What property management fees do you see on small multifamily?
I'm interested in comparing fees with other areas of the country when it comes to the management of smaller multi-family units (anywhere from 5-50 units). What type of fees are you guys getting for the buildings you own and what comes with it? I own a property management company in Central NJ and in addition to managing your typical 1-4 family property we also manage small multi-family complexes. The answer obviously varies based on where the property is located and what type of tenant is in place (student rental, senior living, yuppies, low income, etc) but we typically will charge 6-10% with a $100 leasing fee per door. The larger the unit, the lower the fee for us. I have seen some fees at 6% in Arizona and Texas for 50 units and some at 10% plus first month rent for 15 units in NJ.
What type of fees are you guys getting for the buildings you own and what comes with it?