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What Does Property Management Cost in Jacksonville?

Mike Collins - Wednesday, February 19, 2014

Today we want to talk a little bit about what the actual cost of property management in Jacksonville, Florida tends to be. If you want to manage your property on your own, you might think you are saving money, but there are a lot of ways a professional property manager can save you money.  

To manage your own property, you have to have a lot of time, some legal knowledge and an ability to handle maintenance. Maintenance when you are managing a property is not quite the same as when you are taking care of things around your own house. In the house you live in, when the air conditioning breaks you might go online to find a repair person or call someone in the phone book. You will learn that it’s a lot more difficult when you’re not actually in the house and you can’t describe the problem specifically.
When you pay for a property manager, you can write off those expenses. So, the cost of a property manager is mitigated a great deal by those write-offs. It’s a cost saving benefit to having a property manager. 

There are over 100 property managers in the Jacksonville area. The better companies tend to be concentrating on property management instead of the sale of properties. An agent with a sales license in Florida can manage a property, but that doesn’t mean you’re getting a qualified person to do it. To get the best value for your money, look for a property manager who is part of the National Association of Residential Property Managers (NARPM). That’s the professional association that serious property managers belong to. 

There are three primary costs associated with property management. The first is the cost of finding a tenant. If you do it yourself, the process will take you a lot of time and effort. If you hire a good property manager, they can advertise on multiple websites. There is a fee for this, which is usually between 50 and 100 percent of a month’s rent. You basically get what you pay for because the property management company will find you a qualified tenant quickly, and your rental property won’t stay vacant.  

The second cost is the month to month management. This charge will usually be between 10 and 15 percent of a month’s rent. A property manager does a lot for this fee, including collecting rent, managing your tenants and responding to their needs, and conducting inspections.  

The third expense is the cost of repairs. If you have a property management company caring for your property, they will have a list of contractors and vendors they work with and they will be able to negotiate better rates for the work your property needs. You’ll save money by not having to pay for overtime expenses or larger repair bills. 

Consider the benefits of a professional property manager and you’ll realize that the money you spend is easily returned to you. If you have any questions or want to talk about property management further, please contact us at Collins Realty Services and Property Managers in Jacksonville, FL.

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Jacksonville FL 32207

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