Monthly Management Fees
Standard Fee (Management Option)
10% of the current rent with a minimum amount of $60.00 per owner. Fees are only collected on what is collected by the 9th and 19th of the month.
Multiple Property Fees (Management Option)
8% Management Fee
1. Minimum of 10 Properties
2. $8500 in total rents collected
3. Average rent per unit must be above $700 per month.
9% Management Fee
1. Minimum of 10 Properties
2. $8500 in total rents collected
3. Average rent per unit must be above $550 per month.
9.5% Management Fee
1. Minimum of 10 Properties
2. $8500 in total rents collected
3. Average rent per unit must be above $400 per month.
Late Fees
Any amounts collected from late fees shall be split 50/50 with the owner of the property. These late fees are paid to Coldwell Banker. Late fees are paid first and then remaining funds are applied to delinquent rent.
Leasing | Renewal | Transition Fees | Repair Fees
Standard Leasing Fee w/ Management Fee (Management Option)
Leasing fee is 50% of the first month’s rent and is paid when a new tenant has signed a new lease.
Multiple Property Leasing Fee (Management Option)
25% of the first month’s rent
1. Minimum of 10 Properties
2. $8500 in total rents collected
3. Average rent per unit must be above $550 per month.
4. Monthly management must be 10%
Leasing Only Option
Coldwell Banker will have the option to lease the property only. Coldwell Banker will not manage the property on a monthly basis. The owner will take responsibility for the property after the property has been leased. This fee shall be 75% of full month’s rent for lease terms 12 months or less. Lease terms over 12 months shall be 6% of gross rents to be collected over the duration of the lease. Renewals of leases will be $250.00
Renewal Fee (Management Option)
Renewal Fee will be $100 with the renewal of the new lease with an existing tenant on the property they are currently occupying. A renewal with the same owner but a different property is not a renewal but a leasing fee.
Transition Fee (Management Option)
If we take over a property that is currently occupied there will be a Transition Fee will be $200.00 dollars per unit that we manage. If the property is vacant, there will not be a transition fee.
Utility Service Fees (Management Option)
Owner will pay Broker a service fee equal to 10% of the utility bill or any other monthly service invoice if the respective services are being charged back to the to the tenant(s) to pay. No fee will be paid if the Broker does not have to bill back to the tenant for payment. The service fees are earned at the time the utility payment is made.
Service Charge Fee (Management Option and Leasing Only Option)
Each time Broker arranges for the Property to be repaired, maintained, redecorated, or altered as permitted by this agreement, Owner will pay Broker a service fee equal to 10%. The service fees are earned at the time the repair, maintenance, redecoration, or alteration is made and are payable once the repair or alteration has been made. In a Leasing Only agreement owner shall have the right to make their own repairs and use their own vendors and coordinate their own repairs.
Late fees
Late fees shall be accessed on all late rents that have not been collected by 11:59 pm on the 5th day of the month.
Late Fee Rates:
Rents up to $1000 – $50.00 on the 6th day of the month and then $10.00 per day
Rents over $1000 – $100 on the 6th day of the month and then $20.00 per day
Rents over $2000 – $180 on the 6th day of the month and then $30.00 per day
Late fees will be split with the Coldwell Banker Property Management 50/50.
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