What is the Typical Cost for the Management of a Property?

Property management services can be broken down into two phases…leasing and monthly management.

The typical leasing fee for the Washington, DC metro area is generally the same amount as first month’s rent and includes advertising, showing the property, locating a qualified tenant, screening the tenant an...d the moving in of said tenant etc.

Monthly management services general costs anywhere from Eight to Ten percent (8-10%) in the Washington, DC metropolitan area. This fee usually covers the administration of an appropriate lease that protects the rights of the landlord, hiring contractors to provide maintenance and improvements to site (service costs are paid by property owner), keeping the property in compliance with area laws, day-to-day tenant relations including collection of rents/fees and providing owner with financial and property summaries.

Most companies that provide property management services also provide leasing services and vice versa however if a property is already leased an owner can choose to only use the monthly management option.

Hopefully, this break down of the typical fees for property management services was useful to you. Here’s to a stress free life as a “landlord” and continued growth in the success of your endeavor.

SEEKING 3 BEDROOM 2 BATH HOME

I have a client that is seeking a 3 bedroom 2 bathroom home within DC or surrounding Prince George’s or Montgomery counties. Must be in move in ready condition in a family friendly neighborhood. Their price range is $1,500 -$2,000 for monthly rent.

*Paramount Star Realty will NOT charge a leasing fee to owner for this transaction however will request a testimonial comment for website if owner is satisfied with the ease in leasing out their property through said company.

7 Crucial Questions to Ask When Hiring a Property Management Company

Hiring and entrusting your property for management to someone else is no easy feat and should not become another headache or to-do item for a property owner. To make the process easier I am suggesting you ask your potential property management company the following seven questions to see if the services they provide will be a g...ood fit for your needs.

Question #1: How long has your company been in the business?

Experience is a MUST for anyone you hire.

Experience can come both formally (registered business for many years) or informally (provided the service for friends/family) but the company you are interviewing should be able share their prior experience with you.

Question #2: Are you allowed to meet the staff you’ll potentially work with?

Whoever you hire to service your property serves as the spokesperson for your business so it is imperative that you have met them and approve of the way in which they communicate to and with the public because they are the first line of contact with the public and will determine the success level your business will reach.

Question #3: How does the company maintain training and education?

A trained employee stays on top of production levels according to the latest development of industry trends and knows governing laws for the area in which your property is located to provide efficiency and deter violations with the tenant or governing body.

Additionally, some states require licenses and continued education training while others don’t so it’s always best to know what steps your potential property management company is taking to stay knowledgeable.

Question #4: What is your company's practice to provide you with effective communication?

With the advancement in technology companies are becoming more automated online versus using traditional mailings or telephone etc. so it is imperative that whatever method of communication said property management firm employs it suits your needs.

Question #5: What are the fees for using your services?

Before you hire a company you must know if you can afford them so please ask the representative what are their fees and what services are included in the costs. Additional, typically a service contract is signed to protect the needs of both parties which clearly states obligations and fees for the duration of the relationship.

Question #6: What are the guarantees and commitments of the management company about the service they provide to you (or your tenant)?

Ask the potential management company how do they ensure superb service will be provided and if it is not being provided how it will be remedied.

Question #7: Are there clear responsibilities of the management company for breach of their commitments?

You never want to hire a company and then realize your needs will not be met. Please ensure that you ask how will the contract be enforced or what methods are in place if management issues are not resolved or done in a manner that is satisfactory to you.

This is not an all exhaustive list for interviewing your potential property manager but it is a great starting place to ensure you will get a company that will meet your needs. If you are in the Washington, DC area please consider Paramount Star Realty because we provide superior service and will exceed your expectations which we guaranteed with our 3 month money back guarantee policy.

Welcome

Thank you for visiting the blog of Paramount Star Realty. Currently, we are accepting clients in the Washington, DC metropolitan area. Our rates are extremely competitive and we offer exceptional service so please feel free to contact us at 202 683-0158 or petagaylewis@yahoo.com to discuss your property management needs.