If you're a landlord and want to hire a property manager, you probably have some questions. How much do property managers charge? How do I know how much I should pay them? What are the benefits of hiring a professional to manage my rental properties? These are all great questions that we can help answer with this post! We'll cover the factors that influence how much a property manager charges and how to find one who's suitable for your needs.
Size Of The Property
The size of the property is a major factor in determining how much you will pay. Larger properties are more expensive to manage, so if you own an apartment building with 100 units, expect to pay more than if you owned a duplex with two units or a single-family home with four bedrooms and two baths.
The property type is another major factor that affects how much a property manager charges. For example, apartment buildings are generally more expensive to manage than single-family homes because they require more work and expense to maintain. Similarly, luxury properties (those with high-end amenities) tend to cost more than standard ones in terms of both management fees and rent collection expenses.
Location is the most important factor in determining how much property managers charge, and it's also the most difficult to predict. The price of your rental property can be affected by its location, but beyond that, many other factors come into play.
Property managers will charge more if they have to cover a large area or commute long distances between clients' properties. If you live in an urban area where there are plenty of other landlords and tenants looking for apartments, then it makes sense for them to charge less because competition will push prices down overall--and vice versa if you live somewhere remote where few people are renting apartments locally.
If your property is located near an airport or highway, it can also increase its value significantly because it means easier access for tenants and clients.
Management Services Offered
The type of property management services you'll need can vary based on a number of factors. For example, if you have multiple properties in different states or countries and need someone to oversee them all, then it's likely that your property manager will charge more than if they were managing one home.
Number Of Units
The number of units you have will determine the cost of your property manager. This is because larger properties tend to be more complicated and require more time from the property manager so that they can charge more for their services.
For example, if you have a single apartment building with 10 units in it and another one that has 50 units, then it's likely going to cost less per unit than if you had two buildings like this-one with five apartments and another with 25 apartments.
How To Find A Qualified Property Manager
You can find a qualified property manager by asking friends and family for recommendations. If you don't know anyone who has used a property manager before, ask around online to see if there are any reviews of local companies that handle rentals in your area.
If you have an idea of what kind of properties you want to rent out, take some time to research the average price per square foot for those types of homes in your neighborhood. This will give you an idea of how much each unit should cost and help ensure the management company isn't overcharging or undercharging its fees based on location alone (for example, if they're charging more than the market rate).