Smart investors know that working with a professional Celebration property management company is well worth the management fee that’s paid. Why? We deliver lower expenses and less liability. We can help you increase what you earn and save you time and headaches on things like late rent and emergency repairs.
Many new landlords and first-time investors want to know what exactly they’re getting in exchange for that leasing and management fee. Today, we’re explaining what should be included and demonstrating why professional management brings so much value to your investment experience.
Celebration Leasing Fees
One of the first fees you’ll encounter is a leasing fee. This covers the cost of renting your vacant property to a tenant. It should include these following services:
- Ensuring your property is ready for the rental market
- Conducting a comparative rental analysis to effectively price your home
- Managing any repairs or improvements that are needed before the home is listed
- Marketing and advertising, including photos and follow-up with interested parties
- Showing the property
- Assisting with the application process
- Tenant screening
- Lease negotiation and execution
- Collecting the security deposit and other move-in funds
- Conducting a move-in inspection to document the condition of the property
Some management companies will provide these services for a flat fee. Others will charge a percentage of the first month’s rent.
Celebration Property Management
The leasing fee is only paid once and the management fee is a monthly cost that’s often deducted from your rental income. A good property manager will provide a detailed accounting statement every month that shows exactly what your property earned and what was spent on it. The management fee should be reflected in that expense column.
For most Celebration property management companies, the monthly fee includes the following services:
- Online rent collection and rent payments
- Detailed accounting statements and property management bookkeeping
- Emergency and routine maintenance
- Lease enforcement
- Communication with tenants and vendors
- Eviction coordination when necessary
- Service of notices and correspondence
- Legal and regulatory compliance
- Technology investment including portals for tenants and owners
Owners must remember that you’re getting more than these services as stand-alone pieces of property management. You’re also paying for your property manager’s time as well as their years of experience in the local Celebration rental market and the larger property management industry. We stay up to date on laws and best practices. We attend conferences and invest in new technology, all with the purpose of delivering a better rental experience to you and your residents.
Additional Management Fees
Most owners we talk to prefer an all-inclusive and full-service management plan. They know that everything will be taken care of, and they don’t have to worry about paying extra for basic things that are included elsewhere. If you come across a company that has a dramatically low management fee, make sure you read the fine print. There’s a good chance you’ll be paying extra for things like statements, inspections, or even tenant communication. We have seen extra charges for maintenance coordination and bookkeeping. These costs aren’t necessarily wrong, especially if it keeps your monthly fee lower. Just make sure you’re aware of them. Transparency is important.
We’d be happy to talk more about property management fees in Celebration and how we can deliver a high value, low cost service for your rental properties. Contact us at Park Avenue Property Management.