How much do property management companies charge in NY?

Property management is not a day's task.

Industry standards spell that you only get customers if you offer quality services or high-quality.

New York is one of the busiest cities in the world. Unfortunately, it is also one of the places on Earth where things cost more than individuals imagine. A dreamland for many, New York is a competitive property market ruled by high price paying tenants, which are rare. As a result, you don't get buyers often or the right price for your property. This makes it complex for both the tenants and the landlords to transact over a property. This is where property management companies in New York help the landlords.

Thinking about why you need one?

Selling properties is not child's play, especially when selling them in New York. Property management companies would help you in the assessment of your properties. Then, they get you the buyers, mainly the ones you look for. A property management company also takes care of the maintenance of the property you ask them to handle.

You can trust that hiring one project management company is an easy game.

Another part of hiring a project management company is that their high-class services come at a cost.

Well! That is a part that might concern you, but these management companies' convenience is incomparable.

How much do the property management companies charge in NY?

A property management company in New York will charge their fees based on the duties you delegate and the area where you own the property.

In common, the property management company charges between 8-12% of the monthly rental value of the property they will help you lease.

Some companies charge a flat fee, like $100.

Some of the other fees that the property management companies can charge include:

1. Management Fees: This is the amount of fee that the property management company will charge for the day to day management of your property. The fee is for processing rent, finding the clients, conducting inspections, managing repairs, and maintenance. The management fee is often a gross collected rent.

2. Leasing Fees: Many property management companies also charge a leasing fee for leasing or re-leasing the property before it becomes vacant. A few property management companies charge 50-100% of the monthly rent or others may charge a total of one month's rent. The fee is charged for finding clients, showing them the advertisements of the property, preparing the lease, and performing the inspection while the client moves in.

3. Lease Renewal Fees: As the name suggests, the fee is for renewing the lease for an existing client. This is commonly a flat-rate fee.

4. Eviction Fees: Many property management companies may help you manage eviction by the tenants. Their eviction fees are high as the matter can be complex. It is at times close to or above $500.

Conclusion

These were some fees that any NYC property management company may charge you. But that is the amount you can pay because you would not want to miss the next trustworthy tenant that the property manager found for you. For more details on property management consultancy, please read here.