Are you considering hiring a property management company to oversee your investment property? In this case, one of the most important questions to ask is, "What exactly does my property management fee cover?"
That's because landlords are legally obligated to take care of many aspects of property maintenance when they rent their homes to tenants. Since maintenance coordination and costs will affect your profits significantly, you need to know upfront about these fees.
The short answer is no, your property management fees don't cover rental upkeep, but they do include a host of other important tasks. Read on for an in-depth look at what to expect when you hire a property management company in Lynchburg, VA.
Understanding Property Management Fees
Property management companies typically charge a fee that is a percentage of the monthly rental income. This fee often covers various services, including:
- Marketing the property
- Tenant screening
- Lease management
These fees do not extend to rental maintenance services. Most property management companies offer maintenance coordination, but they do not pay the costs involved in keeping the property in top shape.
What Does Maintenance Coordination Entail?
Property management fees often include basic operational maintenance, which can vary by company. Here are some common maintenance services that might be included:
- Routine maintenance checks and property inspections
- Handling emergency repairs
- Coordinating with licensed contractors for specialized repairs
- Periodically evaluating property conditions and making recommendations
It's essential to note that not all property management companies offer the same level of service. Some may include more extensive maintenance options in their fees, while others might charge extra for specific services.
It is vital to read the service agreement before signing up so you can accurately calculate your rental property expenses.
Additional Maintenance Costs
While many of the basic maintenance services may be covered by your property management fee, additional costs can arise, especially for significant repairs or renovations. For example, if your property's plumbing system fails, the cost of repair could be significant.
Here, the property management company typically coordinates the service but does not cover the repair expenses unless specified in the contract.
Communicating with Your Property Management Company
Effective communication is key to understanding exactly what your fees cover. Be proactive in discussing with the property management team to clarify any ambiguities related to maintenance services.
Ask questions like:
- What types of maintenance are included in the management fee?
- Are there any additional charges for specific maintenance tasks?
- How do you handle emergency repairs?
By addressing these questions, you can form a clearer picture of your financial responsibilities. Understanding your property management agreement can also enhance your confidence as a property owner.
Take the Next Step Today!
Maintenance expenses remain one of the key duties of a landlord, regardless of whether you hire a property management team. Most property management companies offer a maintenance coordination service, which is vital for preserving the value of your property and retaining tenants.
PMI Lynchburg offers comprehensive property management services that take care of many of your landlord responsibilities. Our experienced team is here to support you every step of the way with dedicated service and tailored solutions for your investment portfolio.
Reach out today to discuss our offering, and let's take your rental property business to the next level.
