If the rent is $1,000, and the property management fee is $x, owners should not expect to receive $1,000 - $x, at least not the first month.
Getting a property ready costs money, even if it's in decent shape. Below are the examples of the initial costs.
- Maintenance reserve
- Tenant placement fee
- Fees for the new locks and the installation
- Carpet cleaning (if there's carpet)
- House cleaning
- HVAC check/cleaning
- Dryer vent cleaning
- General repairs
We are NOT doing the above to make money. It actually COSTS us money to do the above. We still do it because we do believe that in the long run, it'll save money for the owners, and the tenants will be happier.