What should a property manager be responsible for based on the % of rent collected fee?
I have a 4unit and have agreed on paying my property manager 8% of rents collected. My understanding with this is they are generally responsible for rent collection, tenant management, repairs & maintenance (small landscaping, supervision of subcontractors - which I approve and the bill is then send to me), maintaining records and such.
Being my first month with my first property I was a bit surprised to see the 8% fee in addition to-
Meet electrician for repairs and updates to fire alarm. 1.5 hours- $50
Trip and installation charge for unit 1 window (without cost of materials)
- $35
Repair broken handrails (without cost of materials)
- $30
Cut and trim, clean loose debris
- $35
Unit 4 late rent collection (time contacting, travel to meet)
- $25
This adds $175 to the 8% ... my question is- what then is the 8% for? I figured outside of paying for material cost and contractors for work, the items above would be a normal part of managing the property. Maybe I'm wrong.
Definitely new to this, so looking for some guidance on what is really included in the recurring fee.
(Sent from mobile, please forgive any spelling or grammatical errors)