Hey @Jeremy Sharp, I am not sure how PMs in Ohio operate but as a property manager in Lubbock, TX here is what my standard agreement would look like and the costs you need to include in your calculations if you will be using a PM.
Management Fee: 8 -12% of collected monthly rent. Depends on number of units, location of the units and few other factors.
Leasing Fee: 50% of 1 full month rent. I state full month because if we use some Move-in specials to attract more tenants (ex.1st month half off) the leasing fee is calculated from the regular rent.
Renewal Fee: I have been playing with this one little bit but generally it is 25% of 1 month rent. I have also used a flat fee before $150 - $250 just because it takes the same amount of work to renew a tenant on a nice unit as it does on a rougher one. Also, I have owners that really want to include the renewal fee as a initiative to renew.
Cost of a "Make-Ready": Now this one really depends on the previous tenants, what type of a unit this is, and your PM ability to screen and only approve good tenants. If you are in good shape there, the Security Deposit will cover your carpet cleaning and everything that is not a regular wear and tear. You will be left with rekeying, part of the cost of a cleaning crew and the wear and tear such as little touch ups.
Vacancies: Just a tip here. Operating in a College town one thing that helps me to lower vacancy rates is to set up leases so that we renew in late Spring or in the Summer.
I know that some other PMs have some other charges like trip charges, marketing extra charges, maintenance up-charge and I don't know what else. I personally thing those are not fair to investors. Management/Leasing/Renewal fee thats it in my view!
Hope this helps
