Rental management fees are a crucial consideration in choosing a rental management company, but not to the extent of basing the decision of hiring merely on the cost. Rental management fees depend upon the services offered or required by the client.
Rental Management Fees
Choosing the lowest rental management fees may mean low quality services. It is therefore important that before considering management fees, the level of expertise and experience should be considered first. As long as you are assured of the quality of service provided by rental management companies, then you can go ahead and sift through the prospects by how much they charge on their rental management fees.
Possible rental management fees may include: leasing fee, vacancy fee, set-up fee and management fee. Leasing fee is the cost for the effort, time and the expenses incurred in seeking a tenant for the property. Vacancy fee is optional to rental management companies, but for some they charge a specific amount for such fee. Set-up fee is the cost for setting up a new account. And management fee is a percentage of the monthly rental cost of the property.
Deciding to hire rental management companies can be challenging. Knowing what you need in a rental management company can be helpful. And when talking about rental management fees, it is important to know the possible services offered and their corresponding fees.