I need money... anyone know how to charge for property management?

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Real Estate Agent with AM Real Estate Resources

I am about to take on a property management position on some high end condos --- between 300,000 and 3,000,000.  There are only 30 units.  I am curious the best form of fee structure?  per unit?  A percentage of each months rent?  a flat fee?  based on what?  I really have no clue where to start- but really want to take on the adventure to become acquainted with the clientelle.  Any help?

 

JJ

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Rainer
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Patrick Lambert
ALLY Real Estate - Waikoloa, HI
Hawaii Real Estate Expert

Property management fees are usually structured for the first months rent going to the agency and 10% of the money rent.

Jun 12, 2008 08:18 AM #1
Rainer
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Sylvie Conde
Sutton Group-Associates Realty Inc., Brokerage - Toronto, ON
Broker, Toronto Real Estate

As Patrick mentioned - it's a good start anyway, but everything is negotiable. 
It also depends on exactly what you mean by 'property management'. Are you talking strictly about renting the space and collecting the rent, or are you going to be doing more than that?

I would definitely say at minimum, one month's rent + 10%; and then negotiate from there.
Good luck.

Jun 21, 2008 06:34 PM #2
Rainer
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Greg Bolzle
Wise Properties, Inc. - Tampa, FL

i specialize in property management and rentals.  i usually charge 50-75% of the first full month's rent to actually market the property and place the tenant.  for management, i charge 10% rent each month.  i loooooove property management.

Oct 08, 2008 05:00 AM #3
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Rainer
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JJ Canull

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