I would like to get an idea of what others are paying PM in fees. I am about to sign with one with the following fees:
- advertising, credit chks etc., at cost, and hourly charge of $70.00/hr to carry those out
- a lease commission of first month`s rent +GST
- administration fee of 10%of monthly rent in advance +GST
I am buying this property that currently rents month to month, but with good renters - 1/2 rented to a co.
Based on the current rent, to gain a 1 year lease the PM would cost at least $6,720 for the next year. This does not include any costs associated with finding new renters should the suites open up.
This is in a small town near the AB border. PM would travel about 20 minutes down the hiway to get to property. It is 2 hours from where I live.
Fortunately the cash flow is strong enough to support these charges.
Do these fees seem normal or excessive?
Maurice Roberge
- advertising, credit chks etc., at cost, and hourly charge of $70.00/hr to carry those out
- a lease commission of first month`s rent +GST
- administration fee of 10%of monthly rent in advance +GST
I am buying this property that currently rents month to month, but with good renters - 1/2 rented to a co.
Based on the current rent, to gain a 1 year lease the PM would cost at least $6,720 for the next year. This does not include any costs associated with finding new renters should the suites open up.
This is in a small town near the AB border. PM would travel about 20 minutes down the hiway to get to property. It is 2 hours from where I live.
Fortunately the cash flow is strong enough to support these charges.
Do these fees seem normal or excessive?
Maurice Roberge