Typical property management contract terms?

[Lisa Widdowson]

Can someone provide the typical terms of a property management agreement for a long term rental? We have always taken care of the property management ourselves but now are buying out of state and need to hire a PM. Are these agreements typically based on a % of rent or are there opportunities to structure an ad hoc model where you pay for the services you use? I am thinking that I want to maintain the tenant marketing, tenant screening and rent collections and would need a PM firm to do ad hoc items like engage maintenance folks if there is an issue with the property. Any help you can provide would be greatly appreciated!