One of the most common questions I’ve been asked is: How much does San Antonio property management cost? There are a few different fees that you’ll need to expect to pay, and your overall cost really depends on how much work you’re willing to do on the property yourself.
General Management FeesYour main property management fees will be the monthly fee, the leasing fee, and the lease renewal fee. The monthly management fee is what you’ll pay to cover the ongoing management of the home and the tenant. It’s typically a percentage of the rent that’s collected from the tenant each month. If the property happens to be vacant, you can expect to pay a leasing fee which covers the cost of obtaining a new tenant. Your tenants will typically sign a one-year lease, and at the end of the term, your property manager will negotiate a new lease with that tenant, and you’ll pay a small fee for that service.
Additional Property Management FeesThere are other services that you may be charged for, depending on how involved you want to be as an owner. For example, if you want the property manager to pay your monthly mortgage, property taxes, and insurance, you can expect a fee for those services.
Tenant FeesThere are also some fees that tenants will have to pay. If a rent check bounces, there will be an NSF fee. When rent is late, there will be a late fee charged. If they don’t pay rent at all, those tenants will be charged an administrative fee and legal fees so we can take them to court.
Comparing Costs to ServicesIt might seem like a property manager charges a lot of fees, but you have to think about the headaches that professional management takes away from you. No one wants to be bothered on a Saturday afternoon to deal with a plumbing repair, and you don’t want to lose several weekends trying to rent out a property. Your property manager takes the hassle out of owning a single family rental home or a duplex or whatever type of property you have. Your property manager will preserve your asset and maximize the yield by reducing the number of days the property is vacant and increasing the rent that is collected.
If you’d like to hear more about our services and fees, or anything that involves San Antonio property management, please contact me, Greg Briggs, the owner of Terra Realty & Management Group in San Antonio.