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The average rating for Bark Property Managers is 4.79, based on 236,484 reviews
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Looking to hire a property manager to manage your rental property? Read our handy guide to find out how much you can expect to pay for property management services.
In a recent 12-month period, the UK property management sector has grown by 3.3%. More landlords are realising every year that hiring an expert can save them time, effort and money. You’ll get the benefits of owning a property without all the hassle that comes with it. You can count on an excellent property manager to:
Collect your rent on time
Vet potential tenants
Handle all contracts and legal issues
Fix broken items in the house
Communicate with your tenant
You should get clarity from your property management company on exactly what you get for the payment. This ensures there’s no misunderstanding and you thus get value for money. These prices are based on our research and data across the UK. For the most accurate price, get a personalised quote from a property manager near you.
Whilst some landlords are happy to manage their properties, some prefer to hire a property manager to manage the letting process for them.
Property managers are experts in the rental market. They can help you to find the right tenants, collect weekly or monthly rental payments and manage the day-to-day running of the property including inspections, repairs and maintenance.
Whether you’re a new landlord or you own a portfolio of rental properties, hiring a property manager to manage your rental property can save you both time and stress, as well as maximising your rental income.
A typical property management expert or company will charge their services as a percentage of your rental income. For a ‘standard’ package, this is 10%.
In England, the average rent is £1,276 per month, bringing the typical property management price to £127.60 per month. In Scotland, rent is £944 per month, bringing the typical fee to £94.40 per month.
In Wales, monthly rent is £723 on average. This makes property management around £72.30 monthly.
And in Northern Ireland, the average rent is £830 per month, making property management cost around £83.
Keep in mind that these are only guideline numbers, and many firms charge more than 10% monthly for more complex services.
| Country | Average property management price |
| England | £127.60 per month |
| Wales | £72.30 per month |
| Scotland | £94.40 per month |
| Northern Ireland | £83 per month |
When you hire a property manager, you can choose from several different levels of service. This includes tenant-find only, tenant-find and rent collection, or a fully managed service.
Tenant-find only involves marketing the property, showing prospective tenants around, checking references and drawing up tenancy agreements. This service is often subject to a one-off fee, usually a percentage of your rental rate. 8% is common.
If you opt for a tenant find and rent collection service, your property manager will help you to find the right tenant, as well as collecting their rental payments on a weekly or monthly basis. This service generally costs around 10% of the monthly rent.
For a fully comprehensive property management service, many people opt for a full management service. This includes finding a tenant, collecting rent and managing the day-to-day running of the property, including repairs and maintenance. They’ll chase up missed payments, deal with contract renewals and renegotiate rent rates with existing tenants when required.
A fully managed letting service comes with the highest price tag, as it allows you to take a hands-off approach. This can generally range from 12-15% of your rental payments, although it may vary depending on your location.
| Level of service | Average monthly price |
| Tenant find only | £98.40 |
| Tenant find and rent collection | £123 |
| Fully managed service | £147.60 |
The cost of property management will depend on many different factors including:
Level of service
Location
Rental price
Property manager experience
Administration fees
Number of properties
You can see a summary of these factors below.
There tends to be a correlation between the level of service you get, and how much you pay. If you want all the stress and time to be taken out of the process, then this costs more. But if you’re only using the property manager for vetting tenants, and nothing else, then it costs far less. You should balance your budget with your time to get the best result.
The cost of property management will also depend on your location. Lowest prices can be found in rural parts of Wales, Scotland and Northern Ireland. The north-east and north-west of England have lower fees, too. Meanwhile, statistics show that London has by far the highest prices for rent, and this translates into property management costs.
The price of hiring a property manager may also depend on the rental price of your property. Many property management companies base their prices on a percentage of the monthly rental income of your property. So, the higher the value of your property, the higher the property management fees are likely to be.
You often benefit from hiring a property manager with more experience. These professionals will often have a network of candidates in your area looking for a property. This can move things along quickly. Furthermore, their experience ensures that you avoid common mistakes. They’re more likely to know the difference between a great candidate, and a poor one.
Not all property managers charge this, but it has been known to happen. Keep an eye out for it and ask your professional up-front if you’re unsure. In some cases, it can push your price up by several £100s.
