units, and handling evictions to likely be conservatively priced.
Are all your units within a focused area?
If you have rental units scattered all around, you are more likely going to see a higher charge for property management services. Handling units in various locations can be a lot more challenging than handling houses all within one city or one area. This is especially true when it comes to things like handling property maintenance calls or going to the units to collect rent or show an empty unit.
At the end of the day, property management services are well worth what they charge, and the more you understand costs, the easier it is to get comfortable with the idea of bringing them in to help. Reach out to your local property managing services for more information.Share