How Much do Property Managers Charge in Northern Virginia? Your Comprehensive Guide

Owners of rental properties rely on property managers to help them find good residents, do background checks, and take care of maintenance problems. Having rental properties can be rewarding, but most landlords don't realize how much time and work it takes. Hiring a property manager will give you more time to focus on growing your business. With a property manager, you can also invest in markets with strong growth potential, even if you don’t live there (as long as you choose a property manager that is local to the area). A question that many owners and landlords in the Northern VA market have is: how much should I expect to pay for property management? Location, the type of rental unit, and the number of services offered are just some of the things that will affect your total costs. In this article, we’ll compare the fees for five different property management companies in Northern VA to help you figure out what to expect regarding leasing and property management fees in this area. Disclaimer: it’s important to know that there are instances when a property manager (specifically, Evernest) might not be a great fit for you. In this video, we lay out a few ways to know for sure. 

Leasing Fees for Northern VA Landlords

How much does it cost to hire a property manager in Northern VA? The price depends on more than just where you live. It also depends on things like the type of property and how many services are included. These services can include:

• Holding showings
• Marketing the property
• Screening applicants
• Preparing the lease agreement

Some landlords hire a property manager temporarily to help them find a renter, but they do the day-to-day management themselves. This can be an option for you if you’d prefer to handle your own property management, but need help finding a resident. Leasing fees can be a flat rate, but most of the time they are figured as a percentage of the first month's rent. The Northern VA area's average leasing fees are typically 100% of the first month’s rent. Many property management companies offer discounts on the leasing fee if you choose a higher membership tier that offers more services. Evernest, for example, does not charge a leasing fee for the Platinum tier.

Fixed vs. Percentage-Based Fees in Northern VA

Most property managers will charge you a fee every month to manage your rental. But don't simply go with the cheapest option; you should look at what services are included in the price to see if it's a good investment for your business. Depending on the company, the property management fee may be a flat fee or a percentage of the rent. A flat fee is a set amount of money you pay each month; a percentage fee is a percentage of your monthly rent. In Northern VA, flat monthly fees can run from $119-129 and percentage fees run from 5-10%. These fees can be different depending on your rental rate, the type of property you have, and the services you need.

Repairs and Maintenance Fees

Property management companies will take care of repairs and general upkeep of your property. It may be cheaper to hire a property manager because they will likely have relationships with local vendors and contractors, allowing them to get a better deal than you could. Property management companies typically coordinate how these problems are fixed regarding specific repairs. Most companies require landlords to keep at least a certain amount of money set aside for repairs. Your property management agreement will say how much you need to keep in your reserve repair fund and how you can give permission to use these funds.

Leasing Renewal Fees

A lease renewal fee pays for negotiating with current residents and filling out the paperwork for additional lease terms. Again, this fee can be a flat rate or a certain percentage of the monthly rent. Some property managers will not charge you to renew your lease.

Vacant Unit Fees

If your unit is vacant, your property manager may still charge you a monthly fee. This fee for a vacant unit pays for regular checks on your property while it is empty. This is because a property that isn't being used has to be inspected regularly by law to keep insurance policies in line and make sure the building stays safe and in good shape.

Eviction Fees

The fact of the matter is you may have to evict a resident at some point as a landlord. Your property manager can help you through this process. Some will charge an extra fee, while others will give you an eviction guarantee if you pay for a higher membership tier. For example, at Evernest, eviction protection is included in our Platinum pricing plan. Still, landlords can also purchase an eviction protection plan as an add-on for an annual rate of $200. Further reading: How To Navigate The Eviction Process As A Landlord

Routine Inspection Fees

Routine inspections are important to make sure that your resident is keeping your rental in good shape and to find problems before they get worse and cost more to fix. Most property management companies will charge a fee for inspections that are done regularly or when a resident moves out. At Evernest, each pricing plan includes move-in inspections, move-out inspections, and monthly vacancy inspections at no extra cost. Additional annual inspections cost $149 with our investor and gold pricing plans, but are included with our platinum plan ($199/month).

Contract Termination Fees

Note that many companies will charge you an early termination fee if you break your contract with your property manager before it's over. These fees can be very different, so include that in your contract. At Evernest, we think you should be allowed to end your contract with your property manager at any time you want if you’re not satisfied. We call it our “100% Happiness Guarantee.”

Factors Affecting Property Management Fees in Northern VA

Many of the fees listed above are given as ranges because the final cost of property management fees depends on many different factors. These can include:

• Type of property: Whether your rental property is a single family home, a multi-family apartment complex, or commercial property can affect the fees your property manager charges.
• Size of property: Property size can also affect fees because larger properties require more maintenance than smaller ones.
• Condition of property: A newer or renovated property can have fewer maintenance issues than an older property.
• Neighborhood rating: If your rental property is located in a neighborhood that commands higher rents, your property manager may charge more than if your rental property is located in a neighborhood that commands lower rents.
• Market competition: If there is less competition for property managers in your market, they may charge higher fees than if there is more competition.
• Extent of services: Ultimately, the extent of services your property manager provides greatly affects the fees they charge. Handling rent collection is a much smaller investment for a property manager than offering 24/7 resident communication,  maintenance management, and financial reports.

Hire Evernest As Your Northern VA Property Manager

The Northern VA market is an exciting place to be a real estate investor, and choosing the right property manager can help you build your business and achieve your goals. Have we convinced you to dive in? If you’re ready to work with a property manager, we’ve made it our mission at Evernest to provide hassle-free property management and deliver a steady return on investment to our property owners. Plus, we can guarantee that we’ll place a well-qualified resident in your rental in Northern VA in 21 days or less, or your first two months of management are free. What are you waiting for? Reach out today, and let’s get started. >> ~~~ All claims result from an industry-wide audit done by our in-house team. If we missed something or have provided incorrect information, please let us know at [email protected].