Property Management Fees

[Gary Sigafoos]

Hello All - I have a question regarding property management.

We just recently purchased a triplex and the agreement reads that the PM fee is "(b) A fee equal to TEN percent ( 10 %) of gross rental income received on all rental agreements starting in 2nd month, OR $65.00 per month, whichever is greater."

We got the payment today and realized the property manager charged us 65*3 Units versus 10% of gross rent. What is the industry standard. I read this agreement as the PM will be taking take 10% of the gross rent and not 65*3 units since 10% of our gross rent is greater than $65. . Did I interprete this wrong or PM is playing a smart one on me?

Thanks in advance for your input.