Being a landlord in Baltimore certainly has its benefits, but it’s not always easy. Fortunately, when you partner with the right property management company, they do the hard work for you. Finding the right property management can be tough. You need a firm with an awesome reputation, outstanding customer service, and the willingness to go above and beyond to make sure your rental property is well maintained and attracts the right tenants.
Naturally, a partnership like this comes with a price. So, how much do property managers charge in Baltimore? If you find the right firm, the fee is well worth the frustration you could experience by trying to navigate the waters of being a landlord all by yourself. If you don’t do your homework, though, you could find yourself paying far more than you really needed to. Let’s take a look!
How Much Do Property Management Companies Charge in Baltimore?
When you’re shopping for a property management firm, it’s important to know the fee structure can vary greatly. Beware that some firms will advertise incredibly low rates, but they’ll often slide hidden fees into the fine print of the paperwork. Generally speaking, fees typically range between 8% and 10% of the amount of money you collect each month in rent once a lease has been signed. At Bay Management Group (BMG), we proudly offer some of the most competitive property management rates in Baltimore with monthly management fees ranging between 5% and 8% of the collected rent.
While a place is vacant, a property manager will usually charge you a fee for the price of maintaining and marketing the property. One month’s rent should cover this cost. If the property management firm you’re considering hiring charges more than a month’s rent, be sure to investigate what the charges cover and obtain a detailed list that explains how the funds are allocated.
You should also expect a nominal charge for lease renewals.
What You Need to Know About Property Managers and Hidden Fees
Like most things in life, if you find a deal that looks too good to be true, it just might be. Reputable firms will put all of their costs on the table, enabling you to make the choice to hire them with optimal transparency, but some property manager fees are hidden out of plain sight. If the rate you’re being offered is a low, flat monthly cost (as opposed to a percentage of the rental income), chances are, there’s more than meets the eye. Here are some things to look for:
- Supervisory Fees. Some companies offer insanely low monthly fees, only to charge you every time they have to perform routine maintenance. These costs can add up very quickly, often surpassing fees you’d pay to companies that include supervisory fees in their package rates.
- Vacancy Fees. The cost of renting a vacant unit is one thing; marketing costs money. However, be advised that you may come across a property management company that continues to charge a monthly fee, even when your property is vacant.
- Start-Up and Termination Fees. This is why it’s important to read the fine print before you sign. Start-up and termination fees can easily be hidden within the verbiage of an agreement. Know what you’re getting into before you commit to a company!
At BMG, we don’t believe in hidden fees. We offer the most competitive pricing in the industry without any added costs.
Bay Management Group is Baltimore’s preferred property management firm. With a competitive fee structure and a reputation for outstanding service, we’re proud to say that we’re a cut above the rest. If you’re ready to put your rental property into the hands of experienced property management professionals, reach out to our BMG team today!