Property Management Cost for Lee’s Summit Property Owners

March 13, 2018
Your property management cost will vary from company to company, but it’s generally pretty consistent across the board. Today, we’re talking about how you can evaluate the value of a property management company.

Rental Property Management Operations
Nearly all companies will charge a leasing fee, a management fee, or a combination of both fees. There will also be additional costs for things that go beyond the general scope of a service package.

Remember that a property management company is a process-oriented business. Processes and procedures are in place to ensure your properties are maximizing revenue and minimizing costs. The quality of these processes is crucial to understanding the value it’s providing. Look at how a company operates and get to know their online reputation. These will tell you more about value than the amount they charge every month.

Property Management Rates and Value
Things that impact the value of your property include tenant damage, vacant properties that aren’t being leased, and rents that are late or uncollected. These costs add up in a hurry. Thousands of dollars of damage are done every year in rental properties across the country. If you have a property management company that understands what it takes to minimize the costs and damages, it will save you money and quickly bring your management costs to zero.

In addition to saving you money, a good management company will maximize rents and do quick marketing to get a quality tenant in place who will pay on time and take good care of your property.

So, you’re not really interested in looking at what a company’s fees and costs are. While that’s important, they are pretty consistent. Instead, you need to understand what kind of value that company provides, and how it impacts your portfolio or ROI.


If you need help understanding property management rates, or you’d like to talk to us about our rental property management services and fees, please don’t hesitate to contact us at Midwest Property Resources.

Share this post

Best Tips for Self-Managing your Rental Properties

By Trisha Goodale • March 17, 2023
Owning and managing rental properties can be a lucrative business, but it comes with its own set of challenges. From screening tenants to handling maintenance requests, property management requires a lot of time and effort. Here are some tips to help you effectively manage your rental properties and maximize your returns. Set clear expectations Before a tenant moves in, make sure to set clear expectations about the rental agreement. This includes the rent amount, due date, late fees, maintenance responsibilities, and any other rules or regulations. Having a clear agreement in place can prevent misunderstandings and disputes down the line. Screen tenants thoroughly A thorough screening process can help you find reliable tenants who will take care of your property and pay rent on time. Ask for references, run background and credit checks, and verify income and employment. It's also a good idea to have a conversation with potential tenants to get a sense of their personality and communication style. Maintain the property regularly Regular maintenance can prevent small issues from turning into big ones and keep your property in good condition. Schedule regular inspections and make sure to address any repairs or maintenance requests promptly. You can also consider hiring a professional property management company to handle maintenance tasks for you. Communicate effectively Good communication is key to a successful landlord-tenant relationship. Be responsive to tenant requests and keep them informed of any changes or updates related to the property. Establish clear communication channels and respond promptly to calls, emails, or messages. Keep accurate records Maintaining accurate records can help you stay organized and ensure that you are in compliance with local laws and regulations. Keep records of rent payments, maintenance requests, inspections, and any other relevant documents. Consider using property management software to streamline your record-keeping process. Know your legal obligations As a landlord, you have legal obligations to your tenants, including providing safe and habitable living conditions, respecting their privacy, and following eviction procedures if necessary. Make sure you are familiar with local laws and regulations related to rental properties and comply with them at all times. Of course, if you have a property in Lee's Summit, Raymore, Blue Springs or other surrounding areas, we'd love to assist you with all of your property management needs.

Stockpile Cash or Invest in Real Estate?

By Chris Goodale • February 7, 2023
Let's Dive Right In...
Inflation - Get A-Hedge On It

Here's How to Hedge Inflation With Your Real Estate Portfolio

By Chris Goodale • January 26, 2022
Here's How to Hedge Inflation With Your Real Estate Portfolio in Lee's Summit, Blue Springs, Raymore, Grain Valley, Overland Park, Lone Jack, and Surrounding areas.
Show More