What Does Single-Family Property Management Cost?

People always ask, “What do you charge for your property management services?” 

I’ll tell you right now that’s like calling a car dealership and saying, “I am buying a vehicle. What do you charge?”

Any salesperson or professional will ask for more details before answering: “How fast do you want to go? How much load do you want to carry? How many people do you want to have in the vehicle?” 

Just as there is a wide range of vehicles at different prices, property managers charge for a wide range of services at various prices.

Many think property management is simply cutting the grass, removing snow, fixing leaking pipes, etc. However, property maintenance is just one aspect of the process. 

Full-service property management includes placing tenants, collecting rent, coordinating maintenance, and handling a property’s accounting and reporting. This is our expertise.

I bought my first rental property in 2005 and still have it today. 

In the summer of 2009, I started managing other people's real estate. Today, it’s the summer of 2024. My company manages more than 1500 units between Philadelphia and Pittsburgh, 400 of which are clients with one single-family property. 

We have a 10-year property management contract with the state to manage all the historic properties in the five state parks outside Philadelphia. More recently, we became the asset manager for a portfolio of more than 100 single and multi-family properties throughout Montgomery County, Pennsylvania, handling the entire portfolio's property management and financial planning. 

I’ve spent years fine-tuning our property management costs and developing a highly skilled team, enabling us to service our clients and offer transparent pricing without compromising quality. We competed against dozens of firms to win these contracts, and our strategic pricing played a significant role in those wins. 

So, in the name of transparency, I’d like to walk you through our pricing strategy so you understand precisely what you’re paying for when you work with Rentwell.

How do you charge for property management services?

Throughout my years in this industry, I’ve learned all property owners have unique needs and preferences regarding the services they pay for. 

A while back, I realized the standard percentage-based property management pricing structure doesn’t work for many people. Because we are laser-focused on Real Estate Management, we utilize the latest technology and provide specific education that empowers our clients to make more informed decisions…

We created the Rentwell OneRate™.

A pricing structure designed to demystify rental property management pricing while providing complete transparency. 

Rather than complex tiered offerings, Rentwell OneRate™ includes all our management services rolled into a simple monthly rate with everything included 

• Base management
• Seasonal & Daily Maintenance Coordination
• Software & technology
• Lease renewal & tenant placement fee
• On-site visits from our company field team
• Bookkeeping
• And more

The beauty of OneRate™ is that you never have to question whether you’re getting value for your money or what is included in your monthly fee because we’ve included everything. 

It’s perfect for single-family homeowners, especially those with properties that rent for more than $2,000 per month (at this point, this includes nearly all Philadelphia and Pittsburgh single-family properties). 

But it’s not just reserved for single-family or single-property owners. We will sit down with any client, learn about your portfolio and the services you need, and then calculate a customized OneRate to fit your needs. 

How does the Rentwell OneRate™ compare to standard industry pricing?

Our Rentwell OneRate™ model offers a wide range of services—many of which are included at no extra cost—that you won’t find anywhere else. The value is inarguable compared to the average property management fees throughout the industry. 

Below, I’ll break down the specific benefits single-family homeowners receive with Rentwell OneRate™ compared to standard industry pricing.

One-Time Setup Fee

When you bring new properties to us, we perform extensive upfront work to get you started with our management services. For single-family homes, we charge a one-time setup fee of $500 per property to cover this.

With Rentwell OneRate™, this setup fee offers exceptional value. Unlike standard industry pricing, which only covers basic onboarding, our setup fee covers a comprehensive array of services to ensure a smooth transition into our management system. Here’s everything included:

• Setting your property up in our software
• Getting all your owner information
• Getting all tenant information (if your property is already occupied)
• Building out your owner and tenant portals 
• Tenant orientation (if your property is already occupied) 
• Handover of your leases, ledgers, insurance, and additional documentation
• Onboarding call preparation with your property manager
• Property evaluation by our maintenance team (like an inspection for the most critical aspects of your property)
• Customized property report (helps us provide good information to potential tenants, helps you understand the state of your property, and helps coordinate deferred maintenance projects)

The setup fee also covers a wide range of services that ensure your property is fully prepared for efficient and effective management, as you’ll see below.

