Salt Lake City Property Management
Salt Lake City Property Management | Cost & Fees You Should Know About
There are many Salt Lake City property management companies, but which one is going to be the most reliable when it comes to developing your property to the fullest potential? Doing all of your own management can be very time consuming, but it all depends on how much time and how many resources a landowner has when it comes to having authority. Only a limited amount of people have the time to manage the paperwork, keep up on repairs, maintenance, and take care of the property. But a majority of property owners don’t have that leisure. That’s where a property management company steps in to take the load off.
Depending on location, professionalism, and costs, doing thorough research on property management companies will guarantee you a reliable management without hidden costs or fees. Fees vary by location, from office to office, as well as what kind of work is being done for the fees charged. For example: advertising and photos are done on a case-by-case basis. If you’re an owner of a rental property, here are some things to research while looking for a property management:
This fee is for the time invested in setting-up a new account. It ranges from 0-$300. Find out if the fee is per unit or per property, and if it makes a difference if the unit is occupied or not.
Not every landlord or property management company requires an application fee, but it’s a good idea to have one. Application fees typically range from $25-35 per person, and will usually lead to background checking (if they could charge fees to cover the cost). This fee also narrows down future tenants; usually if there’s an application fee, there will be people who can afford it and show interest in the property, AND will pay for an application. This simple fee also lowers crime rates since this charge could go towards screening. During this process, you can also ask the applicants about their income to assure it won’t be a problem when it comes time to pay rent.
Property management companies usually charge all of first month’s rent or 50% for maintenance and moving in tenants. A new tenant placement fee falls under this first month’s rent as well. After that, 8-10% of monthly income is charged to collect rents, ensure they pay, and inspect property. Fees vary from market to market, but Salt Lake City property management companies usually range from 7-10%.
Finding a property management company is totally up to how much time and resources you have to manage your rental property. If you are an owner and have more questions about Salt Lake City property management, or any management in general from FRE, please contact us.