I know many people have this discussion and different views. I have one view as an investor and another as an owner of a property management company.
@Steve Rozenberg As a fellow investor that utilizes a property management here in Texas I have yet to find one that didn't provide a percentage of monthly rents. Some additional fees, such as tenant lease renewal, are flat fees. But the reoccurring monthly management fees are percentage based. My recommendation is what is the rest of the market doing. Here in the Dallas/Ft. Worth area they are doing it on a percentage basis. If they are doing the same in the Houston area don't reinvent the wheel. That would be my advice.