Two Levels of Property Management
I own a condo in NJ which is in a development with a property manager for the entire association and that property manager is paid through part of the overall association fees. I rent my condo and use a property manager to manager the relationship with the tenant. She collects the rent from the tenant but the bulk of the rent cones from section 8 payment sent directly to me. I handle all banking and mortgage payments and approve all expenditures. She has indicated that she will no longer be able to maintain the current agreement. I understand the fees would usually be 10% if it is a single family home. What should the fees be for a property manager who is not managing what is already being managed by the association property manager and only money involvement is obtaining the tenant portion of the rent which is about 25% of the total rent?