This is a great question and yet there is a lot of complexity to it.
As I mentioned, there are a lot of other questions you should ask for the actual “investment cost” in using a property management company (see my video below - Bonitas Springs Management Fees) but the median management fee would be 8% on collected rent in Bonita Springs.
This question is a little tricky to answer since it is not very specific and it can vary between rent ranges. What you may pay a management company for $1000 per month rental may be higher than a $3000 per month rental. If you paid the same rate (such as 10%), you would be paying three times the rate for the $3000 home versus the $1000 home.
This question goes beyond asking about what the management fee is. It would include a leasing fee (to rent a vacant property), a lease renewal fee (at the end of a lease) and any other areas a company may charge (such as maintenance, emergency repairs, large scale maintenance supervision, pets, additional trip charges, etc…). You should pay from 10 to 16% total of your rental income per year for everything. This percentage does not have to do with paying taxes, insurance or maintenance on the property either.
While Red Fortress is one of the largest in Southwest Florida, this question is difficult to answer because most data includes management of apartment communities (including those not in the Bonita Spring area), some data includes short-term rentals and others include Community Association Managed units.
We created a very popular guide that hundreds of people have used all across Florida to help them with the important decision of choosing a professional property manager. You can go here to get it for free!
https://checklist.redfortresspropertymanagement.com/get-it-now
Most property managers do not charge an hourly rate unless it is an additional trip charge to see a property. Where you may see this rate is when someone is hired by a facility to stay/ work on the property. This is more of a person employed to be on site as opposed to a professional property manager that oversees many properties and is not working onsite.
Protection of the property both physically (both the resident as well as from storms or age of the home) as well as legally (resident lawsuits, government lawsuits, code enforcement). Right behind that would be renting the property to a quality resident and timely rent collection.
For you to perform all legal functions of a property manager, you need to have a sales license. If you do not have a license, you can do a lot of functions but there are a lot of areas that you are not allowed to perform. If you manage a property for someone else and you are not licensed, it is a third degree felony in the state of Florida.
Here is what the National Association of Realtors states (click on the state of Florida):
State Statutes and Regulations for Unlicensed Assistants
Owner or Renter?
Some people assume that property management is expensive - but that’s not the case at all. We share the risks with you (even some income!) and are focused on property management all the time. We could write a book (and we may) where people decided to do-it-themselves and it cost them thousands to tens-of-thousands of dollars. In addition, not only will you prevent losing a large amount of money but you will actually make more money in the long run due to better quality tenants that stay longer in our rental homes.
It is a full time job dealing with repairs, complaints, collecting rent and coordinating vendors. Transferring these responsibilities to a good property manager allows you to enjoy the benefits without spending all your free time working.
Because of our application tools and extensive resources, we can screen more tenants, and with more filters, ensuring you get the best renter for your investment. We often have a waiting list of potential renters and our eviction rate is extremely low.
Free ConsultFinding new renters quickly is essential. We list your property for rent quickly, refer prospective renters to your property and we even pre-lease your home to help you make money!
At Red Fortress, we know the right tenant makes a big difference. We have a unique approach which includes investigative reporting to keep the chance of eviction less than 0.5%.
Automate your rent collection process with our team working on your behalf. We handle all billing and funds collection & your earnings show up in your account monthly!
Maintenance is an important issue for you and your resident. Our systems are designed to attract the correct vendor who can communicate with us and get the work completed quickly and cost efficiently.
It's never been easier to keep a handle on your financial performance. You can go to your online account and see your financial account with us any time!
One of our values is education. Red Fortress understands how to protect you and your property from changing laws and regulations. It is as essential as collecting your rent!
Bonita Springs Property Management Services"Realty Services managed our rental properties for a number of years until it was sold. They did a very excellent job of keeping the units rented, of providing necessary services for the rental customers and remitting net proceeds to me each month in a timely fashion along with a complete and understandable statement. I would not hesitate to recommend Their services to anyone."
Bonita Springs Property Management Services"We loved working with Michael and his team for 17 years. We just sold our rental home in N. Ft. Myers, and Realty Services were wonderful to work with. If we ever get property in FL again, we will for sure use their services. Thank you Michael!"
Bonita Springs Property Management Services"Thank you for the last 13 years of service. All I can say is you have been very reliable and helpful in a time of need and you have done an excellent job."
Located along the Gulf Coast of southwest Florida, Bonita Springs is a small town that is home to manatees, dolphins and people of all ages. Many people see Bonita Springs as being a great vacation destination, but it's also a wonderful place to live and work. It has a population of just over 56,000, so it offers a small town feel with many of the amenities that can be found in bigger towns or smaller cities. For example, there are plenty of local and chain restaurants for you to try, whether you are looking for a quick bite to eat or if you'd like to go out for a night on the town. If it's shopping that you're into, you can choose from multiple shopping centers, malls and outlet malls -- such as the Miromar Outlets -- for budget-friendly deals or more luxurious goods.
Residents who live in Bonita Springs will find that there is plenty to do. If you love spending time outdoors, you'll probably love heading to Lovers Key State Park, which is a great place for swimming, kayaking and more. If a relaxing day at the beach is more your speed, you can head to Hickory Island Beach Park or Bonita Beach Park. For those who love wildlife, Everglades Wonder Gardens is a great place to visit. There, you can enjoy looking at gardens that feature gorgeous orchids, beautiful and colorful parrots and fascinating reptiles, such as iguanas.
Investing in Bonita Springs rental property is a great idea for both established real estate investors and those who are looking to dip their toes into the world of real estate. With the help of a Bonita Springs property management company, you can make owning and renting out your Bonita Springs rental property super easy. Then, while providing a rental for those who want to live in the beautiful Bonita Springs area, you can also make a nice profit.
Red Fortress Property Management is here to help you with your Bonita Springs property management needs. We have knowledgeable staff members who are familiar with the Bonita Springs real estate market and who can help you with finding great tenants and managing your rental business. We understand that your rental is important to you, so we focus on providing great customer service and helping you with each step of the process of renting out your property. Give us a call today so that we can tell you more about our services.
Bonita Springs is a smaller city along the Gulf Coast of Florida. Primarily known as a beach destination, it offers lots of opportunities for those who want to hit the sand and the surf. You can visit one of its famous beaches for sunbathing, kayaking, swimming or fishing. If you are more of an indoor person than someone who likes to spend a ton of time outdoors, you'll probably want to check out one of Bonita Springs' delicious restaurants or shopping malls. From luxury outlet stores to small, quirky shops, there are lots of places to go shopping in the Bonita Springs area.
Owning real estate in Bonita Springs can be a wonderful way to bring in an income. Investors from all over the country find that Bonita Springs rental property can be a good investment. Whether you are looking to rent out your property to vacationers who are only visiting for a few days or weeks or if you would like to attract renters who call the beautiful area home, you can make a great profit off of your investment. Plus, you will probably love owning property in such a majestic place.
Of course, there is a lot of work to be done when it comes to owning Bonita Springs rental properties. You do not have to handle all of this work by yourself, though. Instead, you can hire Red Fortress Property Management as your Bonita Springs property management company. We have an established office in the Bonita Springs area with experienced staff members who know the area and the local rental market. We know that managing a rental property can be tough, and we strive to make it easier for you. We will work with you to help you find a Bonita Springs property management package that is right for your budget and your property, whether you just need a little bit of help or if you would like for us to do almost all of the work for you. Our helpful staff members are ready to talk to you today about managing your rental property the right way, so give us a call so that we can tell you a little more about what we do and how it can help you run your rental business.
