As a rental property owner, you know it’s essential to keep costs down. Professional Framingham property management may help you manage costs and optimize your rental income. You may ask, how much should you be paying for property management? Property management firms and fees can vary greatly, so it is important to find a company that offers quality services and competitive rates. Let’s talk about the factors affecting how much you should pay for property management and tips to find the one that works best for you.
What fees are included in your property management agreement?
While no two property management companies and fee schedules are exactly alike, on average, most single-family rental property owners pay around 8 – 12% of the monthly rental value of the property for property management services. While some businesses prefer to charge a flat rate, other people calculate their services as a percentage of the rent. Normally, this rate does not include extra expenses, such as repairs, lease violations, evictions, and late payment fees.
What factors influence that cost?
- Property Location. If your property is located in a major city, you can expect to pay higher management fees than if it were located in a smaller town. This is because managing a property in a big city requires more time and effort than managing a property in a smaller town.
- Services Offered. Some companies offer essential services such as rent collection and maintenance, while others offer more comprehensive services such as marketing and leasing. The more services you need, the higher your management fees will be.
How can I find quality property management services?
Begin by politely requesting recommendations from friends, family, and fellow landlords. If you know someone satisfied with their property management company, they are going to be more than happy to give you the name of their company.
When you have a few companies in mind, check out online reviews. This will give you a promising idea of the quality of each company’s services.
Contact your top picks and note how they handle calls and questions. Working with a property management company is a valuable partnership, and it’s important to find one that prioritizes good communication.
Don’t forget to compare rates and services between different companies. As you do so, be careful and compare like to like. For example, one company may charge less, but also offer fewer services. The idea is to find a competitively priced property management company that is of substantial value for your money.
By following these tips, you can find a property management company that offers quality services at a competitive price. With the assistance of a good Framingham property management company, you can keep your costs down and maximize your rental income!
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