Every Barrie property management company has a different way of charging for their rental management services.The amount you pay will depend on the company you choose and the type of work you need them to do.
While there are a lot of different ways to structure and collect property management fees, we want to tell you what you can generally expect from most local management companies, and we want to share some information about how we charge for our leasing and management services.
PAYING FOR LEASE-ONLY SERVICES
Many management companies will offer lease-only services. Under a contract such as this, you’re paying a professional company to find and place a qualified tenant in your Barrie rental property. The amount you pay will depend on the company and whether or not you’re using that same company for ongoing management. Most property managers will charge you either one flat fee for leasing services or a percentage of what you earn from the tenant who is placed.
At Bayshore Property Management, our lease-only cost is one month’s rent. So, if you earn $1,500 per month in rent, your leasing cost will be $1,500. In exchange for that fee, you can be sure we’ve secured you a great tenant. Our leasing services include:
- Advertising and marketing your property.
- Pricing your rental home accurately for the market and the tenant pool.
- Managing the showings and responding to tenant inquiries.
- Working with prospective residents on the application process.
- Screening tenants with thorough background checks.
- Collecting all move-in funds.
- Negotiating and executing the rental contract.
Leasing fees will always be lower if you’re using the same management company to provide full service property management.
ONGOING PROPERTY MANAGEMENT FEES
While the leasing fee is a one-time fee because a tenant is only placed once, the ongoing management fee will be paid as rent is collected or on a monthly basis. For full-service property management, owners can expect to pay an all-inclusive fee or they can pay for each service separately. When you’re discussing rates with a potential management company, make sure you understand what you’re paying for. It might seem like you’re getting a great deal when you encounter a low management fee. But, if you have to pay extra for everything, it might end up being more expensive than you realize.
At Bayshore, we require a 12-month management agreement for owners who want to work with us for full-service residential property management. We drop the leasing fee down to five percent of the annual management contract. Then, we charge $120 per month plus the Harmonized Sales Tax (HST). This applies to single-family homes, condos, semi-detached properties and multi-unit buildings.
With your management fee, you can expect:
- Rent collection.
- Lease enforcement.
- Maintenance coordination.
- Emergency responses 24 hours a day and seven days a week.
- Tenant relations.
This is just an overview of what you can expect to pay for professional Barrie property management and what you can expect in terms of service from our team. For more information and a specific discussion about the unique needs of your investments, please contact us at Bayshore Property Management.
