How much does a property management company cost?

The average property management fee for rental properties range from 8% to 12% of the monthly rental income. For instance, if your rental property’s monthly rent is $2,000, the management fee would typically range from $160 to $240 per month. With a property management software, like Hemlane, you can manage your rentals for as little as $40/month.

Do property management companies take a percentage?

Many property management firms typically charge a monthly fee ranging from 8% to 12% of the rent they collect. Some may charge less or more, but the average hovers around 10%.

What duties are property management companies responsible for?

A property management company is responsible for overseeing various aspects of rental properties on behalf of property owners. Their responsibilities generally include: marketing and advertising, screening potential tenants, drafting and renewing leases, tenant move-in and routine property inspections, tenant communication, rent collection, maintenance and repairs, and financial management. With Hemlane, you get 90% of what a property manager does at a fraction of the price. From advertising, maintenance coordination, rent processing, and eviction support.

What is property management software?

A property management software are applications designed to assist landlords and property managers in automating their back-office tasks, financial operations and administrative procedures. This includes monitoring maintenance requests, document storage, providing an online tenant portal, processing rent payments, and more.

What are the benefits of property management software?

The main benefits of a property management softwares are to reduce costs and promote growth by automating the day-to-day administrative tasks. Here are some ways this is done: providing an easy way to monitor maintenance, streamlining accounting and payments, and automating tenant communication.