can property management charge one months rent as placement fee, and is that also supposed to be in the cotrac

can property management company charge one months rent as their fee for placement of knew tennant, and is that supposed to be in the contract also?
In Property Management - Asked by Richard R. - Oct 28, 2008
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Answer(s)

Jacob D.
Broker/Agent
Mishawaka, IN

A property management company can charge whatever is AGREED upon between client and company. And yes everything should be in the contract, especially regarding fees.

Oct 28, 2008
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david w.
Owner/Investor
Atlanta, GA

The Management Fees are negotiated between the client and the broker. All fees should be written in the contract and there should be no surprises. A good agent will clarify and make you aware of these charges.

Oct 28, 2008
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Olga A.
Broker/Agent
Erie, PA

Yes, it must be in the contract. I myself charge 1 month rent as a leasing fee.

Jan 18, 2009
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George B.
Broker/Agent
Irving, TX

Yes, a property management company can charge any fee "AGREED" upon between both parties. Any fee(s) charged should be agreed to in advance before signing the contract. to avoid future problems you will want to spell out any fees and advance, NOONE wants sticker shock. Depending on how much business a investor is giving me, or if there is anything they want outside of my marketing package, I will neg. select fees.
I'm rebuilding my property management blog. if you email me. I'll be glad to send you the link. mgmt@modapartments.com

May 29, 2009
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Jolly I.
Broker/Agent
Richardson, TX

No hidden charges, all contracts are documented and signed by the two parties involved. This couls also be usd as security deposit, as down payment and could be spread out through out the term of the lease. You are made awre of all money you put in and where it goes and how it is utilized. Ask questions when unsure. This could be given back to you at the end of the lease term if all obligations are met and no default nor unpaid rent. make sure the lease you signed is in your name, if there is a change of name due to , maybe, a divorce, let the property management know also. Be careful here with scammers, make sure the lease is not still in the last tenant's name even if it is your ex. Correct this immediately.

Sep 8, 2009
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