Property management fees in Marietta, GA can vary depending on the company you chose to work with. What you need to remember is that there are both hard costs and soft costs to property management, and what you really want to measure is the value and the service that you’re receiving in exchange for the money you spend.
Hard Costs of Property Management – Leasing
Hard costs are those that come with certain dollar amounts. When you’re comparing one property management company to another and you want to know which is more expensive, you’ll likely consider the hard costs. The leasing fee is a hard cost, and covers the expense of advertising your property and overseeing the leasing process until that tenant moves in. Most property managers will charge the equivalent of the first month’s rent.
Monthly Management Fee
Another hard cost is the management fee you pay every month. This cost covers all the operations of your property, including rent collection, maintenance scheduling, tenant communication, and other activities. Usually, your property management company will charge you a percentage of the rent, anywhere from 7 percent to 10 percent. You might have additional costs to budget, such as administrative fees, maintenance fees, or set-up fees. This will depend on the property management company you’re using.
Soft Costs of Property Management
Soft costs don’t always come with a specific dollar amount, but they can describe the amount of time and the level of expertise that you’re getting from your property manager. When you think about tenant screening, property showings, financial reporting, inspections, liability reduction, and all the other things that go into the successful management of your property, you soon realize that you’re getting a lot of value for your property management fees. If you violate a fair housing law or neglect to return a tenant’s security deposit in time, you could be putting yourself at risk and taking on a lot of liability. Your professional property manager will protect you from those mistakes and help you have a successful experience as a landlord.
Remember to consider the soft costs as well as the hard costs of property management. If you’d like to talk more about property management fees and costs, contact Avalon Property Management.