Although each property management firm can structure its fees differently, you need to know what is included in the cost. Some landlords define property management and maintenance as the same thing, but not every management company thinks this way.
In fact, property managers may consider the day-to-day management tasks as entirely separate from actual property maintenance, such as repairs. When you’re a landlord in Maryland or DC looking for a property management company, it’s essential to know what you’re getting for the cost.
Here’s what you need to know when considering fees for property management services and if they include maintenance.
Property Management Fees May Not Cover Maintenance
It’s possible that your property management company does not include maintenance as part of their services. In that case, it will be up to you to find contractors, schedule maintenance and repairs, conduct follow-up visits or inspections, and pay the bill for the service.
Many landlords work with a property management firm because they don’t want to worry about maintenance. Should your property manager not consider maintenance as part of their duties, you as the landlord will be responsible for finding the right professionals and scheduling maintenance or repairs. In some cases, the property manager may be able to refer you to reputable contractors or companies for these services.
It’s also possible that the company offers property maintenance as a separate service and fee for which you will be billed separately.
Working With a Full-Service Property Management Agency
If the property management company is a full-service agency, they will likely include maintenance tasks in their fee structure. There are also property managers who exclusively do maintenance instead of other daily management tasks, such as rent collection.
A company that takes responsibility for property maintenance typically saves landlords time, money, and stress while providing tenants with excellent service. The company should also follow up with tenants and provide invoicing services for you, the property owner.
Established local companies tend to have networks of professionals they can depend on, which saves landlords the stress of finding professionals and coordinating maintenance and repairs between the contractor and tenant.
When searching for a property management firm, ask about their fee structure and whether it includes property maintenance. However, keep in mind that regardless of whether or not the firm provides maintenance services, you as the landlord will still be responsible for the cost of the repairs or maintenance.
The Price Difference: Management vs. Maintenance
Property management companies can either charge a percentage of the monthly rent or a flat fee for their services. As we’ve seen, maintenance may or may not be included in their fee. Some property managers include maintenance in their rate but will also charge an additional fee based on the maintenance or repair job to oversee the process. Each firm is different and will charge a different amount depending on your unique property and services.
Looking for a Property Management Company?
If you’re looking for a reputable property management company in DC or Maryland, contact FAS Management to learn more about our services. We provide day-to-day property management as well as maintenance services for landlords with income properties in and around the nation’s capital. Contact us at (202) 337-2080 today.
