Have you considered recruiting the services of a Residential Property Management company in Las Vegas, but are worried about how much it will cost? If so, you should understand that the fees that each company charges can vary greatly depending on the types of services they offer, as well as the number of properties you own. A good rule of thumb is to compare several companies’ rates to determine what a fair price is for your specific needs. When you are contacting various companies for a quote, you need to ask about the following questions to ensure you fully understand what a company charges.
The Management Fees
If you are looking for a property manager for your residential properties, chances are the management fees will be lower than what is charged for commercial spaces. However, for most companies, the fee will fall in the four to 12 percent range of the total amount of rent collected. This number can vary based on the total number of properties you need to have managed, the total number of units on each piece of property, the condition and location of the properties and the services that they include for this rate.
The Vacancy Fee
There are a large number of property management companies that do not require this fee, but you should be sure to see if it is something you will have to pay for. There are some companies that will charge you a monthly vacancy fee when the space is vacant.
The Set-Up Fee
This is the fee that is used to compensate the setting up process of a new account. It can range anywhere from free to over $300. It is a good idea to ask if the fee is determined per property or per unit and if it matters whether or not the unit is occupied.
The Leasing Fee
This is what will compensate the manager for their effort, time and cost associated with finding you a new tenant. This is a common fee, but there are some owners who do not want to pay it and would rather have it added to the management fee for an extra incentive to have the management team find longer term tenants.
The fact is when you have one or more rental properties, as well as other, having a property management company can be invaluable, offering you the free time you need, while you obtain the peace of mind that your property and your tenants are being well-cared for.
