When you’re looking for professional property management in Denver, you’ll encounter a few different fee structures. Every company is different in the way they charge their customers, but there are a few things that are pretty standard. Today, we’re talking about what normal management fees look like in this market, and how we structure our own property management fees at Walters & Company Property Management.
Leasing Fees in Denver
Your property management company will charge you a one-time leasing fee. With most companies, this is a percentage of the first month’s rent. You might also find a flat leasing fee with some property management companies. At Walters & Company, we charge 50 percent of the first month’s rent when you place one property with us for management. This is a reasonable fee, considering what it covers. Your leasing fee includes marketing the property, answering questions from prospective tenants, showing the property, and managing applications. We screen tenants thoroughly, reviewing credit history, income verifications, criminal backgrounds, and rental references. Then, we negotiate the lease, execute that lease, and collect all of the move-in funds.
Monthly Management Fees in Denver
Like the leasing fee, management fees are usually a percentage of the rent that’s collected. You might also find flat fees with some management companies in Denver, but make sure you ask what exactly they cover. We charge our clients 10 percent of the monthly rent to cover the cost of our property management services. So, if your rental property earns $1,400 per month, you management fee is $140.
Management fees are paid monthly and cover everything we do to protect your investment and respond to your tenants. This fee includes lease enforcement, rent collection, maintenance coordination, and accounting services. It includes tenant communication, legal compliance, inspections, and the service of any relevant notices or documentation.
Additional Property Management Fees in Denver
At Walters & Company, the only fees you will pay are the leasing fees and the management fees. We don’t have any hidden or additional fees, and we don’t charge you a dime until we have your property leased to a good tenant. Be careful when you’re looking for property management, and make sure all of a company’s fees are transparent. You might find extra costs such as set-up fees, administrative fees, technology fees, and mark-ups on maintenance work. Each company is different in the way they set up their fees and services, but if you find a company that has a dramatically low management fee, it could be due to the fact that the fee doesn’t cover much. Ask to see a sample management agreement, and make sure you know what you’re paying.
We offer additional discounts when you have more than one property to manage. If you are placing your entire portfolio into our care or you have a small apartment building with multiple units, we’re willing to work with you on costs and offer you a competitive quote. If you have any questions about property management costs in Denver or you’d like to hear more about our services, please contact us at Walters & Company Property Management.