If you’re a property owner or an investor looking for professional property management, you’re probably wondering how much it’s going to cost you.
Management and leasing fees can be high in this market. Washington, D.C., Bethesda, MD, and Arlington, VA all have high rent properties that come with high rent prices. So, while there are many benefits to professional property management, you’ll need to prepare yourself for the cost of those services.
What Do Property Managers Charge?
Most management companies follow one of these established models:
Flat fee model
Percentage fee model
With a flat fee, you’ll pay a specific amount every month, regardless of what your property rents for. A landlord with a property that earns $1,200 a month will pay the same management fee as a landlord with a property that rents for $3,500 a month.
In the percentage model, the management company will earn its commission by taking a percentage of the rent your property earns. So, if you have a rental property that earns $3,000 per month and the management fee is 10 percent, you’re paying your property manager $300 every month.
Virtual Property Management Company in the DMV Area
There are traditional property management companies, and then there’s our way, which is virtual property management. It’s a little bit different. At Leaseably, we do just about everything for you online, keeping our company lean and efficient, and thus – more affordable. There are two packages you can choose, depending on how much support you need, and two flat fees.
Understanding Services and Fees
Whether you go with a virtual property management company or a traditional management company, it’s important that you understand which services you’re getting in exchange for your fees. No one wants to be surprised by an extra cost or a hidden expense. At Leaseably, our website tells you exactly what each package includes. Your traditional property manager should explain what’s included and what’s excluded before you sign a management agreement.
Market Experience is Worth A Lot
When you hire a property manager, you’re getting more than service. You’re also getting experience. Make sure you’re working with someone who knows how to properly price your home and run comparables. Look for experts who understand marketing and how to reach the most desirable tenants. In the DMV area, a lot of our tenants and owners are transient due to their military or government service. You’ll need a management company that can handle that.
At Leaseably, we understand the tenants and the landscape in Washington, Bethesda, and Arlington. If you want property management services that are innovative, efficient, and built to serve your needs, please don’t hesitate to contact us at Leaseably. We’d be happy to tell you more.