Posted September 12, 2022 | by Keaton Bessey, Managing Broker, Greater Vancouver Tenant & Property Management Ltd.
How much to Property Managers charge per month?
In the Greater Vancouver area for individual unit rental management, you'll find a range of 5-12% of the monthly rent as a charge. A 12% monthly fee should include everything from marketing costs, photos, paid ads, showings, screening, leases, move in, as well as rent collection, emergency response, repair and maintenance, inspections, RTB disputes, Insurance Claim management, etc.
As you get lower on the fee range provides you with less service as you go. If you're comparing companies, look at what they charge to lease out the property during the management (we include our leasing fees in our Full Service Management package) as well as what their "Additional Fee Schedule" looks like. This schedule is often a list of things that cost you money and are not included in the monthly services: inspections, key cutting, photography, additional showings, repair and maintenance charges, renovation management project fee, emergency response fee, registered mail fees, etc. When you add all of these fees up, over the long term, you end up paying around 9-11% for management over a matter of a few years. This is why we provide service at 10% of the monthly rent and we include everything.
Some Strata Companies who also provide rental services, will offer a "limited time" rate of $50-$75 per month to manage your property, however, you are a "secondary client" in this situation meaning they cannot fully represent your best interests as the Strata is the main client. This is done to avoid conflicts of interest.