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AbacusHow Do You Calculate Property Management Fees?
A member from Roanoke, Virginia writes:
“Can anyone suggest a good basic percentage to charge for property management services?  I manage my own property and my father’s, and I need a figure to use to base fees on so I can expense the management fees between the two accounts.  None of the realtors in my area will suggest a fee unless you come in to discuss them managing your property, so it must be somewhat flexible.  My father has 13 units, I have 31.  Thanks!”
Can you help?  Please share your advice by placing your comment below this blog entry.
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  • Nancy Sepaher

    Anywhere between 5%-10% depending on how much work they do for you. I have a manager right now that charges 5% because the utility bills come directly to my home. The manager collects the rent and has direct contact with the tenants.

  • Ten percent seems to be the standard around the Baltimore area with the following duties – rent collection, coordination of repairs, inspections (if applicable), registrations (MDE, city registrations), tenant calls, evictions, tenant turnover, etc.

  • Jim Plante

    When I was doing property management in Upstate New York, I was responsible for everything. My fee was 9% with 50% of the first months rent. However if I had to evict a tenant then there was no initial rental fee for the replacement tenant. If an eviction was required then I payed that expense. With that clause the property manager will usually screen tenants very well so that evictions are not required. Good luck.

  • Mike Sprecht

    I would be careful of hiring a manager that also owns rental properties, particularly if you do not live in the area. It is ripe for scams whereby the PM hires contractors to do repairs on the PM clients’ rental properties at inflated rates in exchange for discounted rates from the contractors on the rental properties owned by the PM firm. If you do hire such a PM get your own bigs from contractors rather than relying on the PM to do so. This can be difficult if you do not live in the area unless you get to know a honest and reliable contractor you can trust.

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