August 12, 2017

Who knows property management?

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I'm looking at a property management contract. Some red flags – are these normal?

It's priced at 10% of rent, which seems normal and fine, plus a $100 'setup fee', ok whatever.

It's for an annual contract – I wouldn't do it that way but ok.

They want 6% of the annual rent apparently for finding a tenant! That alone if they find a tenant that lasts the whole year would raise the cost to 16% of rent! (They want an additional $150 a 'holdover' renter fee).

They want a 4% commission if the…

Who knows property management?

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