What Can I Expect to Pay for Condo Property Management Fees?
Hiring a property management company to oversee the management of your condo can provide you with many benefits. Property management companies assist landlords with many tasks, from the process of screening and procuring tenants to regular property maintenance, inspections, and handling legal documents like lease agreements.
If you’re considering hiring a property management company, you may have some questions about the cost. You may be wondering, what is the average cost for property management in Colorado? What do condo property management fees cover? Below, we’ve explained some of the typical costs and fees one can expect to pay when hiring a professional to oversee a rental property.
Condo Property Management Fees: Average Total Cost
How much you can expect to pay for a property management company usually depends on the total amount of rent you collect from the property and how many units you’re renting out. The average cost for property management services for a single family home is usually around 10% of the total rental cost but for multiple units, services may be less expensive, around the 4-7% range. If you’re renting out just a single condo, you will probably pay close to 10% but if you are renting out multiple units that you want your property manager to oversee, you may get the discounted price.
A Breakdown of Condo Property Management Fees
In addition to a baseline fee, property management companies may also charge additional fees for added services being provided. Here are some common condo property management fees that you may encounter:
Procurement fee: Procurements fees go towards placing a new tenant in a vacant property. Some management companies include the procurement fee in monthly costs where others may charge an additional fee of up to 50% of the cost of monthly rent.
Vacancy fee: Property management companies sometimes charge a vacancy fee for when a unit is unoccupied. This could be a flat monthly fee or fee that is paid upfront at the beginning of an agreement.
Maintenance/repair costs: If a property management company keeps a regular maintenance staff on hand, they will bill you for a recurring maintenance fee. Other companies charge for maintenance issues as they arise or require landlords to pay an emergency maintenance fund upfront.
Eviction fee: In the case that a tenant needs to be evicted, your management company may charge for the eviction process. Typically eviction fees range from $200-500 and are in addition to court costs.
Get More Information
If you would like to receive an estimate on property management services in Denver or have questions on condo property management fees, please do not hesitate to contact our office. We will be more than happy to assist you and provide you with additional information.