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Updated about 1 year ago on . Most recent reply
Property management fees question - PLEASE
Good Day,
I was asked to help a couple out with their property on a part time basis. Watching over the property while they are out of town they guess 2 months a year at different times. The property is 7 student units above a commercial unit. Should I break down in hours, emergencies, showings....etc. They did mention a retainer fee which I am guessing the normal 8 to 10 percent of monthly rent. I was thinking 5 % because part time, and payments for Emergency calls but not for things like showings and easy maintenance that I can take care of. Would love others perspectives on this. Thank you
Most Popular Reply
#2 Managing Your Property Contributor
- Property Manager
- Metro Detroit
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#2 Managing Your Property Contributor
- Property Manager
- Metro Detroit
Technically, believe you need a real estate brokers license in WI to legally accept compensation for managing a property you don't own.
That aside, given the short-term nature of your services, probably be best to do it with a retainer fee and hourly. Also build in a clause in case you have to handle an emergency time-suck situation.
- Michael Smythe
