When you decided to invest in a rental property, were you aware of the duties that go along with your newly acquired asset? Many investors didn’t expect that managing a rental home or apartment is a full-time job or property management cost can take a big chunk of the rent. In fact, it requires more than 8 hours a day because you might receive calls from tenants late at night when you’re ready to sleep or already sleeping. It requires a reserve fund for emergency repair, and it involves some serious paperwork. If you realized property management is not for you or you are not ready for this big responsibility, there are many companies that offer property management services.
Traditional Property Management Cost
More than 50% of property management companies that you will see out there follow a traditional payment scheme. It means the property management cost is a set percentage of the rent. If you have a monthly rental rate of $1,200 and the company’s monthly property management fee is 8% of the rent—the average in the industry—you will most likely shell out about $2,500 for all of the services. The cost may be higher if the tenant decided to leave and a new one signed up because tenant placement entails additional cost. At MYND, we ask investors why they should pay more when we can provide the same set and quality of property management services for less.
Flat Fee for Property Management Services
MYND is a team of property management specialists who have years of experience in rental management. With us, you will never have to deal with financial damage caused by your property manager. We have revolutionized property management through our 8G Guarantee, which has gained local and national acclaim. We enhance our clients’ experience with the help of the latest technology in the industry because we believe that great customer success is what we need to build a great company.
Put simply, we do things differently. Our flat fee structure offers a more affordable solution to your property management problem. The cost of tenant placement alone is more affordable at MYND than other traditional and most flat fee companies. This is the only fee that we calculate by percentage, and we only charge 50% of a month’s rent. Other companies would take 100% for simply finding a tenant. It doesn’t mean we’re just trying to undercut the competition. It means we are serious and able to maintain high tenant retention. Most of the tenants of properties we manage decide to stay and renew.
We believe that regular management is the core of our services. The other services are needed only when tenants are not fully satisfied with the property and how it’s managed. For example, eviction can be avoided through good tenant relations.
At MYND, the monthly property management cost is $80. Traditional property management companies put it at 7% to 10% of the monthly rent. If you have a monthly rental rate of $1,200 per month and the management fee is 8%, you will pay $96 each month on top of other fees. If you want to learn more about the other services we offer and their cost, speak with a member of our team today.