I found a property manager that seems great on every level...except one. When I had him on the phone I asked what his fee structure was. This is what he told me:
- 9% of monthly rent (no fee if unit is vacant)
- Annual fee of $70 to help pay for extra staff during tax season and a few other thing
Those two fees were all he mentioned. However while going through the contract I found this:
- "After a dwelling has been vacant, and upon rental of the now vacant property, the OWNER agrees to pay ... $500.00 re-rental fee. If any Tenant, USING A MILITARY CLAUSE, breaks their lease within the first 12 months, this fee will be reduced to $250.00."
Is the $500 re-rental fee standard practice for the area? It seems high. I also see an incentive for the PM to churn through tenants as opposed to finding good long term tenants. I'm going to speak with him on Monday but wanted to ask the BP community what their experience has been. This seems the same as a leaseing fee to me. Please correct me if I'm wrong. Thanks for any input!
Doesnt seem out of place.
Thanks for the input @Curt Davis . I was just surprised because he never mentioned it on the phone. I know this shows how new I am but I'm glad I reviewed the contract thouroghly. Learning something new every day.