Property owner often questions themselves; how much should I pay for Property Management?
For property owners, it can be challenging to assess reliable Greater Seattle property management should cost, as fees vary from one company to the next.
What does a good property manager do?
While dozens of property management companies and brokerage offer property management services in your local area, not all of them will provide the same level of service.
Generally, the responsibilities that a good property manager will handle include:
- Determining the true rental value of your property
- Advertising to renters and vetting prospective residents
- Inspecting the property regularly and reporting it to you.
- Enforcing lease terms and ensuring that rent is always paid on time
- Supervising repairs and maintenance of the property
- Liaising with the residents to deal with any complaints or issues that may arise
- Dealing with difficult residents, including guiding you through the eviction process if necessary
Your Guide to Property Management Fees
To help you evaluate your options for hiring a property manager, our guide to choosing the right property manager offers more detail on what to look for in a property manager.
Ongoing Property Management Fees
The management fee is the main fee you will pay to the property manager. It is based only on the amount of rent received, and Next Brick Property Management fees currently range from 4.95% to 8.95%.
Considerations
As it is one of the more substantial fees you pay, ensure you consider the stability and experience of the property manager. The management fee covers the day-to-day management responsibilities of your property manager, such as:
- collecting, processing and distributing rent
- advising the owner of relevant matters
- liaising with residents
- pursuing late rent
- managing processes for rent arrears
- organizing maintenance
- ensuring compliance with legislation
Leasing Fees
A leasing fee is applied when a property management firm must find a new resident for your property. Leasing fees in the Seattle area are usually first full month rent. Next Brick Property Management leasing fees are between 0% to 75% of the first-month rent.
The charge covers the cost of finding and securing a resident for vacant property and includes:
- an evaluation of the rental value
- Showing property to prospective residents
- screening and processing applications
- lease execution
- processing security deposit and rental insurance.
At Next Brick Property Management, the fee also includes an in-depth introduction of the property to new residents. Advise residents of their responsibilities, explanation of the lease in detail, and signing of all necessary paperwork.
Lease Renewal Fee
One of the most important roles of your property manager is to keep your property occupied at a fair market rent. When the current lease on your property is due to expire, your property manager should evaluate the market conditions and negotiate new lease terms.
At Next Brick Property Management, we do not charge the property owners and residents for lease renewal. We take pride in our work - we work hard to keep tenants happy, and your property occupied.
Routine Inspection Fee
Regular and thorough inspections prevent minor issues, becoming significant problems. Routine inspections monitor the wellbeing of your property; residents feel valued, and document how the resident is caring for the property as well as identify any required maintenance.
At Next Brick Property Management, we carry out the first inspections at move-in right before the resident takes occupancy. The second inspection we carry is during the midterm (Every six months for long term residents), and the last inspection we do is at move-out.
Traditional property management companies charge up to $200 per visit after move in. We provide inspection every six months, and additional inspection is available for one flat fee of $75.
Marketing and Online Advertising
The internet is the most successful way to advertise a vacant property. Each advertisement consists of photographs and descriptive information about your property.
Your Property Manager should place your property on all major real estate websites, write an eye-catching advertisement for your property, and organize professional photos and virtual tour to maximize your chance of renting the property as fast as possible.
Move-out Inspection and Release of Security Deposit
The most property manager, when the resident vacates the property, the manager prepares a detailed move-out inspection report. This inspection is carried out against the move-in inspection report and is required to decide whether any damages or cleaning needs to be deducted from the residents’ security deposit.
Move-out Inspection Report is exceptionally vital. In cases where there are disputes, this document acts as the most substantial piece of evidence admissible in possible court proceedings. Property Manager should provide a copy of the report to the residents.
Annual Tax Statement
An end of financial year tax statement that summaries all income and expenditure and issues 1099 form.
Why It’s Important To Research Greater Seattle Area Property Management Fees
When you are searching for the right Greater Seattle Area property management company to partner with, you need to have a solid understanding of what fees will be involved.
Make sure you do your research and understand which property services are covered in your contract and if the property management company uses highly qualified maintenance specialists and brokers to handle your property. You don’t want to be overpaying for lousy work and careless managers who let your property fall apart.
The best property management firm to hire is the one that gives you the highest and best net return and keeps your investment in top shape. Saving a few dollars may look attractive at the start, but if it should cost you vacancy or repair, then it’s never worthwhile.
Contact Us
If you need more innumerable information or any help with your Greater Seattle property management questions, our team at Next Brick Property Management can answer any questions you may have. Or if you would like to receive a comprehensive list of Next Brick services, you can contact us on (425) 372-7582 or email snakra@nextbrick.co
