One of the biggest obstacles an owner/investor faces when shopping around for their management team is fees. When and what should be negotiated? We understand that protecting your bottom line is almost as important as ensuring your home is well managed. Property investing whether on purpose or by accident is one of the most expensive and most rewarding purchases you may ever make. TopFlight understands that cost and want to ensure that your investment is taken care of as if it was our own. We are a firm believer in you get what you pay for, so let us help you navigate the negotiation of fees.
Owner Tips 1002: Negotiating Fees
TopFlight frequently receives requests from owners to reduce our fees. We understand that many cultures regard negotiation as a natural way of conducting business. This style is ideal for a retail setting where the business relationship is not expected to last beyond the transaction. Property managers are professionals who have a certain level of expertise and experience in managing properties. As such, they have a certain value proposition to offer and have likely already set their fees at a level that reflects the value they provide. Negotiating fees may give the impression that you do not fully understand or appreciate the value of their services.
We work for You!
We see property management as a partnership, with the owner acting as the silent, controlling partner. Our fee structure is designed to generate a fair and reasonable profit from our operations. If we reduced our fees, we would either break even or lose money. With this in mind, TopFlight works hard to keep your investment safe and this is why we offer a multitude of programs to Owners that want to be involved in this process.
Good Business
A good property management company can be a valuable asset to your property investment. They can help you maximize your returns, minimize your expenses, and ensure that your property is well-maintained and in compliance with all relevant laws and regulations. A property manager who feels that their fees are not being fairly compensated may not be motivated to go the extra mile for you and your property. TopFlight has years of experience in not only the years of Property Management but, rehabilitating, and the sale of homes. With this in mind, TopFlight has the know-how to make your investment a long-term success.
Win-Win
Good property management is fundamentally based on assisting both parties in succeeding. In summary, negotiating fees with a property manager as an owner is not a good idea because it may undermine the value of their services, compromise their ability to provide high-quality service, and potentially damage the relationship between you and the property manager. It is generally better to communicate openly with your property manager about your needs and expectations and to work together to find a mutually beneficial arrangement. That is the essence of a successful collaboration between You and TopFlight.
