Property management fees question - PLEASE

[Duane A. Snow]

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

[Michael Smythe]

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.