Property Management Fees Virginia

How much do property managers charge as fees in Virginia? Between companies, you won’t notice much variance. However, you may see different prices in different cities. And some of those costs are directly related to the specific services offered.

TurboTenant’s helpful guide explains the two most popular fee structures, percentage-based and flat rate, to help you understand how they work. We’ve also calculated the average cost of each type of charge you’ll encounter.

Depending on your location in the Old Dominion State, our guide will help answer all your questions about the types of property management fees Virginia landlords can expect.

Common Costs 

Most companies charge an initial account setup fee ranging from $100 to $300. Afterward, you can expect to find the following costs when searching for a property manager:

 

Most property management companies use two common fee structures:

Flat monthly fee: Some property management companies charge landlords a budget-friendly flat rate. You can easily plan for a consistent cost since you know exactly how much your bill will total.

Monthly management fee plus additional costs: Most property managers charge a monthly management fee. The monthly management charge covers specific daily operations. Then, expect to pay additional charges depending on the work that needs to be done at the property. In other words, the total monthly cost can fluctuate, making it difficult for landlords to budget effectively.

Here’s a helpful overview of property management fees in Virginia to help you understand how pricing works:

Monthly Management Fees

On average, the monthly management fee in Virginia is 8%–12% of 1 month’s rent. Here’s what most management fees cover:

• Tenant communication
• Monthly rent collection
• Sending late payment notices and applying late fees
• Leasing and paperwork
• Day-to-day management duties
• Move-in and move-out protocols

Tenant Placement

In Virginia, tenant placement fees typically range between 50% to 100% of 1 month’s rent. Property management companies usually charge either a percentage of 1 month’s rent or a flat fee. They use this fee to cover the work required to fill your vacancy, including:

• Advertising and showing the unit
• Communicating with rental leads and applicants
• Distributing, collecting, and reviewing rental applications
• Tenant screening (including background, eviction, and credit checks)
• Drafting the Virginia lease agreement (and obtaining the landlord’s and tenant’s signatures)

Annual Inspection Costs

Property managers typically charge between $50 to $100 per inspection. They use the inspection fee to cover:

• The yearly safety inspection
• The annual unit condition inspection
• Unit inspections at move-in and move-out
• Any inspections mandated by your local area

Maintenance

Most property management companies charge a maintenance fee. It’s a 10%–15% markup added directly to the vendor’s invoice. The maintenance charge compensates them for:

• Responding to the tenant’s service request
• Sourcing a contractor to complete the work
• Coordinating and monitoring the repair

Lease Renewal

When a tenant wants to stay in your unit, property managers charge a fee to renew the lease agreement. Most Virginia companies charge $200–$250 per lease renewal, but some charge a percentage of 1 month’s rent instead. Property managers use lease renewal fees to cover the following tasks:

• Updating the lease for the renewal period
• Filing all related paperwork
• Obtaining the landlord’s and tenant’s signatures

Eviction Costs

Each company sets its own eviction fee, but most property managers in Virginia charge between $200 and $500, plus court costs. The circumstances determine the amount of work required to complete the eviction process. Typical actions that the charge pays for include:

• Attending all court sessions
• Filing the eviction case’s paperwork
• Managing the eviction process and ensuring tenants vacate the property

Vacancy Charges

Property managers typically charge between $50 and $100 to manage your vacant units. While they work on securing your next tenant, they’re also in charge of maintaining and preparing the listing for move-in. Here’s what most vacancy charges in Virginia cover:

• Regular visits to the property
• Keeping the property secure
• Arranging cleaning and maintenance

Costs in Popular Virginia Cities 

Here’s a snapshot of property management fees Virginia can expect across five cities:

Virginia Beach

Monthly management fee: 8%–12% of 1 month’s rent

Maintenance fee: 5%–25% on vendor invoices

Tenant placement: 50%–100% of 1 month’s rent

Chesapeake

Monthly management fee: 8%–10% of 1 month’s rent

Maintenance fee: 5%–10% on vendor invoices

Tenant placement: $250–$500 per lease

Arlington

Monthly management fee: 8%–12% of 1 month’s rent

Maintenance fee: 10%–25% on vendor invoices

Tenant placement: Up to 100% of 1 month’s rent

Richmond

Monthly management fee: 10% of 1 month’s rent

Maintenance fee: 10% on vendor invoices

Tenant placement: 50%–100% of 1 month’s rent

Norfolk

Monthly management fee: 8%–12% of 1 month’s rent

Maintenance fee: 10%–15% on vendor invoices

Tenant placement: 50%–100% of 1 month’s rent

The Final Word

Unless you opt for a company that charges a flat fee, your property management fees in Virginia will vary from month to month. Here’s an example to help you understand the differences:

At the time of writing, the current average rent in Virginia is $2,050. Based on the typical monthly management fee of 8%–12% of one month’s rent, the starting cost ranges from $164 to $246. Then, property managers add extra fees ranging from $50 to $500 or more.

If you want the automation provided by working with a property manager but not the added costs, consider self-managing your rental property units with TurboTenant. It streamlines everything from listing marketing and rental applications to tenant screening, rent collection, and maintenance.

The best part? It’s free! Sign up today to start leveraging digital property management software to help you be a better landlord.

Virginia Property Management Fees FAQs