I always just explain nicely that it’s my company policy to deliver the required notice and collect the late fee as per the lease every time rent is late, no matter what, sorry no exceptions for anyone as I treat everyone equally and adhere to the lease agreement that we both signed.

Our lease break fee is 2 months of rent.

However, if that effort fails, the local agent is equally liable – criminally and civilly – for any fees, fines, etc. associated with the property." 

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Lets say it takes six months  - you just spent $16,000 in lender fees and your $50k you could have invested elsewhere for another $5k.

Have you considered a flat fee MLS listing as a way to gauge interest and possibly sell?

If something breaks even now, what could it look like in that time period with rising rents, possible refinance if/when rates go down (lenders are offering these with no fees!)

Managing a property can be incredibly rewarding, but it does come with its fair share of challenges—especially with the recent shifts in Rhode Island legislation.In 2024 alone, 39 bills were introduced, and seven significant ones passed, including extended rental terms, mandatory fee disclosures, and other updates that every landlord should have on their radar.

HOA fees, in particular, seem to be the biggest hurdle.

But what I would point out to you is that the typical fee for property management is 8-10% of GROSS rent.