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Updated over 8 years ago on . Most recent reply presented by

User Stats

15
Posts
3
Votes
Robert Arnold
  • Investor
  • Los Angeles, CA
3
Votes |
15
Posts

Property Management Contract Concerns

Robert Arnold
  • Investor
  • Los Angeles, CA
Posted

We are new property owners in Ohio looking for some advice on a property management contract we are about to sign. We are seeking an experienced opinion on the following stipulations:
The broker will collect and be paid a 10% management fee, all late fees, a lease renewal fee of $50, a $25 fee for all vacant units, 3% fee on any maintenance jobs over 3K. Are these terms normal? Finally, it states that we may not sell the property with any other agent except her during the term of the contract. Normal? If there are any Ohio RE attorney's on here we would certainly be grateful to have you review it (understand there may be a fee). Thanks!

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