How does property managements work and how much do they charge?

[Michael Stole]

In another post, I ask for reference of property management for managing a SFH that I intend to rent out. Though I am out of state, I don't want to sell given the rising market condition there.

Here I would like to know in great detail what property management can do for me and how much they charge. Thanks.

[David Beard]

Here's what mine does down below, from their web site. I pay 8% of collected rent, 1/2 of first month rent to place a tenant, 1/4 month rent for lease renewal, $35/hr for in-house maintenance people. In many areas, you will pay 10% of collected rent and the entire first month's rent as a tenant placement fee. With one house, you don't have much basis for negotiating a lower fee.

Tenant Screenings – includes complete criminal and credit
Evictions – official tenant notification, processing, legal, etc.
Tenant Prospecting – includes extensive and aggressive marketing campaign
Section 8 – we can handle all aspects from specialized tenant marketing and required Section 8 property inspection coordination
General Record Keeping – bill paying and monthly reporting
Ongoing Property Maintenance – handling of tenant maintenance requests
Monthly Rent Collection – direct deposit options available
Painting & Clean Up – as part of unit prep for tenant move out, move in
Landscaping – grass cutting, snow removal, etc.
Acquisition & Disposition Services
Construction Management
Facilities Management
Prospective Tenant Showings
Tenant Move In/Move Out – includes initial walk through at lease signing to include checklists and photos
Leases – signing, preparation, renewals, etc.
State/Federal -lead based paint, renters insurance notifications,etc.
Security Deposit – collection and/or management in trust account
Pricing Opinions – bid reviews and 3rd party opinions for construction or renovation projects