My life as a property manager got a LOT EASIER several years ago after a PM trade asso luncheon where we brainstormed ways to raise our income.....my pen could not write fast enough....on the 1.5 hour drive home, I thought of all the ways I could actually GET PAID for the work I do and knowledge/expertise I have by the people who cause me to use that knowledge and expertise...hence, I started charging TENANTS for causing me to work....
$100 per resident notice fee to serve any notice * pay or quit, accept rent with reservation, NSF/Late Fee
$50 per resident for late fee/NSF fee * re-deposit any NSF check and send a rent with reservation letter (notice) demanding $300 with next rental payment.
$400 lease re-write fee...they want out of their lease, they advertise and find new prospective residents and I'll re-write the lease to them....I don't re-write the lease until the $400 is paid.
20% service charge for any non-rent items deducted from their security deposit....they clean the home and the carpets OR I'll re-clean and charge them the cost PLUS 20%. In my check-out letter, I provide cards for a local carpet cleaner and house cleaning service.
Obviously, when monies are taken from the tenants' security deposit, I make my owner clients "whole" first from the deposit funds before I pay myself. Having just presented my 2007 tax records for tax prep, I realized almost 30% of my income is NOW generated from tenant fees.
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