A good property manager can save an owner time and trouble. The cost is more than the monthly percentage, so compare managers on the full yearly cost.
Common fees
- Monthly management: a percentage of rent collected.
- Leasing fee: charged when a new tenant is placed, often a part of or a full month's rent.
- Renewal fee: charged when a tenant renews.
- Maintenance markup: a percentage added to repair bills.
- Other: setup fees, inspection fees, eviction handling.
Ask in writing
Get every fee in the management agreement, with how and when it is charged, and how to end the agreement.
Compare with doing it yourself
Count your own hours too. For one or two units near you, self-managing may make sense; for many units or far away, a manager often pays for itself.
Our management fee calculator adds up the year.
General information, not legal advice. Read the management agreement carefully.
This article is general information, not legal, tax or regulatory advice. Rules change; confirm current requirements with the responsible agency or a licensed professional.
