Is A Great Property Manager Worth The Price?

Property management companies vary greatly in terms of their prices and services. Some companies may charge a lower fee while others may charge a higher fee. However, it is important to understand that the cost of a property management company is not always an indicator of the quality of their service. In fact, there are many factors that contribute to the cost of a property management company, and it is important to understand these factors before choosing a property management company.

Customer Service

The level of customer service provided by a property management company also plays a role in determining the cost of their services. Property management companies that offer exceptional customer service will typically charge a higher fee than companies that offer basic customer service. For example, at Eclipse Property Management we regard customer service as one of our top priority and why we offer a 24 hour communication policy for our owners: https://renteclipse.com/owner-help/ . This is because property management companies that provide exceptional customer service will typically have a lower turnover rate and will be able to attract and retain better-quality tenants.

Size and Location

One of the main factors that contribute to the cost of a property management company is the size and location of the properties they manage. Property management companies that manage large, high-end properties in expensive areas will typically charge a higher fee than companies that manage smaller, lower-end properties in less expensive areas. This is because managing high-end properties requires more time, effort, and resources, and the property management company needs to charge a higher fee to cover their costs.

Services Offered

Another factor that contributes to the cost of a property management company is the services they offer. Some companies may offer a basic package of services that includes advertising, tenant screening, rent collection, and maintenance. Other companies may offer a more comprehensive package of services that includes additional services such as legal representation, accounting, and property inspections. Here is an example of what services Eclipse has to offer: https://renteclipse.com/owners/residential-management/. The more services a property management company offers, the higher the fee they will charge.

Experience and Expertise

The level of experience and expertise of the property management company also plays a role in determining the cost of their services. Property management companies that have been in business for a long time and have a team of experienced and knowledgeable professionals will typically charge a higher fee than companies that are new to the industry or have less experienced staff. This is because experienced property managers have the knowledge and expertise to navigate the market, attract and retain tenants, and maximize the profits of the property.

Technology and Systems

Another factor that contributes to the cost of a property management company is the level of technology they use. Some companies may use basic technology such as excel sheets and emails to manage properties, while others may use advanced technology such as property management software. Property management companies that use advanced technology will typically charge a higher fee than companies that use basic technology. This is because advanced technology can help property managers to automate tasks, streamline processes, and make better decisions, which ultimately leads to better results.

Value Justifies Cost

In conclusion, the cost of a property management company is not always an indicator of the quality of their service. There are many factors that contribute to the cost of a property management company, including the size and location of the properties they manage, the services they offer, the level of experience and expertise of the property management company, the level of technology they use, and the level of customer service they provide. Property owners should take the time to understand these factors and choose a property management company that offers the services they need at a price they can afford. While it might be tempting to choose the cheapest company, it’s important to keep in mind that the cheapest option is not always the best one. It’s important to weigh the cost against the level of service and expertise the company can provide.