Property management company

[Chris Preone]

Just looking for a company to manage a 2 bedroom condo in dt Edmonton. So far the one lead I had left me with zero call backs.  

who would you guys recommend? 

Also AI said some companies charge a fee of 10% on top of repairs/ maintenance is this true? 

Thanks for your time.

[Stephen Delahoussaye]

Chris, PM here running about 20 doors in Nashville. Let me break down the fee structure from the operator side so you know what to expect and what questions to ask.

The management fee itself typically runs 8 to 10 percent of collected rent. Some companies charge on gross scheduled rent, some only on collected rent. That distinction matters because if your tenant does not pay, one company charges you anyway and the other does not. Always ask which one.

The 10 percent markup on repairs and maintenance is common but not universal. Some companies charge it, some build it into their management fee, and some charge a flat coordination fee instead. The markup covers the time your PM spends getting quotes, coordinating access, and quality checking the work. It is not pure profit. But if a company is charging 10 percent management plus 10 percent on maintenance plus a leasing fee plus a renewal fee plus a setup fee, add all of that up before you sign.

The real cost of a bad PM is not the fees. It is vacancy. A company that is slow to turn your unit or bad at screening costs you far more in lost rent and eviction expenses than the difference between 8 and 10 percent management.

For one condo, here is what I would look for: a company that manages similar unit types in your area, has a clear written management agreement you can review before signing, and can tell you their average days on market and turnover time. Those numbers tell you more about their quality than the fee percentage does.