Owners of real estate often consider hiring property management companies in Las Vegas, Nevada. Some of the benefits of having a manager include saving time and being able to handle more rentals investments. How much do they typically charge? Each company has different rates, but here are a few ballpark figures.
This is a one-time cost charged at onboarding. It is typically about $300 and covers setting up your account with the management company. It may also include initial inspection of the condition of the property, and introductory materials to establish communication with the tenants.
These are monthly charges to cover the daily management of the rental properties. This includes things like collecting and processing the rent, conducting annual inspections of the rental, communication with tenants, responding to emergency calls, and coordinating repairs. This fee is typically set as a percentage of the rent. Most companies charge around 10% of the monthly rent.
Most companies charge a leasing fee. This covers leasing or re-leasing rental property and it is usually close to a month’s rent, or a percentage of it. The rate may be set, or a percentage of a month’s rent. It covers advertising rentals, screening applicants, showing the rental, preparing the lease and the move-in inspection.
Lease Renewal Fees
This covers renewing leases with tenants, but many companies do not include it. Those who do have it, charge either a flat rate or a percentage of the monthly rent.
Managers should not make a profit off maintenance completed on rentals. Plan on putting back about 1.5 times monthly rental rates for each piece of real estate to cover maintenance costs. You should not be paying the manager to repair a home, although you should be prepared to pay for the costs of the repair.
Hiring a property manager is not an easy task. Visit Real Property Management Las Vegas to learn how we can help you.
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