The cost of property management in Fort Wayne varies, and today we are explaining what the price ranges really mean. You can expect services to range from 7 percent of the monthly rent to as high as 15 percent of the monthly rent.
On the low side, property managers who charge 7 percent aren’t usually offering a full line of services. They are probably simply collecting rent or providing maintenance. On the high side, you’ll find that property management companies who charge the 15 percent are offering a full range of services. That includes everything from maintenance to accounting to landscaping and various other offerings. Rarely, you’ll find a company that has a flat fee no matter what the cost of your rental.
Sometimes the higher fees reflect the types of properties that the company manages. If they specialize in properties that have high tenant turnover or increased maintenance cost because of the property’s condition, they may charge a higher fee so they can afford to take care of those buildings. Constant turnover can also cost a company more. If properties are in better condition and tenants are more qualified, companies can charge less because there’s not as much day-to-day work required on the properties.
It is very important when you choose a property management company that you don’t rely simply on the fee. Go over each and every service, and ask about any services that may incur extra charges. This is important because a low monthly fee does not mean that your cost per month is lower. You may pay higher fees for vacancy maintenance or you might be charged when a company has to send out mail or make a trip to the home. Not every property manager includes the initial inspection as part of the service fee. These costs can add up quickly, and you’ll end up paying more than you would if you had started out with a property manager who charged a higher rate, but covered everything.
If you need help understanding the costs of property management in Fort Wayne, please contact us at Select Property Management Pros. We’d also be happy to tell you about our own fee structure and what’s included.