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