Management Fee

Our all-inclusive property management fee for single-family properties ranges from 7% to 10% of your rental income (with a $175 monthly minimum), while standard industry pricing is 8% to 12%. 

This fee covers everything you need for full-service property management. We handle all your annual and monthly bookkeeping and financial reporting, ensuring your financials are up-to-date and accurate. We also collect rent, address resident concerns, and ensure your property’s licenses are always current.

Not only do we offer competitive pricing, but we support it with the weight of a full-service team dedicated to maximizing your property’s potential. When you sign on, we will assign your property a dedicated, full-time property manager employed by Rentwell. Once you're contracted with us, your manager will oversee day-to-day operations with the support of our field, financial, and investment teams. 

Leasing Fee

Our leasing fee matches the standard industry pricing of one month's rent.

While the cost is the same as what you'd pay elsewhere, we go above and beyond by including a comprehensive suite of services to ensure your property attracts and retains the best tenants. 

Additionally, your leasing fee includes the cooperation of our extensive network of agents and real estate brokerages, who work alongside us to place a qualified tenant in your property.

Daily & Seasonal Maintenance Coordination 

Like other property management firms, we handle daily work orders, special projects, and unit turns, but we do so with complete transparency.

While other property management companies charge a 10-15% markup on daily and seasonal maintenance invoices, all daily and seasonal maintenance coordination is included in your Rentwell OneRate™.

Here's a comparison between our process and what often happens with other property management firms:

One process leaves significant room for dishonesty, allowing management firms to take advantage of the situation and charge you unnecessarily high fees.

Pro Tip: If you’re considering hiring a property manager, and management fees seem too good to be true, chances are something is going on behind the scenes with maintenance, allowing them to make a ton of money at your expense.

We don’t operate that way. We’ve designed our process to provide transparency by sharing actual vendor invoices, work orders, and project reviews so you can see exactly what’s happening with your property while knowing we aren’t marking up the services.  

Lease Renewal Fee 

Our lease renewal fee is included at no additional cost, while standard industry pricing can range from $150 to $300 or a percentage of the rental rate for each lease renewal.

The key to lease renewals is visiting the property before renewing. Serious problems arise when property managers don't see the property, especially with tenants who don't want them there. That’s where all the property management horror stories come into play. 

Four months before your resident's lease expires, we take proactive steps to ensure a smooth renewal process. We start by sending them a notice, conducting a full account review, and scheduling a property inspection. By performing this inspection well before the lease expiration, we can identify and address any issues that may require attention, whether preparing for a potential vacancy or ensuring the property is well-maintained.

If the inspection results are satisfactory and your residents want to renew their lease, we will collaborate with you to discuss any necessary strategy changes. This might include adjusting the rent, improving lease terms, or upgrading your residents to Rentwell’s proprietary industry-leading lease if they aren’t already benefiting from it. We also address any maintenance needs that may arise.

Once we’ve finalized everything, we present the lease renewal to your resident, intending to sign 60 days before their current lease expires. We coordinate the entire process, from lease signing to scheduling any necessary maintenance, keeping you informed every step of the way. 

24/7 Emergency Response

Instead of paying $20 to $50 monthly for 24/7 Emergency Response, we’ve included it in your OneRate™.

Our emergency response team is always on standby, ready to answer the phone 24 hours a day, 7 days a week, 365 days a year. Whether it’s a burst pipe in the middle of the night or a heating issue during a holiday, we’re here to ensure that you and your tenants receive immediate assistance when needed most.

On-Site Visits

We are on site often. Our proactive approach to getting more eyes on your property allows for regular communication to ensure that your properties are in good condition. Plus, we make the most efficient use of time on site.

