It really depends where you are. Property managers tend to charge a higher fee in states like California, New York, Florida, etc. It also depends on what types of services you want and how often your property manager has to come in. Do you want a full-time manager who stays on-site? Or are you satisfied with a remote property manager? There are also independent property managers and companies that employ property managers. There are so many factors at play here. To give you an idea, though, I live in Seattle and on-site managers here earn about $60,000 per year to double that.
We pay our manager on a per-door basis… so that’s $100 per door and we have like 200 doors… so that’s $20,000 a year easy. That gives us a few on-site inspections per year, 100% administrative work outsourced, paperwork handling, and they attend 4 meetings out of the year.
Our community association manager handles bills payments, delinquency notices and tracking, fee collections, and accounting. She doesn’t do on-site visits, it’s more of remote work, but we do see her every now and then, especially during tax season and at our annual meeting. She also gives our BOD advice and helps choose vendors and all that. We pay $60 per home per year.
We pay $300 per home and I know that’s a bit steep but our CAM does everything and I mean EVERYTHING. Our BOD barely has to do anything at this point. They just make decisions and the CAM executes those decisions. All in all we’re pretty satisfied with the work. You just have to know your budget and the services you need and then make sure your budget can accommodate those services.
We’ve breezed past 4 HOA management companies in the last 6 years. The one we currently employ is by far the best one. I don’t remember how much we paid the first 2, but we pay $110/unit/yr for the one we have now. The one before that was much more expensive like $250/unit/yr and they were not even that great. They are a big company and handle many HOA’s so we were probably not that high on their priority list since we don’t have a lot of units. The one we employ right now is much better at communicating with us and responding to our concerns. They are a much smaller company so they don’t have the same amount of clients as our previous one. So if you want a company that gets back to you immediately and makes you a priority, I suggest going with the little guy.