This will vary depending on your portfolio size, condition of property, rent roll of property (are bedrooms being rented for $400 per month or $550 per month - do you have 3 beds or 5 beds in property?), and which company you use.
Most companies charge both a rental fee and ongoing management fee. Some, like mine, will customize packages to include re-rental fee in monthly management fees (ie slightly higher management fees but no re-rental charge). This along with other benefits can help smooth cash flow for the owner.
A standard fee from management companies in the area for something smaller would be around 5-6% of rent per month plus one month of rent rental fee. This will vary though with some higher and some lower. Many companies will not take on a single townhouse, and certain companies will not take on properties targetting student renters.
If your property is in Waterloo I`d be happy to help. If it`s in Kitchener, Cambridge, or Guelph I`d be happy to reference you to other companies that would be suitable.
QUOTE (rgill @ Sep 7 2010, 11:36 AM) Hello All: I am interested in what REIN members feel are reasonable property management fees for condo townhouses in the area.
These are student rentals.
Do yo pay a monthly fee plus lease signing fee (this is pricey as there is an annual turnover with students) or are you paying as a percentage of collected rents?
thanks.
Raj.
