Property Management & Leasing Service Fees
Property Management Services
- Property Management Fee: 7% to10% of gross monthly rent amount
- Leasing fee: equal to half of one full month's rent (new tenant)
- Renewal fee: $250.00, same tenant with new lease, deducted from the first month of the new lease
- Service fee: Not applicable. We do not mark up the cost of the repair or service when using outside vendors. If/when repair or service is required, we reserve the right to authorize up to $400.00 on your behalf and obtain your approval for expenses that exceed this amount unless it is a health/safety issue that requires an immediate resolution.
Leasing Services (Property Management Not Included)
- Lease duration less than or equal to six months: 50% of one full month's rent
- Lease duration over six months: fee equals one full month's rent
Affiliate Business Arrangements
Kenna Real Estate may or may not realize a profit in providing some of the services as they may be required. These services may include lawn, cleaning, and/or repair services. The billing rates will be separately addressed and agreed upon in the management addendum.
Property Management Fees FAQ's
Q: What are the typical property management fees?
A: Property management fees vary depending on the company and their services but typically range from 7% to 12% of the rent collected.
Q: What are the different types of property management fees?
A: There are two main types of property management fees:
- Flat fees: These fees are a fixed amount paid regardless of the number of services provided.
- Percentage fees: These fees are a percentage of the rent collected. The percentage may vary depending on the services that are provided.
Q: What services are typically included in property management fees?
A: The services that are typically included in property management fees vary depending on the company, but they may include:
- Finding tenants
- Collecting rent
- Handling repairs and maintenance
- Preparing and filing tax returns
- Managing the property's finances
- Dealing with tenant disputes
Q: How are property management fees calculated?
A: Property management fees are typically calculated as a percentage of the rent collected. The percentage may vary depending on the services that are provided. For example, a company that only provides tenant screening and rent collection services may charge a lower rate than one that offers repairs and maintenance services.
Q: How do I choose the right property management company for me?
When choosing a property management company, it is essential to do your research and compare different companies. Here are a few things to consider:
- Experience: Choose a company with experience managing properties in your area.
- Reputation: Get recommendations from friends, family, or other property owners.
- Fees: Make sure you understand the costs that the company charges.
- Services: Make sure the company offers the services that you need.
- Communication: Make sure the company is responsive to your calls and emails.
Q: How do property management companies handle repairs?
When a repair is needed in a rental property, the property management company will typically contact a qualified contractor to do the work. The property management company will then bill the landlord for the repair cost.
Q: What happens if a tenant doesn't pay rent?
If a tenant doesn't pay rent, the property management company will typically notify the tenant. If the tenant doesn't pay rent, the property management company may file an eviction lawsuit.
Q: What happens if a tenant damages the property?
If a tenant damages the property, the property management company will typically bill the tenant for the repairs. If the tenant refuses to pay, the property management company may file a lawsuit against the tenant.