TOPIC #2 Contracts, Deposits, and Fees
Q. What are the fees charged by 77th Meridian for property management services?
A. There is a small one-time account set-up fee for all clients. If a tenant is not supplied by the Owner, 77th Meridian charges 100% of one month's rent, paid by the Owner, to advertise, screen and obtain a lease commitment from a tenant. All other management services are covered by the 7.7%-of -collected rent/month management fee. All maintenance contractors' fees for services and materials are paid out of the collected rents without burden.
Q. Are there tenant lease renewal fees?
A. When then same tenant renews a lease there is a fee based on a much lower percentage of the monthly rent than for a new tenant. The maximum term of a lease is three years.
Q. Is there a management contract? What are its terms?
A. There is a management contract. Contact us to review the agreement in detail. The terms are for one year and automatically renews for a one-year term. There are fees for early termination of the management contract.
Q. Is there a repair escrow required from the Owner?
A. Yes. 77th Meridian requires a $300 repair escrow that is used to pay miscellaneous repairs. It is replenished by the collected rent or directly by an Owner payment. The balance of the escrow is returned to the Owner when the management contract is terminated.
A. There is a small one-time account set-up fee for all clients. If a tenant is not supplied by the Owner, 77th Meridian charges 100% of one month's rent, paid by the Owner, to advertise, screen and obtain a lease commitment from a tenant. All other management services are covered by the 7.7%-of -collected rent/month management fee. All maintenance contractors' fees for services and materials are paid out of the collected rents without burden.
Q. Are there tenant lease renewal fees?
A. When then same tenant renews a lease there is a fee based on a much lower percentage of the monthly rent than for a new tenant. The maximum term of a lease is three years.
Q. Is there a management contract? What are its terms?
A. There is a management contract. Contact us to review the agreement in detail. The terms are for one year and automatically renews for a one-year term. There are fees for early termination of the management contract.
Q. Is there a repair escrow required from the Owner?
A. Yes. 77th Meridian requires a $300 repair escrow that is used to pay miscellaneous repairs. It is replenished by the collected rent or directly by an Owner payment. The balance of the escrow is returned to the Owner when the management contract is terminated.