Key Takeaways
- Understanding Property Management Fees: Property management costs can vary depending on the company, property type, and range of services provided. Common fees include setup fees, ongoing management fees, tenant placement fees, lease renewal fees, and inspection fees, each covering essential aspects of managing a rental property.
- Comprehensive Services for Property Owners: Professional property managers like EquityTeam handle critical responsibilities such as rent collection, maintenance coordination, tenant screening, lease management, and financial reporting. These services save property owners time, reduce stress, and help maintain their properties efficiently.
- Value of Professional Management: Hiring an experienced property manager can help rental property owners maximize returns while ensuring legal compliance and proper care of their investments. Partnering with a trusted company like EquityTeam provides peace of mind and expert support tailored to the needs of Cincinnati property owners.
As a rental property owner, you understand the importance of quality property management. Self-management requires a lot of time, effort, and skills. Hiring a professional property manager could be especially beneficial if you’re looking to save on time, stress, and long-term costs.
But, how much can you realistically expect an expert property manager to charge you for managing your rental property? In this article but EquityTeam, you’ll learn what kinds of fees you can encounter and the services they cover, among other things.
What are the Different Fees Property Managers Charge?
Property management fees and services will vary by company. When looking to hiring a property management company, you need to see what standard services are offered and what add-ons are available.
You should also consider their pricing models: do they charge a percentage of the monthly rental income or a flat rates? Understanding these details will help you find a property manager in Cincinnati, Ohio that provides the exact services you need at a fee that aligns with your budget.
Here are some of the common fees and services offered by property management companies:
Initial Setup Fees
This is a one-time fee that a property manager may charge to cover the processes that go into setting up an account with a rental property owner. Some of the documents the manager can expect you to provide to set up your account can include:
- Proof of property ownership.
- Insurance policies.
- Property information.
- Tax information
- Financial records.
- HOA rules and bylaws (if applicable).
The exact requirements will depend on the property management company you’re dealing with.
Property Management Fees
These fees make up a percentage of the monthly rental income. They usually varies depending on the number and size of rental units that will be under the property manager. For that fee, you could expect the rental property manager to handle the following services:
Maintenance and Repairs
No matter the condition of your rental property, maintenance requests from tenants are inevitable. A residential property manager can help handle them on your behalf and coordinate with local vendors if necessary.
They can also handle the back-and-forth communication with the resident regarding the progress and scheduling of the repairs.
Accounting and Tax Preparation
A professional property manager in Cincinnati will keep diligent financial records for you. This will include expenses, income, and important documents you may need come tax season. These financial reports can help you make future investment decisions as well as allow you maximize tax deductions.
Rent Collection
The property manager will collect rent from the resident when it becomes due in accordance with Ohio state law. They will then credit it to your account per the arrangement you have with them. They may also be able to handle issues of late or missed rent payments on your behalf.
Tenant Placement Fee
Property managers charge the fee to help place a new resident in the unit. This service can include everything from staging the home and marketing it to prospective residents, to screening applicants and signing a lease with a new resident. Sometimes this service and fee and included in general management packages, other times, they’re charged separately.
Lease Renewal Fee
The fee goes towards signing a lease with a resident and everything that that process entails. The property manager will assist with move-in and move-out inspections and draft a proper lease with updated policies and enforce all of its terms.
This service can be especially useful if you’re looking to increase rent or if there have been changes to rental laws in your area. Rather than having to re-draft a lease yourself, your property management partner can handle everything for you.
Inspection Fees
The fee goes towards ensuring your rental property is well taken care of and any issue that arises is handled as promptly as possible. The fee also includes inspecting the unit at certain crucial points during the term of the lease.
These inspections can occur during the move-in or move-out stage of a tenancy or seasonally. The goal is ultimately to ensure that small issues are caught early protecting your residential rental property’s value and tenant’s comfort.
Bottom Line
Now you have a better idea of what to expect when it comes to a property management cost. But, to get the exact amount, make sure to get in touch with a local property management company for a detailed breakdown.
If you have a rental property in Cincinnati and require expert help, look no further than EquityTeam. We can provide you with tried-and-tested property management solutions you can trust. Get in touch to learn more about our professional services today!
