As owners of Multi-Units, we are paying PM Co. a % of our gross income correct? Would PM Co. also receive a commission for bringing in tenets or anything else?
Hi @Alisha Decoteau - while every property management company is different in how they operate, in my market we typically see property management companies charging a percentage of gross rents (usually the large companies charge between 7% and 10% in our market whereas individual managers charge from 5% - 8%) and then charge a "leasing fee" every time a unit goes vacant (between a half month's rent and a full month's rent).
@Alisha Decoteau , while most PMs want to charge based on gross rents, try to find one that is willing to take a % of collected rents. This helps align their goals with your goals.
Yes, most will charge a fee any time there is a turnover. The best way to find what PMs in your area are doing is by calling them and asking what their fee structure is.