We offer two complimentary visits per year in addition to move-in and move-out inspections. If additional visits are needed, they are available at a competitive rate of $75 per hour to compensate our field team. Standard industry pricing for on-site visits can range from $100 to $150 per visit, which can quickly add up, particularly if frequent inspections are required.

These on-site visits cover various services, including initial evaluations, pre-move-in inspections, post-move-in checks, lease expiration reviews, move-out inspections, and municipal-mandated inspections. 

Including these visits in your OneRate™ is our way of providing a proactive approach to property management. I’ve seen time and again how much it pays to prevent minor issues from becoming major problems, protecting your investment and ensuring a smooth experience for you and your tenants. 

Advertising

We promote your property on up to 50 major syndicate websites, including popular platforms like Hotpads, Realtor.com, Zillow, Rentals.com, Homes.com, Apartments.com, MLS (Multiple Listing Service), FreeRentalSite, Torvit, Trulia, Facebook, and Instagram.

By advertising across these platforms, we maximize your property’s visibility, attracting a larger pool of qualified tenants and reducing vacancy times. It’s part of the reason we have such impressive lease fulfillment statistics. 

With Rentwell OneRate™, all advertising costs are included in our service. In contrast, standard industry pricing for advertising can range from $100 to $300 per listing.

Professional Photography

Phone cameras can capture the basics, but we prefer using triple-exposure photography, virtual staging, actual staging, video tours, and more to create compelling, eye-catching listings.

Once again, we include this service at no additional cost.

Standard industry pricing for professional photography can be a considerable expense, especially if you have multiple properties, ranging from $100 to $300 per listing.

We guarantee complimentary photography for single-family homes and individual units. Additional costs may apply for properties that require more extensive photography, which we will discuss with you in advance. Regardless, we promise to ensure you receive the most effective and economical solutions for presenting your property. 

Lock Replacement

With Rentwell OneRate™, we include lock replacements in our setup fee, so you never have to worry about paying for lock changes again while saving $75 to $150 per lock per move-out. That’s hundreds of dollars in savings every couple of years. 

Technology Reimbursement 

The technology reimbursement fee encompasses everything you need for seamless property management. 

It provides owner access and data storage on our online portal, where you can easily view financial statements, reports, work orders, vendor invoices, and funds transfers through Appfolio’s industry-leading property management software. 

It also offers residents convenient access to our 24/7 maintenance call center and multiple payment options, including paying monthly rent online or with cash at participating locations like CVS or 7-Eleven.

Additionally, the technology reimbursement fee covers the cost of your online listings. As many rental listing sites, like Zillow, have shifted away from allowing free property listings, these fees ensure that your property remains visible and competitive.

Once again, we’ve waived the fee so you can save another $10 per unit per month. 

Pet Rent Guarantee

Working with PetScreening, a third-party service, we guarantee your home will not be left damaged by any approved pet for no extra charge, whereas the other guys will charge you $25 to $50 per pet per month.

If damages occur and exceed the security deposit, we will pay up to $2000 in additional repairs caused by approved pets (cats and dogs only). 

We also offer an additional Pet Protection Package, which extends the protection to $4,000 for the property for an extra $15.00 per month.

We interviewed one of the C-Level Executives at PetScreening.com for our Living Well with Rentwell Podcast. Here are some interesting stats about rentals and pets

• Pets are the #2 search criteria - right after budget
• 72% of renters are looking for pets
• 26% of tenants purchased pets during the pandemic
• Only 40% of service animals meet HUD Guidelines
• 11% of residents have pets even if they aren’t allowed
• 41% of Millennials and Gen Z move out because of pets not being allowed
• On average, residents with pets stay an average of 21% longer (18-48 months)

This feature ensures you are always protected if an unwanted accident occurs without having to turn away qualified residents. 

Court Representation

Experience is what you get just after you need it. This is particularly true when it comes to court representation. OneRate™ offers a straightforward and affordable solution. For $250 - $500 per case, plus court fees, you’ll receive professional representation that leverages our 15+ years of experience in the property management industry.

