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The average rating for Bark Property Managers is 4.78, based on 237,255 reviews
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based on 237,255 reviews
Looking to hire a property manager to manage 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 to manage their properties, some prefer to hire a property manager to manage the letting process for them.
Property managers are experts in the rental market. 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 a new landlord or you own a portfolio of rental properties, hiring a property manager to manage your rental property can save you both time and stress, as well as maximising your rental income.
You can save both time and effort by hiring a property manager. But how much does property management cost?
The cost of hiring a property manager will be influenced by the level of service you require 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 UK letting agents is given below.
| Average cost (per month) | £60 |
| Minimum cost (per month) | £40 |
| Maximum cost (per month) | £120 |
The cost of property management will depend on many different factors including:
Level of service
Location
Rental price
When you hire a property manager, you can choose from several different levels of service. This includes tenant-find only, tenant-find and rent collection, or a fully managed service.
| Level of service | Pricing structure |
| Tenant-find only | One-off fee (usually a percentage of rental rate) |
| Tenant-find and rent collection | 8% of monthly rent |
| Fully managed service | 10-15% of rental payments |
Tenant-find only involves marketing the property, showing prospective tenants around, checking references and drawing up tenancy agreements. This service is often subject to a one-off fee, usually a percentage of your rental rate.
If you opt 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 8% of the monthly rent.
For a fully comprehensive property management service, many people opt for a full 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.
A fully managed letting service comes with the highest price tag, as it allows you to take a hands-off approach. This can generally range from 10-15% of your rental payments, although it may vary depending on your location.
The cost of property management will also depend on your location, with prices in the South of the UK typically higher than the average, especially in London. The price of property management in the North East and Scotland is often lower than the average.
The price of hiring a property manager may also depend on the rental price of your property. Many 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’s perfectly possible to manage your rental property yourself. However, it can be time-consuming and you’ll need to do your research to make sure you remain legally compliant.
A property manager will deal with 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.
They’ll also take responsibility for collecting rental payments and 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, organising inspections, repairs and maintenance.
If you don’t live locally or you have several properties to deal with, hiring a property manager can take the load off. You’ll get the perks of being a landlord, without any of the hassle.
Finding the right property manager to manage your rental property can be difficult. We understand the challenges you face. 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 4.78, based on 237,255 reviews
5/5
based on 237,255 reviews
