The cost of property management in Winter Park, Orlando, and other parts of central Florida really depends on the company you’re working with. The rates vary, and there are lots of different fee models that companies use.
Types of Property Management Fees
Property management is a relationship business, and any property manager that you hire will take care of your property and make decisions for you. Your job is to manage that person who you’ve hired. They can help with everything from getting your property ready for the rental market to closing it out and selling it. Because the services are so different, fees are different as well. Some Orlando property management companies charge hourly fees when you’re talking about construction projects. Others will charge a flat implementation fee for getting the tenant on the books. So if a property manager finds you a tenant, there’s usually a fee for locating the tenant, writing the contract, and getting the tenant settled in the property. That’s usually called a tenant placement fee. Other property managers might charge extra for taking the pictures, setting up the lease, and doing other things. It’s important to understand what you’re paying for.
Monthly Management Fees
Nearly all property managers will charge one monthly management fee. The difference is in what’s included in that fee. For example, rent collection should always be included. Every property manager should do that on a regular basis, and you shouldn’t have to pay extra for it. Sending you monthly statements and coordinating maintenance are also regular and ongoing activities that should be included in your management fee. Some property managers might charge extra for things like inspections, additional marketing, or rush delivery when you have things that need to happen right away. Fees run the gamut from traditional to nontraditional, however you can usually count on the basic costs of tenant placement, management, and renewal fees.
Read all the documents that you’re required to sign when you hire a property manager. Talk to your manager about your expectations and what you should expect in terms of costs. You don’t want to be in a bad relationship with your property manager, so have a transparent talk about costs and expectations in the beginning.
If you would like to hear more about property management in Orlando, or you need Winter Park property management services, please contact us at MoreHouse Realty.
