The number one question we receive from southern Maryland home owners is: what do you charge for property management services? This is a difficult question to answer, which you know if you’ve browsed online while looking for a southern Maryland property management company. No one really puts their prices online or talks about it. You have to call and talk to a sales person to get any information. At Real Property Management Gold, we want to educate you on what the common prices are in this market and what we charge.
There are two fees that all companies will charge for property management. The first one is the initial fee that is charged to rent the property. It’s usually called a leasing fee or a set-up fee or a tenant finder fee. It covers finding a tenant, screening a tenant, creating a lease, and moving the tenant into your property. In southern Maryland, the standard price for this service is the equivalent of one full month’s rent. At RPM Gold, since we manage properties and stick with them beyond the initial lease, we charge only 59 percent of the first month’s rent for our leasing fee. This includes marketing, showing, screening, and paying the renter’s agent if they have one.
The management fee is what you pay for the day to day management. In this area, the average cost is 10 percent of the gross rent collected per month. It includes the basics like maintenance coordination, rent collection, handling tenant complaints, and managing anything in general with the property. We have two packages that are between 8.9 and 10.9 percent of the monthly gross rent collected. Both packages include all the property management basics, and the more expensive package has a few more things to offer.
The gold package includes a guarantee that we’ll have your property rented within 29 days of it being vacant and rent ready. If it’s not rented in that time, we’ll credit back our first month’s management fee. We also have a 365 day guarantee, so if your tenant moves out before the end of the lease, we won’t charge you to re-rent the property. We also offer eviction protection. If we need to evict, the costs will be covered. Our gold package also includes quarterly inspections. At these inspections, we take pictures and put them in your portal so you can see exactly what your property looks like during the rental process. These inspections also allow us to look for lease violations or possible damages.
Usually companies will include other fees in the contract, so read through it. Common fees are renewal fees, eviction fees, tenant coordination fees, and others. Make sure you know what you’re paying. At RPM Gold, all of our fees are up front and transparent.
If you have any questions about pricing and fees, please contact us at Real Property Management Gold. We’d love to tell you more about what we can do as your southern Maryland property manager.
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Good to know the answers about this question. This gives a lot of headache often times. Thanks for sharing the information.