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The average rating for Bark Property Managers is 4.73, based on 29,375 reviews
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Looking to hire 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.
Some landlords are happy to manage their own rental properties, sourcing their own tenants and collecting their own rent. However, some landlords prefer to hire a property manager to manage the letting process for them, allowing them to take a more hands-off approach.
Property managers are the real experts when it comes to 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.
It doesn’t matter whether you’re new to being a landlord or you own a whole 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.
Choosing to hire a property manager can save you both time and effort as a landlord. But how much does property management cost?
The price of property management will depend on the level of service 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 US letting agents is given below.
| Average cost (per month) | $100 |
| Minimum cost (per month) | $70 |
| Maximum cost (per month) | $225 |
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’ll be able to choose from several different levels of service. These service levels include tenant-selection, tenant-selection and rent collection, or a fully managed service.
| Level of service | Average cost |
| Tenant-selection | One-off fee (percentage of rental rate) |
| Tenant-selection & rent collection | 7% of monthly rent |
| Fully-managed service | 10 - 15% of rental payment |
If you’re looking for help finding the right tenant for your property, you might consider a tenant selection 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.
You can choose to allow a property manager to deal with collecting your rental money by opting for a tenant selection 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 prefer a more comprehensive service, you can choose 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.
If you decide to take a hands-off approach with a fully managed property management 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 by state. For example, prices in California and Virginia are typically around 8% of the monthly rental price, whilst in Texas or New York you could be looking at up to 12%.
The price of property management will also depend 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.
You may be tempted to manage your rental property yourself, 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.
A property manager 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 rental payments, 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.
If you live a distance from your rental property, or if 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.
We know how challenging 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 4.73, based on 29,375 reviews
5/5
based on 29,375 reviews
