Property Management Agreement

[Ryan H.]

Hello, I'm reviewing a property management agreement (I would be the landlord) with the following terms:

- Management fee is 10% of rent
- Charge of 15% of rent with each new tenancy.
- Landlord to pay property management group for termination (two months property management fee if property is leased, $250 cancellation fee is property is not leased).  30 days notice required.
- $50 monthly fee when property is vacant.
- 10% for rental renewals.
- Lots of other miscellaenous fees including initial clean up, property preparation, set up, marketing, insurance coordination, document duplication, re-keying, statutory agent fee, fees for evictions, etc.  Property management group may also charge tenant fees, which they would retain.

This is my first time looking at one of these agreements, but it sure feels excessive!  Thoughts?

[Peter Tverdov]

Good Lord...you have to pay them when the property is vacant? Next!

Sorry I can't help you given my company is in NJ but this is exactly why we charge a simple flat fee of 8-10% of rents. We don't markup on anything, no hidden fees, no admin fees. Keep looking.