What Kind of Fees Can I Expect From Arbors Management?
What Kind of Fees Can I Expect From Arbors Management?
Every property management company has a different way of working and a different way of charging management fees.Â
For example, you might hire a management company that charges one flat rate, or you might find a property manager who charges separately for every service that’s performed.
At Arbors Management, we have three all-inclusive fees. We do not like to piecemeal our costs, and we don’t have an upcharge on our maintenance services.
Today, we’re talking about our three fees upfront and what all you can expect when you work with us.Â
These fees are also similar to many of the fee structures you’ll find with property management companies in and around Pittsburgh.
Leasing Fees in Pittsburgh
Our leasing fee is the equivalent of one month’s rent, meaning the first month of rent that we collect for you will pay for our leasing services. It’s a one-time fee that’s paid at the beginning of the lease.
This fee covers everything involved in finding and placing a great resident, including:
- Marketing your property
- Showing your property
- Rent pricing
- Preparing the property for rentÂ
We’ll also handle the application process and screen each resident thoroughly and in compliance with the fair housing laws.
Once we’ve approved a resident, we’ll take care of:
- Collecting the move-in funds
- Conducting a move-in inspection of the property to document its condition
- Executing the lease agreement
Management Fees in Pittsburgh
Then, you’ll have the monthly management fee, which is typically 9 percent of your monthly rent.Â
The management fee can differ depending on a few different factors:Â
- How many units the property has
- If we will need to employ onsite staff
- How many total properties we’re managing for you
- How much those homes are earning
- The neighborhoods in which those homes are locatedÂ
Your management fee will come directly out of the rent we collect from the residents. It includes everything that’s covered in our management services, from lease enforcement to inspections to maintenance.Â
The management fee also covers:
- Our resident and vendor communication
- Any notices that need to be served
- Our accounting and bookkeeping
- The portals we provide for residents and owners
Lease Renewal Fees in Pittsburgh
Our final fee is a renewal fee, which is a flat $250 charge that you’ll pay each time we renew a resident.Â
When you think about the cost of resident turnover and vacancies, it’s easy to see what a value $250 is.Â
We’ll work hard to retain your residents, and the renewal fee will cover our negotiation and signing of the new lease. It costs you a lot less than it would if you were paying a new leasing fee.
In Conclusion…
There is no single right way to charge management fees, but the most important thing is that the company you’re working with is transparent and honest.Â
The last thing you need as an owner and investor is to be surprised by extra charges, and it’s important to review your management agreement before you sign it.
Contact us at Arbors Management if you’d like to know more about our services and their costs. Our Portfolio Managers and Leasing Specialists would be happy to provide a personalized quote that’s based on your property and its unique needs!