What are you guys being charged for property management in the Central Florida area? I'm specifically looking at Clermont, but an estimation in the greater Orlando/Central Florida area would be super helpful if no one has specific info on Clermont PM.
Thanks so much!
10% of rent is pretty much standard
Thanks @Chris Grenier ! I've been seeing that percentage come up pretty consistently. Helpful to have you confirm!
10% is pretty standard in the area, plus lease up fee
Thanks, Kim! Can you help shed a bit more light on the fee you mentioned? Is that just an additional charge for every tenant that they place? If so, is that a percentage of the rent as well? Or is that typically a fixed price?
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@Brandon Reed , the percentage fee may be negotiable if you have a portfolio of properties to leverage but most property managers are probably not going to discount their "standard" fee for just one property. The additional fees charged will vary widely: new tenant placement (often one half to a full month's rent), lease renewal fee, new lease fee, maintenance calls, inspection fees, etc.
Ok that makes sense. Thanks so much for the info, @Andrew A. . Sounds like I'll just need to ask around with a few different PMs to see what their pricing structure/rates are. To your point I'm sure there will be a standard fee of around 10% since I don't have a portfolio...but beyond that I'll ask what other fees they might have.
Thanks again for the insight!
The only other fees a property manager will charge on top of the 10% of rent is the initial tenant placement fee (usually 1 months rent) and Lease renewal fee (usually 50% of 1 months rent).
Chris Grenier.....do you have any property managers to recommend?
Hey @Richard Davis i have worked with Rentals Orlando for about 7 years now, they do a good job
@Chris Grenier ..thank you for the answer, would you happen to have a link to their website?
@Brandon Reed 10% of the monthly rent collected, we do not charge if we don’t collect or if it’s vacant
1/2 to 1 full months rent is typically charged from the first months rent to find a tenant.
Good place to look for experienced/seasoned property managers is on NARPM. This is the National association of Residential Property Managers. You can look by state and area. Look for the credentials of MPM, RMP and CRMC, they hold special designations specifically for property management
That was incredibly helpful @Kim Meredith Hampton . Thank you so much for that info! I'll definitely look into NARPM.
I'm currently transitioning my properties from one property manager who charged:
1st month rent for placing tenant and half months rent for renewal. 10% of rent for monthly management fee.
to a new company charging:
Flat fee of $499 to place tenant and no renewal fee. Flat fee of $99 for monthly management fee. I was able to negotiate a bit on the monthly for duplexes.
Besides the cost savings, they seem very organized and professional (electronic portal, ability to esign documents, routine property inspections and identification of potential problem areas, etc.). Will see how it goes but we have lots of choices in Florida so if one isn't cutting it, we can change to one that does.
@Charlie Miller thanks for the info! I like that second structure better. Feels cleaner and I also like that they perform routine property inspections. In your experience is that something that most companies offer without charging extra for that additional service? Or is that pretty unique for the company you just moved to?
Great info here. @Kim Meredith Hampton thanks for the information; I've bookmarked your company for future reference.
@Charlie Miller , wow 1st months rent plus 10% plus 1/2 months rent at renewal!!! How did you make any money? That comes out to 22% of the month rent just to pay the property manager!!! Guess I need to redo my 10% for property management and put it closer to 15%. And the 499 and 99 a month only works out if you are renting for 1,000 a month or more. Dang...
Ok mind blown, goes back to redo my calcuations. Thanks :)
I talked to the PM woman at Stonebridge RE in Winter Park a few months ago. They have a "starter rate" at 5% to get you to go with them. But, then it goes to 10% later on.
Thanks @James Barnhart , it's always so helpful to hear what other rates people are seeing in the area!
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