Student Housing property management agreements

[Jeff Watson]

We are revising our management agreement as it relate to the student housing we manage. Wanted BP input on some items:

A;) Typical fees charged. Right now we only charge 10% of gross income (rent, fees, forfeited deposits) What other fees are typical for student housing?

B:) What services should we charge extra for? Tasks that are above and beyond the 10% fee. (ie: inspections, yearly projects and budget, etc)

C:) Notice to terminate service. We are debating how much time the property owner needs to give us in order to cancel our service. With student housing we sign leases by April but don't collect money till Aug. So if we do all the work in the spring, then they fire us the month before rent is collected, how do we ensure we get paid? 120 day cancellation notice? 1 year contract that ends in Jan (slow time)?

Any other tips or advice would be welcome, thanks!

[Jeff Greenberg]

I currently pay my PM a 4.5% leaseup fee, with an .5% if they reach 100%,when the leases are all signed.  A second 5% is paid over 12 monthly payments.  I did not want to pay the whole 10% up front and be stuck if I had to fire them.