Property management is absolutely a service that all rental property owners in Houston should take advantage of. It frees them of all the responsibility and time it takes to manage a profitable rental property. Trying to manage such properties as an owner and landlord is too much for any one person to handle. Fortunately, hiring a property manager or even a property management team isn’t expensive. Not to mention, by hiring the right management, you’re likely to profit more than you were before.
The fees and rates charged by professional property managers depend on the amount of experience they have, and the services they’re expected to provide, among other things. It’s difficult to gauge how much you’ll be charged for services until you speak with an agency or the property manager directly about it. Nonetheless, there are some standard fees that you can associate with the services received.
Standard Property Manager Fees
- A flat rate fee is often charged by property managers that must oversee large rental properties with multiple units. This flat rate fee is based on a number of factors but is largely related to the type of services the property manager is expected to perform.
- A percentage of the rent pulled in by all units every month is also included in the pay for a property manager. Since they’ll be responsible for the collection of all debts and fees, expect to pay anywhere between 5-15% of the monthly rent collection. 15% is a little on the higher side but definitely not out of the realm of possibilities. If a unit is vacant, the property manager will not make a percentage of the rate normally charged to the tenants while they occupy it.
- If you’re only hiring a property manager for specific services and duties, you may be charged a project based fee.
Why It Is Beneficial to Hire Experienced Management for a Houston Rental Property
The first concern you have as you’re starting your search for the right property management services shouldn’t be about the money you’ll get charged for hiring professional help. You can’t expect to hire someone with certifications and experience at a low cost. Nevertheless, property management services are usually affordable. It just depends on who you go through. If you hired full service management services to help you maintain all facets of your rentals permanently, you are likely to experience an increase in income and profits after just a short time of hiring the management team. There are many other benefits that come along with a qualified property manager including:
- The ability to spend your time more freely as they deal with all tenant concerns and responsibility
- Property managers will maintain the property’s upkeep and administer routine inspections for you
- A property manager will handle all aspects of marketing, leasing and financial matters involved
- You’ll have representation in court hearings and meetings so that you can avoid getting wrapped into the legal issues that often come with owning a rental property
- A property manager will hire contract workers and other local yet reputable professionals to care for the lawn, repairs and any maintenance issues on property grounds
- Your professional landlord will politely and professionally deal with disgruntled tenants
- As the owner, you can relax knowing your investment is in educated and experienced hands
- A property manager has the keen ability to attract and retain qualified tenants
To increase the potential income being brought in by your rental property, buy property management services right away. For the best property management near Houston, call Katy Property Management at 281.398.9844 and we’ll explain our services and rates. Then, you’ll have a better understanding of how little it actually costs to hire skilled management services to help you become more successful as an investor in the real estate market.