Today, our topic is how much you can expect to pay for professional property management services in the Key West area.
The going rate for property management commissions is around 10 percent of your monthly rent. Remember that you get what you pay for, especially in this industry. If you find someone who is charging less than 10 percent, you should be skeptical.
When you’re deciding whether you want to hire a professional manager or do self-management, remember that there’s a lot of liability to think about. You don’t want to put yourself in a situation where you’re not sure what the landlord tenant laws require. A professional will stay up to date on the laws and the regulations. For example, do you know the difference between a service animal and a companion animal? These are the types of details you need to know when you’re managing a property.
Another thing to consider is the emotional involvement. Will you be able to kick a tenant out of his property right after his dog died if he didn’t pay rent because he was using the money for medical expenses on his pet? Emotions will come in, and you can’t do the good job you need to do in order to keep bringing in rental income.
There are a lot of people who think they can manage property on their own, but it’s very time consuming and it’s a big deal. If you want your life back and your time back, use a professional company that charges 10 percent or more. If it’s less, keep looking. The cost of professional management is well worth the services you receive.
If you have any questions or you’d like to hear more about professional property management services, please contact us at Key West Residential Property Management, and we’d be happy to talk to you.