How much are Oklahoma City property management fees?
“How much are Oklahoma City property management fees?” I am commonly asked. This article discusses what Oklahoma City property management companies should charge. And, it also tells you 4 questions to ask to determine the overall costs of a property management company.
#1 How much are Leasing Fees?
The first question is how much the property management company charges for a leasing fee. Leasing fees include advertising, showing, screening, and signing the lease. How much do property management companies charge for leasing fees? Generally, property management companies charge 1/2 to 1 month of rent as a leasing fee.
#2 How much are Oklahoma City property management fees?
The next question is how much are Oklahoma City property management fees. This should include being a complete interface with the tenant. The property manager needs to set up service calls, handle collections, etc. Typically, property management companies charge between 10% and 12% of the gross rent collected on a monthly basis for management fees.
#3 How much do they charge for renewal fees?
Another question is how much the property management company charges for annual renewal fees. The lease renewal fee is just that, a fee to renew the lease. This is charged even though there is no turn over in the property. These are a good deal for the property management company that charges them. But someone needs to explain to me why this should be paid. What is the justification for this charge? My company, OKC Home Realty Services, absolutely refuses to charge a lease renewal fee.
Why should we? There is no actual work going on. And, we don’t have to advertise or show the property.
#4 Are there any other hidden fees you should know about?
Other hidden fees you need to ask a prospective property manager about include if they charge extra administrative fees for book keeping, doing evictions (representation in court), and/or up-charges on maintenance expenses. As a general rule, my company does not charge for those services.
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