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Thinking about hiring a property manager to take care of your rental property? Read our handy guide to find out how much you can expect to pay for property management services.
Whilst some landlords are happy managing their own rental properties, sourcing their own tenants and collecting their own rent, other landlords prefer to hire a property manager to manage the letting process for them, allowing them to take a more hands-off approach.
If you’re looking for an expert in the rental market, look no further than a property manager. They can help you to find the right tenants, collect weekly or monthly rental payments and manage the day-to-day running of the property including inspections, repairs and maintenance.
Whether you’re new to being a landlord or you own an entire portfolio of rental properties, hiring a property manager to manage your rental property can save you both time and stress, as well as maximizing your rental income.
The decision to hire a property manager could save you both time and effort as a landlord. But how much does property management cost?
The cost of property management will depend on the service level that you choose and the rental price of your property. Although there is no fixed rate for property management services, a breakdown of average costs of property management based on Canadian letting agents is given below.
| Average cost (per month) | $150 |
| Minimum cost (per month) | $100 |
| Maximum cost (per month) | $220 |
The price of property management will be influenced by several different factors including:
Level of service
Location
Rental price
When you choose to hire a property manager, you’ll be offered several different levels of service. These service levels include tenant-find only, tenant-find and rent collection, or a fully managed service.
| Level of service | Average cost |
| Tenant-find only | One-off fee (a percentage of your rental rate) |
| Tenant-find and rent collection | 7% of monthly rent |
| Fully managed service | 10-15% of rental payment |
If you just need some help finding the right tenant for your property, you might consider a tenant-find only service. This involves marketing the property, showing prospective tenants around, checking references and drawing up tenancy agreements. This service comes with the lowest fee, which is typically a one-off fee calculated as a percentage of your rental rate.
For more assistance, you can choose to allow a property manager to deal with collecting your rental money by opting for a tenant find and rent collection service. Your property manager will help you to find the right tenant, as well as collecting their rental payments on a weekly or monthly basis. This service generally costs around 7% of the monthly rent.
If you require a more comprehensive service, you can opt for a full property management service. This includes finding a tenant, collecting rent and managing the day-to-day running of the property, including repairs and maintenance. They will chase up missed payments, deal with contract renewals and renegotiate rent rates with existing tenants when required.
When you decide to take a hands-off approach with a fully managed letting service, you’ll find that it comes with the highest price tag. This can generally range from 10-15% of your rental payment depending on your location.
The cost of property management is influenced heavily by your location, with prices varying across each province. For example, prices in provinces such as Ontario, Alberta and British Columbia may be higher than average whilst the cost in Newfoundland and New Brunswick may fall below the average.
Property management prices will also be dependent on the rental price of your property. Most property management companies base their prices on a percentage of the monthly rental income of your property. Therefore, the higher the value of your property, the higher the property management fees are likely to be.
It can be tempting to manage your rental property yourself to save money on property management, and it is perfectly possible to do so. However, it can be time-consuming and you’ll need to do your research to make sure you remain legally compliant.
If you hire a property manager, they will take on the responsibility of finding the right tenant for your property, completing credit checks, drawing up their rental contract and checking their references. This helps to reduce the chances of running into problems later down the line.
Your property manager will also deal with collecting your weekly or monthly rental payments, as well as chasing up any late payments to take a weight off your shoulders. Not only that, but your property manager can also deal with communication from your tenant, organizing inspections, repairs and maintenance.
Hiring a property manager can take the load off, especially if you live a distance from your rental property, or if you have several properties to deal with. You’ll get the perks of being a landlord, without any of the hassle.
We know just how difficult it can be to find the right property manager to manage your rental property. That’s why, when you search for a property manager on Bark, you can browse the profiles of companies that meet your requirements and read reviews from genuine clients before requesting a quote.
The average rating for Bark Property Managers is 4.67, based on 11,071 reviews
5/5
based on 11,071 reviews
