Management Fee Percentage
Hello! Curious what you all charge for management fees? I’m in Oregon, and we are 10% for single family, 8% for duplexes, and between 5% and 7% for multifamily. I’m finding that the cost of my staff is starting to outpace the income from management fees, and I’m curious if others charge more. Let me know what state you are in and what your fee structure is?
UPDATE: Thanks to all who replied to me. It sounds like most others have fee structures that allow them to bring in more beyond the percentage of rent collected. I don’t know if the smaller community in which we are located could bear additional fees like these (I don’t believe my competition charges them) but I will be looking into it. Another big project would be/will be updating a lot of my current management contracts to change some of these terms; this is no easy task and could risk us losing some clients. Still, many things to consider and work on. Thanks again!