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.