In comparison, standard industry pricing for legal representation typically starts at $200+ per hour, which can quickly add up, especially if the case becomes prolonged.

Court cases are an unfortunate reality in property management, but you can rest easy knowing that we’ve got you covered. Our extensive experience means we’re well-equipped to handle these situations efficiently and effectively, saving you time and money. 

With us, you gain access to experienced representation at a significantly lower cost than elsewhere in the industry. 

Eviction Protection Program

The eviction protection program is an optional service designed to provide peace of mind, especially for newer landlords with fewer properties. 

Priced at $35 per unit per month, the same as standard industry pricing, this program acts as an "insurance." While you hope you’ll never need it, you'll be incredibly grateful to have it if an eviction situation arises.

If an eviction becomes necessary, Rentwell's program will cover up to two months of rent and $1,000 in court costs, significantly reducing your financial impact. Additionally, if a Rentwell-placed tenant is evicted within the first 12 months, we’ll place the next tenant free of charge.

Property Reserve Fund

The property reserve fund is a crucial component that ensures we can cover any initial maintenance or emergency costs promptly without delay. With the Rentwell OneRate™, we set this reserve fund at $500 per building, just as with standard industry pricing. 

However, it's important to note that this is not a fee—it’s simply a fund we hold in reserve to address any unexpected issues that may arise.

You can trust that we handle these funds with the utmost care and transparency, ensuring we only use them when necessary to maintain or enhance your property. 

Make-Ready/Unit Turn Coordination

Make-ready/unit turn coordination ensures your unit is thoroughly prepared for a new tenant between tenancies, covering everything from cleaning to repairs and any necessary updates.

The period between tenants is critical for maintaining your property's appeal and value. While other property management companies might outsource these tasks, often at a higher cost, our sister company, RW Services, allows us to manage the entire process more efficiently and affordably—something you won’t find with other property management companies.

With OneRate™, you receive Rentwell’s preferred pricing. Thanks to RW Services, we only charge a 15% markup on actual labor and materials. Standard industry pricing typically involves a 20% markup on invoiced labor and materials, often without the advantage of preferred vendor pricing.

By leveraging your connection with RW Services, you get superior quality work at a lower cost, ensuring your units are turned over quickly and professionally. This reduces vacancy time and enhances your property’s marketability, helping you secure new tenants faster and maximize your rental income. 

BONUS: General Contracting & Remodeling

Finally, we offer a fantastic bonus for our clients in the Philadelphia suburbs. 

By choosing Rentwell, you not only receive top-tier property management but also gain access to our sister company, RW Services—a fully staffed, licensed, and insured remodeling company with over a decade of experience. 

Whether you're looking to remodel a bathroom, finish a basement, or undertake a large-scale renovation project valued at over a million dollars, we've got you covered.

Leveraging RW Services, you receive our preferred pricing, paying just 15% of actual labor and materials. 

Most property management companies offer basic maintenance and repair services but outsource larger remodeling jobs to third-party contractors. These contractors typically charge a 20% markup on labor and materials, which doesn’t include the potential for preferred pricing, meaning you might end up paying even more for the same work.

The Rentwell OneRate™ ensures you get the best value, above and beyond full-service property management. You’re saving on the percentage markup and gaining access to competitive pricing on materials and labor, so more of your budget goes directly into the work's quality, not inflated fees. Plus, because RW Services is a part of the Rentwell family, you’re guaranteed the same level of quality and trustworthiness that you’ve come to expect from our property management services. 

How do I learn more and get started with the Rentwell OneRate?

If you’re ready to explore how Rentwell OneRate™ can simplify and enhance your property management experience, the next step is easy. Schedule a complimentary consultation with one of our experienced investment advisors. During this session, we’ll take the time to understand your unique portfolio, answer any questions, and help tailor a pricing model that perfectly aligns with your goals. 

Let’s discuss how we can utilize a personalized approach to grow your wealth through real estate while providing exceptional value, transparency, and peace of mind when managing your properties. We look forward to speaking with you.