How Much Do Property Managers Really Charge? Hidden Fees in Glendale, CA
System - Monday, November 13, 2017
Today we’re talking about some of the things you should consider when hiring a property manager in Glendale. Price is important, and you will want to know what you’re really paying for, and what kind of value a professional property manager can bring you.
What Kind of Value Do Property Managers Provide?
A good property manager will handle the property’s day to day bookkeeping and financial reporting. You will also want a manager who can find and screen tenants quickly. You’ll reduce your vacancy and turnover time, and feel confident that you have a highly qualified tenant in your property. You need a management company with a network of reliable and cost effective vendors who can efficiently and accurately handle repairs. A professional manager understands landlord and tenant law, and reduces your risk of lawsuits and liability.
How Much Do Property Managers Charge?
varies, and depends on how many properties you have. The size and condition of your building will also impact what you are charged. The management fee will reflect the amount of attention your property will need. If you have a vacant unit, there will usually be an additional charge, because a lot more work is required to rent a vacant property. The leasing process will include inspecting the home, marketing the property, collecting applications, screening tenants, and overseeing the lease signing and move-in process. You can expect to pay as little as five percent of one month’s rent or as much as a full month’s rent in leasing fees or tenant placement fees.
Once you have established what your monthly management fee will be, you will want to ask about additional expenses. You might find hidden property management fees like an account set up fee, an administrative fee, an eviction fee, and other costs that are not disclosed when you’re signing up for management services. You should ask for a copy of the proposal and management agreement before you sign a contract. A little research can go a long way and possibly save you a lot of money.
If you have any questions about property management fees and services, please contact us at Glendale Property Management.
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