If you’re a landlord struggling with finding a tenant, collecting rent, or keeping your property in good condition, you might have wondered – how much does property management cost? Hiring a professional Rosamond property management company is actually not very expensive. In many cases, you end up saving money rather than losing money. You have the benefit of legal and experienced protection, and you turn over all your headaches and worries to people with the knowledge, experience, and talents to keep your rental property occupied and maintained. In addition to the day to day operations of your home, a great property manager can optimize your investment and increase both your rental income and your long term property values.
Standard Property Management Fees
There are two standard property management fees that you will likely have to pay no matter who you choose as your Rosamond property manager. That first is the leasing fee, which is what you pay to procure a high quality tenant. It usually covers the marketing, showings, tenant screening process, lease signing, and the ultimate placement of a tenant in your rental property. This is a one-time fee, and it’s usually a percentage of your first month’s rent. The second standard fee is the management fee. This is what you’ll pay every month to cover things like maintenance scheduling, rent collection, tenant management, inspections, and keeping your property compliant with all laws and regulations. It can be a flat fee or a percentage of your rental income.
Additional Management Fees
Some property management companies will charge just those two fees, and others will charge additional fees for specific services. You might have to pay an advertising fee to cover all the marketing that’s done when your property is vacant. Some companies will charge a lease renewal fee when your tenant renews for another rental period. Just make sure you understand the full cost of property management when you’re talking to companies. Everything should be transparent so you aren’t surprised when you receive your monthly statement.
Professional Management as a Cost Effective Choice
Choosing to work with a professional property manager is a cost effective way to run your rental property. Property managers can leverage the volume of work they provide to vendors and contractors in order to receive discounts that individual landlords cannot get. A good manager will keep you out of legal trouble and protect you and your property if a tenant stops paying rent or violates the terms of your lease. You’ll also earn more rent when you work with a professional manager, capitalizing on their local expertise and market knowledge.
If you have any questions about property management in Rosamond, please contact us at JBL & Associates. We are happy to answer your questions.