Property Management – Canoga Park – Fees
Important Things to Know About Property Management Fees
If you are investing or planning to invest in real estate property, the best help you can get is from a property management company. The money you will put into paying for property management should be worth the revenues that you will be generating from your property investment.
Hiring property management will benefit you in the end, as this will give you more leeway to expand your investment portfolio while the property manager takes care of your real estateinvestment. Nevertheless, hiring a property manager is also an expense on your part, so you have to do due diligence when it comes to property management fees.
Cheaper is Not Always Good
If the fee schedule of the property manager is way too low, that should be a warning signal to you. It could be that they are not providing top quality property management services. It is quite possible that they are giving their managers too many properties to handle. This would mean less personalised service for you.
You should be evaluating property managers based on the service they provide; price should be a secondary consideration only. It is possible to get special discounts from a property manager, like if you are referring clients to them. This is similar to referral fees that are standard practice across many industries.
The Usual Charges
To understand the fees, you need to know the usual fees that property managers charge. A management fee is the most basic fee that will be charged to you. This is usually charged as a percentage of the monthly rent, with rates ranging from 5% to 18%.
Know the standard rates in your area to gauge what is fair. The good property managers will be willing to give you a discount rate if you have additional properties to add to your portfolio or if you refer a friend to them.
Property management fees usually include routine maintenance, inspections and rent collection duties. Management fees may include letting fees, which are charged for finding tenants for the property. The letting fees may also include advertising and personalised tours for prospective tenants.
Property management fees are a prime consideration in finding a property manager that will handle your investment. But fees should not be the only parameter by which you should judge property managers. Look into the property manager’s experience, expertise and reputation in the industry. You could be getting so much more if you do not give in to low rates alone. Quality of service is much more important.
Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, WestLake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 and check if we can service your area.