How Much Do Property Managers Charge in Lynwood, WA? Your Comprehensive GuideHello there, future homeowner, investor, or curious Lynwood resident! So, you’re wondering, “How much do property managers charge?” And more importantly, you’re looking for figures specific to Lynwood, WA? You’ve come to the right place. Whether you’re considering renting out your property or you’re just keen on understanding the local market, this blog post has got you covered.
Why Hire a Property Manager in Lynwood?
First off, let’s chat about why you might even consider hiring a property manager. Lynwood, with its beautiful parks, community spirit, and proximity to both Seattle and Everett, is an attractive place for renters. If you’re a property owner, this means potential rental income! But managing a property isn’t just about collecting rent. It involves maintenance, tenant relations, handling legalities, and so much more. A property manager can take that weight off your shoulders, allowing you to enjoy the benefits without the day-to-day hassles.
The Cost Factors: Understanding the Charges
Now, to the burning question: how much will it cost you?
Percentage of Monthly Rent: The most common fee structure is a monthly percentage of the rental income. In Lynwood, the standard range is between 8-12% of the monthly rent. For example, if your property rents for $3,000 a month, you could expect to pay a property manager between $240 and $360 for their services.
Flat Fee: Some managers might charge a flat monthly fee. This is less common, but it can sometimes work out to be more cost-effective for higher-rent properties. Given the current rental market in Lynwood and the surrounding area, a flat fee is almost always the most affordable option. For example, VerraTerra charges a flat rate of $175 (as of this blog posting). When considering a flat fee property manager, make sure you understand everything that is included with the monthly fee. Some flat rate property managers might charge extra for different aspects of the monthly service.
Set-up Fees: When you first hire a property manager, there may be an initial setup or onboarding fee. This covers the costs associated with listing the property, taking photographs, and initial administrative tasks.
Maintenance Fees: Maintenance is a crucial part of property management. While some managers include basic maintenance in their standard fee, others might charge separately for big repair jobs.
Vacancy Fees: In the unfortunate event that your property goes unrented for a period, some managers might charge a reduced fee. This is because they’re still monitoring the property and potentially marketing it to new renters. At VerraTerra, we do not charge vacancy fees.
Lease Renewal Fees: Renewing a lease with an existing tenant can sometimes incur a fee, though this is generally lower than the cost of acquiring a new tenant. As with vacancy fees, VerraTerra does not charge for lease renewal. It’s included in our flat rate monthly fee.
Eviction Fees: Hopefully, you’ll never need to evict a tenant. But if you do, this process can be complicated and might come with additional charges. Evictions can be complex. At VerraTerra, we do as much as we can without involving a legal team. Anything that we can do or should do without a lawyer we do without charging homeowners extra fees. Once we have to bring in a lawyer, the legal costs is on the owner. Before you hire a property manager in Lynwood, make sure you understand how they handle evictions.
Getting Value for Money
It might seem like there’s a lot to consider in terms of fees when thinking about “How Much Do Property Managers Charge?” However, remember that a good property manager can actually save you money in the long run. They’ll ensure your property remains in top condition, minimizing costly repairs. They can also help you avoid legal pitfalls, and their market knowledge can help you set a competitive rent rate, reducing vacancies. In addition, the peace-of-mind and time savings are priceless.
Additional Considerations Beyond “How Much Do Property Managers Charge?”
When choosing a property manager in Lynwood, don’t only look at the fees. Consider their reputation, the services they offer, their experience in the Lynwood market, and any reviews or recommendations from other property owners.
Lynwood, WA, is a prime location for property owners, but managing a property can be a daunting task. While property managers come with associated fees, the peace of mind, expertise, and potential for increased profitability they bring can make it all worthwhile.
Remember to always do your homework, ask questions, and choose a property manager who aligns with your needs and the specific demands of the Lynwood market. Your property, whether it’s an investment or a legacy, deserves the best care possible.
To learn more about VerraTerra property management in Lynwood and the services we offer, contact us today.
Happy renting, Lynwood!