All Forum Posts by: Ayman Hadi
Ayman Hadi has started 1 posts and replied 4 times.
Post: Real estate renewing lease charge
- Posts 4
- Votes 2
Thanks for your input..... actually I started with this company last year and they are doing all the leases for my properties, they are selecting the best tenants and charging one month of rent for every new tenant. Now is the time for the second year renewal, they will ask me and the tenant for the renewal, if we agreed to renew the lease the company will start the process of signing the extension lease.
What is the acceptable charge for this renewal: 100$ or 200$ or 300$ ? Or since they are doing all the leases for all my Units (50 Units ) this should be a complementary service?
Post: Real estate renewing lease charge
- Posts 4
- Votes 2
Hi..
If the real estate company renews the lease for the same old tenant with the same rent, what price should the real estate charge the landlord for printing and signing the new contract? ( he was charging me one month's rent on the first year contract ) is 100$ - 150 will be enough?
Post: Broker charging lease renewal fee for rental property
- Posts 4
- Votes 2
Quote from @Account Closed:
Unfortunately, since you signed a contract you are stuck, at least until the contract ends. There are a lot of brokers/property management companies that charge a list of fees, one being a lease renewal fee. Here is a list of commonly charged fees by some management companies, even here in Las Vegas.
Admin and/or Setup Fees - Personally, I don't believe in charging a fee just to hire a management company.
Lease Renewal Fees - It is both your and the management company's advantage to keep tenants long term. I consider this a junk fee. There is no laborious work involved to support this fee.
Maintenance Surcharges - Check with your state laws on this one as here in Nevada it is illegal, yet some still get away with it. I find it immoral to add a charge on top of the actual repair costs. Scheduling maintenance is a part of the property management job.
Vacancy Fees - By charging this fee there is no urgency to find a tenant. It's the management company's job to keep the property rented. Who else would you be willing to pay for not doing their job?
Marketing Fees - Typically agents use the MLS to list properties for sell or rent. Granted, they pay a fee to utilize the MLS but that is a business expense. It doesn't cost anymore to list 1 or 100 properties. Yet, another junk fee.
Annual Fees - This one really ruffles my feathers. Continuing services should be based on performance, not how much you pay. The word "Greed" comes to mind.
I am a successful professional property manager and I don't charge my clients any of these greedy fees, yet there are a lot of property management companies, brokerages, that do. The reason they charge them is because people keep paying them. I am sure any of them reading this will be very upset with me. They'll get over it.
A property management company can easily keep your property from profiting by charging you unnecessary fees to line their greedy pockets. I suggest you shop your local market and find a management company that isn't going to nickel and dime you in fees.
If the real estate company renews the lease for the same old tenant with the same rent, what price should charge the landlord? ( he was charging me one month rent on the first year contract )
Post: Have a question you'd like asked on the BiggerPockets podcast?
- Posts 4
- Votes 2
Quote from @Alicia Marks:
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