Salt Lake City Property Management Costs
How much should you pay your Salt Lake City property management company?
This is a common question, and if you talk to 10 different managers you’ll likely get 10 different answers. Pricing structures will vary and the answer usually lies in what services they are providing. Let’s review a few common services provided by Salt Lake City property management companies.
Basic Services – Basic Salt Lake City property management services include advertising, conducting showings, screening applicants, providing legal forms, negotiating the lease with your tenant, collecting rent, providing statements and coordinating maintenance. These services are usually categorized as “management fees” and you can expect to pay 7-10% of collected rents. Make sure you ask exactly what services you’ll be receiving and get everything in writing.
Fees – Most Salt Lake City property management companies will have additional fees above whatever their management fee percentage may be. These fees are typically charged for signing up or setting up your account, placing or renewing tenants, marketing, performing inspections or annual charges. Fees may range from $30 to $500 or more for some leasing charges. Make sure you know exactly what fees your property manager charges and how much they cost you.
Other Charges – There are a lot of different scenarios that can occur during a lease term and most Salt Lake City property management companies will include language in their agreements to cover them if work is required that goes beyond the scope of their management agreement. These include evictions, court appearances, cases of abandonment, and other reasons. Be sure to read the entire agreement before you sign so these types of charges don’t catch you by surprise.
At the end of the day, management costs will vary between companies and the key is to hire whichever manager makes you the most comfortable. A few extra dollars per month is a small price to pay for quality management. If you want to discuss our pricing structure, please contact us today.