Property management fees in Portland depend on the location and the type of property. Many property owners like to manage their own properties because of the fees associated with hiring a property manager, but the fact is, not hiring a professional property manager ends up costing you.
Each company varies with the type of fees they charge and how they are paid. Some have payment at a flat rate which is paid upfront or they can take a certain percentage away from the monthly rent. If you’re looking for an affordable property manager in Portland, a recommended client is Princeton Property Management, whose reputation is unrivaled in terms of affordability and quality service.
There are only two main fees that all property managers charge their clients while the other fees vary by company.
Also called as Tenant Placement fee, leasing fees are often fifty percent of the first month’s rent. Leasing fees compensate the time and effort your property manager puts in for getting new tenants. This includes marketing and advertising, tenant screening, new resident onboarding and administrative work for your tenants.
This payment is made each month and often charged at around eight to ten percent of the monthly rent. This covers the day-to-day management of your property, collection and processing of rent, responding to tenant requests, property inspections plus a 24/7 emergency service for your tenants.
Some fees that may come up depending which company you’re going with:
The set-up fee is mainly acts like a registration fee when you sign up with the company. This is a one-time fee that may range from $75-$300.
The renewal fee is mostly an upfront fee that can range from $25 - $200 while some property managers just skip this. This typically covers the paperwork for the renewal of contract including the time spent for a comparative market analysis.
Most companies just include this as part of the management fee but some companies hire third-party maintenance crews. Maintenance fees mainly cover for the repairs and materials may be charged separately.
A vacancy fee is frequently considered a major red flag for clients nowadays, but some companies still charge them. Having this kind of fee means you’re still paying your property manager even when no one is renting the property. This could either be a flat rate or could also be fifty percent of the month’s rent.
Remember to review the property management agreement before signing and make sure to keep an eye for any hidden fees, just in case. You want to know and understand the fees you’re paying for and what they are for.
For any questions about the fees or if you’d like to know more about the costs of hiring a property manager in Portland, Oregon, feel free to contact Princeton Property Management.