Below is information provided from a colleague about fee being quoted to them from a property management company. As a property manager in Cape Coral, Ft Myers, Punta Gorda, and Naples they asked me to review them. Due to the extreme differences I thought that I would share them with everyone. In black is what the competitor charges and in red is our charges.
You will see that there are a lot of $0 next to our fees and that we are extremely fair with our owners.
Management & Leasing Fees
  1. Management Fee: 10% of the monthly rent 10% or less depending on the owner
  2. Leasing Fee (Tenant Placement): 60% of one month’s rent 50%
  3. Lease Renewal Fee: $250 per lease renewal $60
Upfront & Annual Fees
  1. Onboarding Fee: $350 (one-time for setting up the property) $0
  2. Annual Administrative Fee: $45 per year (for statements and 1099s) $0
  3. Reserve Fund Requirement: $300 (held for maintenance and expenses) $0
Maintenance & Repairs
  1. Ordinary Maintenance: Any repair costs exceeding $300 require owner approval. $500
  2. Emergency Repairs: Up to $300 without prior approval; HVAC, plumbing, and electrical repairs can go up to $500 without approval. $500
  3. Home Warranty Claim Handling: $40 per claim (if applicable). $0
  4. Multiple Quotes Request Fee: $100 per request if you require multiple vendor quotes. $0
  5. HVAC Filter Supply Fee: $195 per year per HVAC unit. N/A
  6. Repairs & Improvements: 10% markup over vendor invoice cost. 0% if below $2500, a roof, or AC. 10% above $2500
Additional Fees
  1. Interest on Unpaid Sums: 10% late fee with a $39 minimum per month. 10% or less of the late fee depending on the owner. No charge for uncollected sums.
  2. Paper Check Administrative Fee: $20 per check if not using direct deposit. $0
  3. Insurance Documentation Penalty: $40 per month if proof of insurance is not provided. $0
  4. Eviction Protection Program (Optional): $15/month $0
  5. Property Damage Protection Program (Optional): $25/month $0
Termination Fees
  1. Early Termination Fee: Equal to the management fees for the remaining lease term. $500
  2. Vacant Property Termination Fee: $500 if no tenant is in place. $500
  3. Transfer to Another Manager: $500 file transfer fee. $0