Key Takeaways
- Property Management Fees Vary Based on Services and Property Needs - There is no one-size-fits-all cost for property management. Fees can depend on factors such as location, property size, number of units, and the scope of services required. Common fees include account setup, monthly management, leasing, marketing, maintenance, and even lease renewal or eviction-related charges.
- Management Fees Cover a Wide Range of Essential Services - Monthly property management fees typically include rent collection, tenant communication, property inspections, repair coordination, tenant screening, and marketing vacant units. These services help landlords maintain occupancy, reduce turnover, and ensure their properties are professionally maintained with minimal personal involvement.
- Understanding the Fee Structure Helps Maximize Value - While property management comes with costs, knowing what each fee covers allows property owners to make informed decisions and avoid unexpected expenses. OKC Homes 4 You emphasizes transparency and experience, helping landlords navigate these fees while delivering reliable, long-term value for their investments.
Without the requisite experience, being a landlord can be a stressful and time-consuming venture. Thankfully, property owners can partner with trusted management companies for a more hand-off approach.
But how much does Oklahoma City property management cost? In today’s blog, we at OKC Homes 4 You will go through the different fees that property owners charge for certain services. This will help you get an idea of what to expect should you take this route.
What are the Different Fees that Property Managers Charge?
Every property management company offers different services and pricing plans. As such, it’s vital to conduct research and find a company that aligns with your budget and long-term goals.
Despite every company in Oklahoma being different, here are some of the fees typically associated with property management:
Account Setup Fee
This is also referred to as the initial setup fee. This is usually a one-time initial fee that goes towards opening a new account. It specifically covers things like the required documentation and processes necessary to set up an account with a dedicated property manager.
However, not all property managers charge this fee for new property owners. Also, the exact amount depends on various things, like the size of your property, the number of units, and the specific location.
Property Management Fee
This fee goes towards covering a property management company’s monthly services. It’s usually a percentage of all the monthly rental income. Here’s what a property management fee usually includes:
- Collection of rent.
- Onward direct deposit to your account per the management agreement, less the property management costs.
- Providing tenants with 24/7 assistance, whether it’s repairs, maintenance, or other issues.
- Inspecting the property as per the lease.
- Screening prospective tenants when trying to fill the vacant unit. This can include conduct background, credit, income, and rental history checks.
- Marketing the property when it becomes vacant.
- Coordinating repairs and maintenance work with vendors and contractors.
- Preparing year-end statements, organizing tax documents, and providing monthly financial report.
Leasing Fee
Some property managers charge this separately from the property management fee. Also referred to as a tenant placement fee, it goes towards the cost of re-renting the property to a new tenant.
It includes things like making the unit rent-ready and marketing the property to prospective tenants. The proper manager will first walk through the Oklahoma City property to determine whether it’s rent-ready or not. If it is not, they will advise you on what exactly to do to make it ready to rent out.
After making the unit rent-ready, they will then begin the marketing process in earnest. This usually includes:
- Determining the right rental amount.
- Preparing a rental ad, including taking quality photos, drafting an engaging summary description, and writing a captivating headline.
- Marketing the rental ad to rental listing sites.
Lease Renewal Fees
Lease renewal fees are charges that some property management companies apply when they facilitate the extension of an existing tenant’s lease. While some managers include this in their overall service package, others bill it separately as a one-time cost.
The fee typically covers the administrative work involved in preparing and updating the lease agreement, negotiating new terms, and ensuring that all legal documentation is compliant with current landlord-tenant laws. Renewing leases helps reduce turnover, and this fee reflects the effort it takes to retain reliable tenants.
Maintenance Fees
Maintenance fees refer to additional charges that property management companies may apply when coordinating repairs or upkeep through third-party vendors. These fees are sometimes added on top of the actual repair cost.
They can serve as a management surcharge for handling the logistics such as sourcing reputable contractors, scheduling the work, overseeing quality control, and managing invoices. While not all companies charge this fee, it’s important for rental owners to understand how these costs are structured.
Eviction Fees
Eviction fees are incurred when a property management company has to carry out the legal process of removing a tenant. Since evictions involve legal procedures and can be time-consuming, these fees are typically charged separately and only when needed. The cost usually covers the hiring of a qualified eviction attorney, court filing fees, representation at hearings, and preparation of all necessary legal documents.
It may also include the cost of serving notices and coordinating with local authorities if needed. Though rare, having a property manager experienced in handling evictions helps ensure the process is done lawfully and efficiently, minimizing risk to the property owner.
Bottom Line
The exact cost of property management that will apply to you will depend on a factors like where your property is located, the number of units you want managed, and the specific services you’re looking for.
We at OKC Homes 4 You are a trusted Oklahoma City property management company. Whether you’re just getting started or own a whole portfolio of investment properties, we have what it takes to help you succeed. Get in touch with us to get started!
