Written by Solomon Poretsky; Reviewed by Jann Seal, Licensed Real Estate Sales Associate. Former California Real Estate Sales Associate.; Updated December 02, 2018![Landlordmax Landlordmax](/uploads/1/2/5/8/125861269/652811411.png)
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While many landlords think their property managers are primarily a conduit to tenants to fill their spaces, property managers can actually add a great deal more value. Management fees cover a number of ongoing services that keep your property occupied and operating well, while leasing commissions pay for just one thing – putting a tenant in a space.
Tip
Property managers provide a continuous service by taking financial and physical control of your rental units while leasing agents' jobs are complete once a tenant is in place.
Paying Leasing Commissions
Leasing agents are professional sales people who market your vacant space, generate interested prospects and conduct tours. Once they find a prospective tenant, they can also assist you in negotiating a lease and its terms, but their role in your property ends after that point. Leasing commissions vary depending on the type of property, the amount of the lease, and the norms of the market. You will typically pay a fee that is some portion of a month's rent – somewhere between 25 and 50 percent is common but fees in excess of an entire month's rent are not unheard of. Commercial property leasing fees are more expensive.
Charging Management Fees
While many property managers lease properties, they also keep them running. A property manager collects rents, pays bills and coordinates maintenance tasks. In exchange for performing these services, they charge a monthly amount which is typically between 4 percent and 12 percent of the rent collected. In San Francisco, fees typically fall at the higher end of this range, around 10 to 12 percent of the monthly rent. This is a key difference from a leasing commission – instead of being a one-time charge and one time-service, management is an ongoing service and an ongoing expense.
When You Need a Leasing Agent
Leasing agents are helpful in two areas. The first is when you self-manage your own property but do not want to do your own leasing. Finding tenants requires a different set of skills as well as a different time commitment. Leasing agents keep your property occupied and assure a continuous income stream. If you have a management company that does not include leasing as a part of its services, using a leasing agent and paying the leasing commission is an excellent way to stay hands-off with your property.
When You Need a Manager
Because managers do more than just lease out vacant units and spaces, it makes sense to hire them if you need help running your building. Hiring a manager not only saves you time when it comes time to attract tenants, but also makes ownership easier throughout the year. For example, they not only take calls from prospective tenants but also take them from existing tenants, even when their toilet gets clogged at two a.m. on a holiday weekend. This service, while expensive, is valuable to owners who want to be more hands-off.
References (3)
About the Author
Solomon Poretsky has been writing since 1996 and has been published in a number of trade publications including the 'Minnesota Real Estate Journal' and 'Minnesota Multi-Housing Association Advocate.' He holds a Bachelor of Arts, cum laude, from Columbia University and has extensive experience in the fields of financial services, real estate and technology.
Photo Credits
- Zedcor Wholly Owned/PhotoObjects.net/Getty Images
Choose Citation Style
Poretsky, Solomon. 'The Difference Between a Property Management Fee & a Leasing Commission.' Home Guides | SF Gate, http://homeguides.sfgate.com/difference-between-property-management-fee-leasing-commission-38893.html. 02 December 2018.
Poretsky, Solomon. (2018, December 02). The Difference Between a Property Management Fee & a Leasing Commission. Home Guides | SF Gate. Retrieved from http://homeguides.sfgate.com/difference-between-property-management-fee-leasing-commission-38893.html
Poretsky, Solomon. 'The Difference Between a Property Management Fee & a Leasing Commission' last modified December 02, 2018. http://homeguides.sfgate.com/difference-between-property-management-fee-leasing-commission-38893.html
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