Typical Property Management Fees in Myrtle Beach SC?

Question

What the title says. I'm going be charged 15% for. Single family house which is much higher than the national average. Can't exactly remember where I saw that, right now. Does anyone agree with this amount or am I being scammed?

Pete Schmidt · Answer

The normal is 10% for the MB area as that’s what we charge as well (unless you have several properties we manage for you and then we lower the rate a little).  I would not concentrate on the management fee number as much, but would look more at what you actually get for it.  If it’s a absentee Mgmt company that does no more than you could from across the country, then I agree it’s high. However when they have a lot of additional perks and benefits thrown in then the higher management fees will be offset. I have seen some advertise fees down near 5% however they have a charge for everything they did so at the end of the day it was probably closer to 25%.  Look into what comes with the fees as well as the reviews the companies have.  That should give you a good idea how they operate and if the fee is worth it.

Soh Tanaka · Answer

Even if it's not intended, the antitrust law is strict that people who say something like "standard," "typical" or "average" fee is XYZ could get into trouble. For that reason, I would suggest to look for a property manager and contact them directly and get the feel, as some property managers may be uncomfortable to post here.

As @Pete Schmidt mentioned, I would look for the total fees, not just the management fee.

Soh (Disclaimer: property manager)

As @Pete Schmidt mentioned, I would look for the total fees, not just the management fee.

Soh (Disclaimer: property manager)

Jonathan Measor · Answer

@Pete Schmidt, @Adekunle Ilori, and @Soh Tanaka. I have worked it out to keep the rate lower with potential for further reduction as my wife and I acquire more properties in the area. Just need to get started on it. This service seems pretty boutique which strikes a chord with me. We're buying from my in-laws and he's been handling the property for 12 years. We've got a relationship and trust already established. Thank you, guys!

Typical Property Management Fees in Myrtle Beach SC?

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