Edmonds Property Management Fees Explained by a Professional Property Manager

Leasing Fee

The leasing fee will cover all the upfront costs associated with securing a tenant. This includes the marketing and advertising costs, screening a tenant, writing the lease, and moving a tenant into the property. Everything that happens between the time that you hire your property manager and get the tenant into the property is paid for with the leasing fee. It’s a one-time cost when you’re leasing a vacant property.

Management Fee

This is the ongoing monthly fee you pay to your management company. It’s usually associated with the rent that comes in, and it’s often a percentage of the gross rent collected. This should cover all things associated with the general management of your property. It includes accounting, administrative work, the periodic inspections, and dealing with your tenants all the way through the life of the tenancy.

Renewal Fee

The renewal fee will come up every year when a tenant renews a lease. It will cover the negotiations over the lease and any potential rent increase, the new terms of the lease, the inspection, and the paperwork that’s involved.

These are the average property management fees that you’ll find in this area. You want to pay attention to the small print. That small print can include hidden fees like an additional marketing fee, a setup fee, an inspection and maintenance fee, or markups on maintenance costs. You need to review your management contract and make sure you know what all the costs will be upfront.

If you have any questions about your property management cost or anything pertaining to Edmonds property management, please contact us at Joseph Property Management.