Key Takeaways
- Property management fees cover services like rent collection, maintenance coordination, tenant placement, and lease preparation.
- Working with a professional property manager saves you time and helps keep your investment in great shape.
- Costs can vary depending on the services you choose, but the value lies in reliable tenants, efficient maintenance, and consistent income.
- Keyrenter Solutions makes property ownership simpler and more rewarding for landlords across Staunton, Waynesboro, and Augusta County.
Owning a rental property takes effort and attention to detail. Between coordinating repairs, finding great tenants, collecting rent, and keeping up with legal requirements, there’s a lot to manage.
The list goes on and on… And this is where a property manager comes in!
A property manager can help handle such issues for you so you can focus on other important things in your life. But this obviously comes at a cost. And that’s why you may be wondering just how much you can expect to pay to work with a property manager.
Luckily for you, this blog by Keyrenter Solutions has you covered. You’ll learn exactly what goes into calculating a property management cost for sound decision-making.
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What Different Fees Do Property Managers Charge Property Owners?
Account Setup Fee
Just as you can tell, the fee goes towards setting up an account with the property manager. It covers things like the paperwork and the related processes that are necessary to open an account with the property manager.
It goes without saying that it is a one-time fee. That said, not all property managers charge it. Some property management companies open accounts with new property owners entirely for free.
Property Management Fee
This is a basic fee that property management companies charge for their services. In turn, the following are the services you could expect to get from the property management company.
Collection of Rent
The property manager will diligently collect rent on time, every month. You could also expect them to enforce any fees for any rent paid late. The property manager will also deposit the collected amounts to your bank account as per the agreement you have with them.
Responding to Repair and Maintenance Requests
From time to time, residents will contact you with requests for repairs or maintenance in their unit. As the landlord, it’s your responsibility to take care of every step, from inspecting the issue and finding the right contractors to ensuring the work is completed properly.
Managing this process requires time, organization, and trusted connections with reliable vendors.
Partnering with a professional property manager can simplify the process. They’ll coordinate repairs, handle communication with tenants, and make sure your investment property stays in excellent condition without adding to your workload.
On-Site Visits for Emergencies
Certain situations can arise that pose an immediate threat to a resident’s health, safety, or the unit’s habitability. These will require you to act swiftly to prevent injury to the resident or extensive damage to the unit.
And emergencies are just that: emergencies. They can occur at any time and without warning. Whether it’s a gas leak, an electrical hazard, a fire outbreak, or a sewer backup, you could count on a property manager to handle it on your behalf.
Drafting of the Lease
A lease agreement is a vital document that defines the relationship between a landlord and a resident. It should clearly outline each party’s rights and responsibilities to prevent confusion or disputes later on.
The agreement must also comply with all federal, state, and local landlord–tenant laws to remain legally enforceable.
For new landlords, creating a detailed and compliant lease can feel overwhelming. Working with an experienced property manager ensures your lease is thorough, legally sound, and tailored to your property, saving you time while helping you start off on the right foot.
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Tenant Placement
This is another important service that typically makes up part of the total property management cost. The leasing fee covers the time and resources spent preparing the unit for new tenants, which may include cleaning, inspections, and professional photos.
It also goes toward marketing the property across multiple platforms to attract qualified renters quickly. In addition, the fee helps cover tenant screening, lease preparation, and move-in coordination. Altogether, this service ensures your rental is filled efficiently with reliable tenants who care for your real estate.
Property Advertising
To fill a vacant unit, you’ll need to advertise it to find a suitable resident. This will involve multiple steps, including making the home rent-ready and listing it on online sites. A good property manager will also help with determining the best rental rate to charge residents.
Tenant Selection
After your rental listing goes live and inquiries start coming in, it’s important to take your time choosing the right tenant. The screening process helps protect your investment and ensures your property is in good hands.
A professional property manager can handle this step for you, reviewing each applicant’s background in detail.
They’ll verify credit history, income, employment stability, and past rental behavior to identify qualified tenants. By relying on their expertise, you can feel confident that your property will be rented to someone responsible and reliable.
Other Property Management Services
The total property management cost will also typically include the following fees.
- Lease signing fees.
- Lease renewal fees.
- Maintenance fees.
- Vacancy fees.
- Annual inspection fees.
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Conclusion
As a landlord, due diligence is essential for success. Luckily for you, now you know what goes into determining the total property management cost when hiring a property manager.
Keyrenter Solutions is a top-notch choice for property management services in Staunton, Waynesboro, and Augusta County, VA, and the surrounding areas. Get in touch to learn more about our services.