You may find that a property management company is more open to negotiation if you have several houses. This gives them an upselling opportunity, which often comes with a reduced rate per house. Don’t assume that they’ll offer this without checking first, though. It isn’t guaranteed!
| Monthly rent payment | Average monthly property management price |
| £500 | £50 |
| £750 | £75 |
| £1,000 | £100 |
| £1,500 | £150 |
| £2,000 | £200 |
| £3,500 | £350 |
| £5,000 | £500 |
Remember: your property management company wants your business, as much as you want their help. Don’t forget that you’ve got the power to negotiate, if you wish.
You may also need to compromise on a couple of details. Taking on a bit more responsibility allows you to keep your prices down. And don’t forget that the less experienced property managers often charge less. This can be risky, but if you’re working with a tight budget, you may have no other choice.
Keeping your property in great condition before renting it out helps to reduce costs. This is because items are less likely to break (with a high quality tenant) thus avoiding unnecessary fixes.
Don’t pay for a service level higher than what you need. Be realistic and find a way to carve time into your schedule, if possible.
You’re in no hurry, so always take your time when selecting a property management company. If you rush into it, you’re more likely to make a mistake, and then you’ll be back to square one.
Check reviews from past customers and see what they’ve said. Ideally, you’ll be able to speak to some of them directly over the phone. You could ask friends and family for recommendations. This has the added bonus of you already trusting the reviewer’s opinion.
Make sure to ask any questions bothering you. The right property manager won’t have an issue answering these. And also look through the contract carefully to look for hidden costs or clauses. This is a major red flag if you find any – so get a solicitor to assist you, just in case.
Don’t be afraid to negotiate and get a clear sense of your rapport with the individual, along with their experience.
It’s perfectly possible to manage your rental property yourself. However, it can be time-consuming and you’ll need to do your research to make sure you remain legally compliant.
A property manager will deal with finding the right tenant for your property, completing credit checks, drawing up their rental contract and checking their references. This helps to reduce the chances of running into problems later down the line.
They’ll also take responsibility for collecting rental payments and chasing up any late payments to take a weight off your shoulders. Not only that, but your property manager can also deal with communication from your tenant, organising inspections, repairs and maintenance.
If you don’t live locally or you have several properties to deal with, hiring a property manager can take the load off. You’ll get the perks of being a landlord, without any of the hassle.
Yes, it’s completely possible to manage a property by yourself. But many experts don’t recommend that you do this.
Property management involves time, effort and expertise. You’ll need to do lots of research to ensure legal compliance. And you will have to deal with issues raised by your tenants. This will happen more frequently than you think.
You also don’t have experience to draw on when making decisions. For instance, just because an applicant promises to pay on-time, doesn’t mean they will. A professional can vet thoroughly to separate the worthwhile contenders, from the timewasters.
It’s worth speaking to an expert for their opinion on whether self-management is possible. This can open you up to all the challenges involved.
Yes, you’ll almost always need to sign a contract when you bring in a property management company. This formalises your agreement and explains the terms, along with what happens if the relationship goes south.
In most cases, you need to pay a termination fee to get out of the contract. And you may need to stick with them for a set period before doing so. Read this carefully with the support of a solicitor, if possible.
This depends on the terms of your contract. In many cases, you need to give a 30-day or 60-day notice period. But others may be longer or shorter. You should get clarity on this before you sign it in the first place.
No. The new landlord doesn’t have to keep the property management company if they don’t want to. If they want to manage it themselves, they have every right to. It thus shouldn’t be a problem.
Your buyer will undoubtedly want details about the current tenants and how they’ve behaved. And if they’ve moved out, details of the property’s condition is useful. Your property manager can help with this. They should be able to hand over details about fixes that were made, damages to the house, neighbourly disputes, and so on.
A major advantage of a property management company is it saves you time. You won’t need to communicate with the tenants every week or make visits to inspect the condition. Your property manager can handle this, allowing you to spend your time elsewhere.
You’ll also avoid the stress involved with managing a house. This often comes with rent negotiations or disputes over contracts.
Some experts suggest that a property management company is more likely to pick a great tenant for you. This is because they can draw on their experience. This hopefully means less will go wrong and you’ll receive payments on time.
A drawback of paying a property management business is the fees involved. 10% of the monthly rent can eat into your profit margin.
Results can be mixed with a property management company, like all industries. You aren’t guaranteed to get an outstanding service. Doing your research and meeting them in-person beforehand is crucial.
It may also feel nerve-wracking to give up control of managing your property.
The average rating for Bark Property Managers is 4.79, based on 236,484 reviews
5/5
based on 236,484 reviews
