There are essentially three types of fees (excluding Condominiums and HOA’s) relating to Property Management: leasing fees, on-going management fees, and renewal fees. While fees may vary depending upon type of property, demand of owners, and role of RMI, the general guidelines are:
- Leasing fees are earned by RMI when a tenant is placed in a property. The amount is 1/2 the first full month of rent deducted from owner proceeds.
- Management fees are deducted monthly from owner proceeds and vary from 9-12% of gross rents received by RMI. If a property is not leased, then no fee is earned.
- Renewal fees are earned by RMI when tenants renew leases. Depending upon property type, the fee deducted from owner proceeds is 35% of the first full month rent.