COVID-19 has certainly made one thing clear: Owning rental properties is a huge responsibility. Some property owners don’t have the time and energy to deal with the level of care that is demanded by investment properties—and even when they do, travel restrictions have certainly made it more complicated.
Your ability to handle multiple rental properties becomes increasingly apparent as you build and grow your portfolio. However, when you hire a Chesapeake property management company, you make life much simpler. You may be wondering what a property manager in Chesapeake would or should charge for their services—but to answer this question, you first need to know what your property manager would take care of for you.
That said, what can you expect from a property management professional in the Chesapeake area? Depending on their skill level, your provider should still be able to handle each element of the following—even during a pandemic like COVID-19.
- Tenant screening can be done without ever needing to be face-to-face with a prospect.
- A thorough rental price analysis is cutting-edge research your property manager can do from anywhere.
- Property marketing is a breeze with a skilled Chesapeake property management company.
- Your property manager will still have skilled maintenance professionals who can meet your renters' needs.
- Customized financial reports are available to you any time from an online portal with the right property manager.
- Lease enforcement doesn't stop in the middle of a crisis—your property manager works with your renters.
- Move-in and move-out video inspections ensure your property is secure and profitable.
These services add considerable value for anyone who is dealing with even one property—but it is especially helpful to have a unified, professional approach to multiple rentals.
Now that you've seen a small sample of what a Chesapeake property management professional can do for you, breaking down the cost of property management becomes a matter of what skills your potential partner has.
Not Every Property Management Company Is the Same
Not all Chesapeake property managers can provide the same level of care! That is true for every type of business. You need to do your research to make sure you understand what your prospective property partner is providing you relative to their cost. For example, some companies may charge a flat rate depending on how many properties you have, whereas other companies charge a percentage from the rent for each property.
The other thing to look for is fees:
- Does your Chesapeake property management company have set up fees?
- Are there ongoing, additional, or “hidden” fees related to their services?
Some companies will only cover certain services for a set fee: if you want other services, you have to pay additional money. Transparency here is key!
Make Sure You Check to See What Is Offered
It’s crucial to check with the property management company to see the types of services they perform. Not every management company is equipped to do all the services that you may require or want.
For example, some companies may not be able to handle detailed financial accounting because they don’t have certified accountants able to do it. Other companies may not be able to assist with evictions or help with code compliance due to a lack of legal expertise.
Beyond dealing with the effects of COVID-19 on your rental business now, choosing a company that offers a full spectrum of services will help keep you competitive and profitable in the future.
Some Average Pricing in the Chesapeake Area
To give you an idea of what we mean, take a look at some of the average pricing structures utilized by Chesapeake property management companies.
This company charges a flat fee of $695—but that’s for just lease services. If you go with full-management service, the price is 10% of the monthly rent. So, for a property that rents for $2,000 a month, the cost is $200.
Real Property Management
This company offers three tiers for either a leasing package or a management package. For just the leasing package, the all-inclusive rate is 8.9% of the annual rent. Management packages, which include other services such as rent collection, cost 11.9% for the all-inclusive. Don't forget to add in the additional $65 monthly service fee for full-service maintenance!
Renters Warehouse Hampton Roads
At Renters Warehouse Hampton Roads, we know you'll always have a home with us because we base our pricing per unit—not based on the package you choose. This ensures you get the same level of excellent service across the board. Our pricing starts at $99 a month for a single unit but can drop as low as $69 a month, depending on the size of your portfolio. If you're curious about what that covers, take a look at our impressive lineup.
We're proud of our flat-rate, straightforward pricing structure because we know it helps our property owners find long-lasting financial freedom. During a crisis like COVID-19, we know this is more important than ever for many landlords who need to tap into their investment property to pay the bills or increase stability. You're already worried about your family and community—the last thing you should have to worry about is your rental property.
Get in touch with us to see how we can help you optimize and maximize your Chesapeake rental home during this time of uncertainty! We will get through this together.