We get a lot of questions about the cost of property management in Orlando, and we always recommend that investors and property owners weigh the benefits of professional management against the price of that management. In most cases, you’ll end up earning more money on your investment when it’s professionally managed. Today we’re explaining the standard property management fees in Orlando and showing you how it’s a cost effective service that you should strongly consider.
How Much Does Property Management Cost in Orlando?
Most Orlando property management companies have a fee structure that focuses on two things: the leasing fee and the management fee. The leasing fee is what you pay to have your property prepared for the rental market, advertised to potential tenants, and leased to a high quality renter. You only pay it once, and it’s usually a flat fee or a percentage of the first month’s rent. The management fee is paid every month, and it covers all of the ongoing attention your property gets. That includes rent collection, inspections, tenant relations, recordkeeping and accounting, and the scheduling and coordination of maintenance. The management fee can be a percentage of the monthly rent, and it’s usually deducted from your rental income every month. Some companies will charge additional fees. Make sure you talk to your property manager, so you know what to expect in terms of billing and expenses.
Why Orlando Property Management Pays for Itself
Instead of worrying about the cost of property management, think about the knowledge, skills, and expertise you’re getting in exchange for that management fee. A mistake can be extremely costly. If you place a bad tenant in your home, you run the risk of property damage and eviction costs. If you don’t manage the security deposit according to Florida law, you can find yourself in court. Orlando property managers protect you and your property from loss and risk. They also help you maximize your property’s investment potential. A professional property manager will help you price your rental competitively and recommend upgrades and improvements that will increase your return. There are also tax benefits to hiring an Orlando property manager. Those monthly fees can usually be deducted from your rental income when you’re filing your taxes.
If you have questions about standard property management fees in Orlando and the services you can expect in exchange for those fees, please don’t hesitate to contact us at R. Russell Properties. We’d be happy to tell you more.