What You Need to Know About Property Management Fees

property management fees
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A poorly run and badly kept building is no good to anyone. Which is why property owners hire property management companies. And that is why renters will have to pay property management fees.

But some property owners don’t see a management company as an asset, they see it as an expense. So they don’t really see where their property management fees go.

Let’s take a closer look to show you the real value you’re getting.

Property Management Fees Pay For: Occupancy

Your property management’s job isn’t to simply look after the building. They’re there to make sure it is as marketable and attractive as humanly possible for your would-be renters.

You may think of them in just the custodial sense. You’re paying someone to answer the call when a tenant’s toilet is running, or someone to make sure the grass out front is always kept neat.

It goes way beyond that. They do everything from screening your new applicants to evicting the bad ones, and everything in between.

Property Management Fees Pay For: Legal Protection

You may not have thought of this one. In many cases landlord/tenant laws are dicey and there is a lot of misinformation out there. Your management company’s job is also to be experts in these laws, so they can stay out of the courtroom.

Do you have the time or inclination to become an expert in:

  • Rent collection and payment arrangements
  • The eviction process
  • Move in and out inspections and best practices
  • Lease writing and enforcement
  • Security deposits and other fees

Probably not. So your property management fees can pay for themselves right there.

Property Management Fees Pay For: A Buffer Between You and Tenants

First and foremost, you get a professional bad guy and scapegoat. So much of running a building is like being a parent and constantly saying no to things. No, you can’t have another extension on your rent. No, you can’t smoke in your apartment.

You’re faceless to the tenants and don’t even exist. Most tenants will likely assume the property management company owns the building.

This is especially attractive to property owners that live far away (or another town) from their property.

Property Management Fees Pay For: Assurance Rent Gets Paid

Do you have time to chase people down and make them pay their rent? No, of course not. That is nobody’s favorite part of owning a building, but it’s a service included in your Property Management Fees.

Your property management team is in charge of setting and enforcing rent collection practices and ensuring you’re not being taken advantage of.

They will also handle the eviction process when rent goes uncollected. As we mentioned in a previous section, they’re experts in doing it 100% within the law.

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