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Updated almost 6 years ago,
Property management fees
Hello,
I'm looking over PM fees, and I was hoping I could get some advice. I'm new in the game, and I believe this PM company will be a good one based on reviews and attention to details when meeting with them several times. This is one area that I don't want to be "cheap" on. They do negotiate, but I'm curious what your thoughts are with these fees:
-Filling a vacant unit: $500 if rent is btw $400-500, 100% of one month's rent if rent is btw $501-749, $750 if rent is btw $750-1000, 75% of one month's rent if rent is $1000+.
-$100 Lease renewal fee.
-$20/month for a unit not leased by them (for example, if it is an offline unit that I am not having them rent).
-10% of general contractor fees for 3rd party repairs (HVAC, appliances, plumbing, electrical, roofing, etc.).
-They have fees for additional services that would apply, if wanted (law care, snow removal, etc.)
-Monthly management fee 10%
My property rents out for around $1000 per unit/month. Based on this listed fee schedule, what would you try to negotiate on? Any other thoughts or questions you'd have for the PM company?