How much does property management Cost in Virginia?

Property Management Cost

A property management company will help landlords manage their rental property for a price. Property management cost varies on many factors, such as property type and services provided. Here is a breakdown of the fees a property manager may charge. The most important things to consider when deciding whether or not to hire a property manager for your residential property are your budget and the value of your time. 

Is it worth the spend to have a property manager take care of the ins and outs of managing your property for you, or do you prefer to DIY and keep the cash? If you are looking to hire a property manager for your property read out the blog to get the best insights on whether to look for a property manager or not.

How Property Management Cost Work

Property managers usually charge a flat fee or a percentage of the monthly rent collected. The average cost of property management in Chesapeake Va, ranges from 8-10% of the monthly rental income. However, there might be several other costs such as:

Setup fee 

This is a one-time, flat fee that you’ll likely need to cost of property management company when you first hire them. It serves to onboard you with the company and set up your account. It may also include an inspection of the property and/or introductory materials/property management cost calculator for the tenants to outline how communication will work going forward.

Management fee

As mentioned above, you’ll likely pay a percentage of the monthly rental income as a general management services fee.

Maintenance fee

Property maintenance issues are bound to come up, so expect to pay maintenance costs for a given year typically up to 1.5 times one month’s rent. You can ask the property management company to come to you for authorization for any maintenance costs or to take a more hands-off approach and handle maintenance as it comes up without seeking approval.

Vacancy fee

A vacancy fee is an amount a property management company charges to re-lease the property when it is vacant. This fee is typically about a month’s rent or some percentage of it.

Lease renewal fee

This is the fee a property management company may charge for handling the renewal of a tenant’s lease when the time comes, generally annually.

Tenant placement fee

Similar to the vacancy fee, the tenant placement fee is the cost to fill your property with tenants. This fee could be a flat fee or a percentage of the monthly rent and can include the cost of advertising the vacancy, tenant screening services, lease preparation, and move-in preparation costs.

Early termination fee 

If you terminate your partnership with the property management company earlier than is outlined in the contract, you may need to pay an early termination fee, the amount of which will depend on the contract’s terms.

Tips For Hiring The Right Property Manager


The contract language is crucial. Examine the contract for details on how you will compensate the manager. A property management company, such as first property management, reliable property management, or performance property management, which earns solely a percentage of the collected rent, has a greater motivation to ensure consistent rent payments.

It’s advisable to request a trial period of 3-6 months. This way, if the partnership isn’t suitable, you have the freedom to seek a different property manager without incurring the expense of terminating the contract.


These days, you wouldn’t spend $15 on Amazon without reading customer reviews first. The same goes for hiring a property manager. Usually, you’ll find client testimonials on the company’s website. If testimonials aren’t readily available, ask for them. If a company isn’t willing or able to provide them quickly, this is a red flag. Find another property management firm. 


Right away, you should benefit from having fewer day-to-day responsibilities with your property when you partner with Hometown Property Management or Integrity Property Management. Of course, you can expect a transition period of a few months when handing over the reins to a property management company.

But, take notice if hometown Property Management or Integrity Property Management continues to need oversight and supervision. This may be a sign they’re not suitable for your property. That’s why including a trial period in your contract with Hometown Property Management or Integrity Property Management is important.

Good Communication

Importance of effective communication in a successful partnership, particularly in the context of advanced property management and private property management. It highlights that while fees are a consideration, they are not as crucial as the quality of communication and service provided by the manager.

A competent property management company can significantly enhance the rental value and appreciation of the property through efficient maintenance. However, this improvement requires the property owner’s willingness to allocate necessary resources to the management company.

Factors That Influence Property Management Cost

Size of Property: One of the key factors that influence the cost of a property manager is the size of the rental property. Managing a larger property involves more work than managing a smaller rental property, so the fee collected will be larger.

Type of Property: Property managers can manage all types of investment properties, including single-family homes, multi-family properties, commercial properties, and even vacant properties.

Condition of Property: Newer properties, or older properties that have been renovated, may have fewer maintenance issues than older properties.

Location of Rental Property: Property managers may charge more to manage properties that are in areas that command higher rents and lower fees to manage properties in areas that command lower rents.

Extent of Services: The services that the property management company provides play a large role in how much they charge. If you are only hiring a property manager to collect rent, you will pay much less than someone who wants a manager to collect rent, fill vacancies, handle repairs, handle tenant evictions, and keep financial records for your taxes.

How To Find A Reliable Property Management Company

Finding a great property management company can be tricky, but with the proper research and due diligence, it’s possible to find one that meets your needs. Here are some of the tips that can help you find a reliable property management company

  • Get Referrals
  • Go to Google
  • Visit Properties
  • Interview Several Comapnies
  • Understand all the Terms


Finding the right property management company in Virginia can be a difficult task, but with the proper research and due diligence, it is possible to find one that meets your needs. By understanding how much property managers charge, how the condition of the property affects fees, how size influences charges, how many services you should choose, and how to find a great property management company, you can be sure to make the best decision for your property.

Paul Johnson

Paul is a reputable local house-buying professional, also a real estate agent (Virginia). Count on his nearly fifteen (15) years of expertise in being part of resolving any issues that may threaten transactions, being accessible, and answering questions, as well as remaining transparent throughout closing transactions. One of Paul's Favorite Quotes: "To Give Anything Less Than Your Best Is To Sacrifice the Gift."

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