What You Need To Know About Property Management Fees
Many owners wonder if it’s worth hiring a property management company. These companies handle the numerous tasks of renting a property, many of which are time consuming, difficult, unpleasant, or confusing. But, of course, they don’t offer this service for free. Most landlords find it well worth the cost, but be sure to research the company and find out exactly how they charge for services before signing a contract. Here’s a brief rundown of the common fees charged for property management in Calgary.
A Calgary Property Management Fee
The main cost of property management companies is usually a monthly management fee that covers the basics of managing the property. Usually this is a percentage of the collected rent for the property. Some companies charge a separate fee for things related to leasing the property. If this is the case, you can choose to hire the condo management company to lease the property or manage it monthly or for both.
Other Fees from Condo Management Companies
A condo management company in Calgary can charge additional fees for things that may come up during property management, such as the following:
- Vacancy fee
- On-boarding fee
- Maintenance fee
- Late fee
- Lease renewal fee
- Eviction fee
These fees may be charged to you directly or they may come from the tenants. For example, if a tenant pays their rent late and incurs a late fee, some management companies collect a portion or all of the fee from the tenant while others pass the late fee along to you as the owner.
As you can see, property management companies often charge a variety of fees based on the work they do. Get a clear breakdown of the fee schedule used by a condo management company before hiring them.
New Leaf Properties is a group of dedicated professionals with expertise in managing residential properties for over 25 years. We offer a fresh approach to property management for owners and renters.