Typical Management Fees

[Dennis O'Loughlin]

Good evening y'all! My wife and I recently bought our first rental property with a good potential ROI calculation. We met with a potential property manager this afternoon and we were a little surprised by the amount of fees charged. None of them seemed excessive to either of us and they all seemed to make sense but I wanted to ask y'all and see if this sounded fishy. They charge a 10% management fee which we know is pretty standard and they don't take any type of fee if the property is vacant. They do charge a new Tennant fee of either $500 or 62.5% whichever is greater. This comes off the first months rent. They charge the 1st months rent and the security deposit directly to the potential Tennant. They hold 5% of the rent each month to cover the garbage bill because management companies pay the garbage bill apparently. Their maintenance fees are $30-$40 an hour depending on the job.

We would appreciate any thought or insight into these fees.  Thanks for the help.