One of most frequently asked questions here at allpropertymanagement is: How much will it cost to have my property managed? In the past I had felt comfortable telling property owners that typically a property manager will charge between 6 to 10% of the monthly rent for full service management. But as of late I have become less sure of these stats. There appears to be a flood of new property managers entering the field offering all types of pricing incentives, from fixed rate per property charges or no charges until the property is actually leased.
This is confusing enough but becomes even less clear once we start talking about multi family (apartments) and associations. I believed that typically companies charged on a per unit basis with a minimum charge clause. That is a company would charge $50.00 per unit but their minimum cost to manage a building or association would be $2000.00 a month.?If the building contained less than 40 units the amount charged per unit would be higher to meet the minimum charge requirements.
It would be great to hear from some property managers and property owners about the latest trends in pricing. It appears with more realtors jumping into property management the prices are dropping. I hope that property owners are weighing price against experience, reputation and quality and depth of services provided.