Property management fees in Odenton, MD are generally divided into three categories. When you hire a professional management company, you can expect to pay a management fee every month. You’ll also want to look for any fine print that represents extra fees in your management agreement, and you’ll want to weigh those costs against the experience, the resources, and the knowledge you receive from the management company.
Paying a Management Fee
There’s a wide range of monthly management fees among property managers. You can usually expect to pay around 10 percent of the monthly rent that you collect, and at Chesapeake we have a minimum fee of $150 per month. You might find companies that charge less every month, but you have to be careful about what their low fee includes. You might end up paying more because the monthly management fee doesn’t cover everything that it should.
Read the Fine Print
Read your property management agreement and contract carefully before you sign it. A property manager might be willing to talk openly about the monthly management fee, but if there are extra fees and hidden costs, you might have to search for them in the paperwork. A property manager that charges a low monthly fee might add a mark-up to any repair bills that you have to pay. You shouldn’t have your manager making extra money off the work that your property needs. Choose to work with a transparent company that tells you upfront what’s included in the management fee, and what you’ll be charged for above and beyond that fee.
Paying for Experience and Service
As with many other industries, you often get what you pay for with property management. If you are serious about your investment and you want it to be protected and profitable, you should be willing to pay for the expertise and the talents that will get you those results. You need a property manager that can handle emergencies, educate tenants, and take care of everything that’s needed with your property. Hiring a bad contractor, placing an unqualified tenant, and ignoring fair housing rules can be extremely costly, and you’ll end up wishing you had hired a better management company.
When you’re thinking about the cost of professional property management, look beyond the monthly management fee and make sure you know exactly what you’re getting in exchange for your money. If you have any questions, contact Chesapeake Property Management.