Creating relationships with Memphis property managers
The Memphis area property management fees would depend depending on the service that you would choose. If you would like to let the company do all the management duties, the fee would be usually higher than when you delegate the smaller duties.
If you decide to hire a Bartlett property manager, you should expect some fees with it. One is the commission. The commission is an ongoing and monthly fee that will be charged to you for the manager’s compensation. The compensation is for the responsibilities of managing the property. The commission is charged by all companies that offer Bartlett property management.
The next fee would be the set-up fee. This is charged to you by the Bartlett property manager for the initial time and resources used to set up your account in their company. As soon as a tenant starts to rent the property, the manager will subtract this fee from the rent earnings. However, there are some managers who will require the set-up fee upfront before acquiring potential tenants for your property.
Bartlett property management will also require you to pay for the advertising costs however this would depend on the contract. There are some companies that would agree to split the advertising costs while there are some companies that let the owner to shoulder all the expenses.
Aside from advertising costs, maintenance fees are also charged to the owner. This fee should be disclosed in the contract and should be further explained by the manager. Be careful with the mark-up charges because this might eat all your rental profits.
When it comes to management fees, the owner should be fully informed prior to signing the contract. It should be the responsibility of the manager to inform the owner about these possible fees and if negotiation is possible.